June 2012 Residential Resales Statistics – ‘The median price paid for island properties in June was $620,000 for single-family homes, an increase of 10.2 percent’

Honolulu Board of Realtors Market Updates and Reports

SINGLE-FAMILY HOME SALES SOAR IN JUNE ACCORDING TO THE HONOLULU BOARD OF REALTORS®
**Increases in Pending Home Sales Indicate a Strong Summer**
HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of June. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During June, sales of 279 single-family homes and 342 condominiums were reported through the Board’s MLS; single-family home sales experienced a 12.5 percent increase while condominium sales decreased by 3.4 percent from June 2011. The median price paid for island properties in June was $620,000 for single-family homes and $297,000 for condominiums, an increase of 10.2 percent and a decrease of 1.3 percent respectively, compared to the same month last year. According to the Days on Market indicator, sales for single-family homes were accepted at a slower pace last month compared to a year ago, with single-family properties listing for 35 days; condominiums were accepted in a shorter amount of time, listing for just 30 days.

“Single-family homes sales were particularly strong in June, while condominium sales were consistent with June 2011,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “We’re optimistic about the remainder of the summer thanks to dramatic increases in pending sales for both condo and single-family homes. ”

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.

HiCentral.com provides useful information about buying and selling real estate in Hawaii. Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,600 members, 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.)