Oahu Real Estate Market Update – January 2013 – SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY

FOR IMMEDIATE RELEASE
February 7, 2013MEDIA CONTACT:
Caroline Witherspoon
Becker Communications, Inc.
(808) 533-4165

SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of January. 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.

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During January, sales of single-family homes and condominiums increased by 29.7 percent and by 5.9 percent, respectively, from January 2012. The median price paid in January was $595,000 for singlefamily homes and $315,000 for condominiums, a decrease of 3.9 percent and an increase of 3.3 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of 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 23 days and condominiums listing for 36 days.

“Overall, January’s numbers are good with sales of single-family homes and condominiums continuing to be strong,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “The median sales price for single-family homes dropped due to the higher volume of sales this year over last in the lower price ranges. This means there were fewer high priced homes sold compared to the mid- and low-priced, which bumped the median price down, due to the high number of first time homebuyers getting into the market. There is a lot of activity in the market and we’re optimistic low interest rates and reasonable prices will continue to fuel the positive trend we’ve been seeing these past few months.”

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.)