Bill Cresenzo Reporter – Pacific Business News
The median price of a single-family home in Honolulu in December tied its previous record of $685,000 set in July 2007, according to figures released Tuesday by the Honolulu Board of Realtors.
The figure represents a 14.2-percent increase from the $600,000 median price tag that home buyers paid in December 2012.
December also saw a dip in sales to 293 single-family homes sold, from 291 in December 2012.
“That is pretty typical for this time of the year,” said Julie Meier, president of the board of realtors. “We want to keep our eyes on the median sales price, especially for single-family homes, given that this month’s medianprice ties the market’s highest peak at $685,000.”
The median price of a condominium was $330,000, a 1.5 percent decline from $335,000 during the same month last year.
Single family homes, on average, were on the market for 22 days, while condos were on the market for 27 days.
For all of 2013, condo sales increased 11.8 percent to 4,874 units sold, from 4,361 units sold during all of 2012. The median price of a condo rose 4.6 percent to $332,000 in 2013 from $317,500 in 2012.
The median price of a single-family home for all of 2013 rose 4.8 percent in 2013 to $650,000 from $620,000 in 2012. Sales of single-family homes rose 4.6 percent to 3,312 homes sold, from 3,166 homes sold in 2012.