HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of January 2015. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
During January 2015, sales of single-family homes decreased by 14.6 percent from January 2014, while condominium sales decreased by 7.7 percent compared to January 2014. The median price paid for single-family homes in January 2015 increased by 7.2 percent from the same month last year to $675,000
The median price for condominiums increased by 19.2 percent from January 2014 to $381,500, which marks an all-time high for that figure. The previous record for condominium median price was $361,250, set in December 2014. According to the Days on Market indicator, single-family homes were on the market for an average of 26 days, while condominiums were on the market for an average of 27 days.
“This is traditionally one of the slowest months of the year, so the sluggish sales of single family homes and, to a lesser extent, condos, is not too surprising,” said Jack Legal, president of the Honolulu Board of REALTORS®. “However, what’s notable is the jump in median sales price, including a new record set for condominiums. This indicates demand for housing is still very high, and the one factor that is putting a damper on the market is, as usual, the lack of inventory, especially for single family homes.” The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation, and, with more than 5,500 members, it is one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.hicentral.com.
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)