Oahu Real Estate Market Update – February 2013 – CONDOMINIUM SALES AND PRICES INCREASE IN FEBRUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

CONDOMINIUM SALES AND PRICES INCREASE IN FEBRUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of February. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

*Median price means half the prices were above and half below the given price.

During February, sales of single-family homes decreased by 7.4 percent and condominiums increased by 22.9 percent from February 2012. The median price paid in February was $600,000 for single-family homes, a decrease of 4.0 percent, and $340,000 for condominiums, an increase of 7.9 percent, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums occurred at a faster pace last month compared to a year ago, single-family homes were on the market for 25 days and condominiums for 34 days.

“These numbers aren’t all that surprising, given that February is typically a down month in Honolulu. We anticipate the numbers wills start to climb from now until July, which is the high point in the market,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “For single-family homes, we’re continuing to see limited inventory and fewer new listings. On the condo side, sales were quite good when you consider our inventory was down about 27 percent. Compared to single-family homes, we have more condos on the market, especially in the mid-price range.”

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 5,300 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.)