During August, sales of 293 single-family homes and 409 condominiums increased 5 percent and 21 percent, respectively, from August 2011. The median price paid for island properties in August was $609,000 for single-family homes and $320,000 for condominiums, increases of 9.2 percent and 6.7 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales for both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 25 days and condominiums listing for just 28 days.
“This has been one of the best summers we’ve seen in many years, with closed and pending sales of both single-family homes and condominiums rising throughout the summer to highs in August,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “This is a good indicator that the market is finally recovering.”
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The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both.