October 2012 Residential Resales Statistics – The median price paid for island properties in October was $625,000 for single-family homes and $325,000 for condominiums

During October, sales of single-family homes and condominiums increased by 26.5 percent and by 32.4 percent, respectively, from October 2011.

The median price paid for island properties in October was $625,000 for single-family homes and $325,000 for condominiums, increases of 7.9 percent and 6.6 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 36 days and condominiums listing for just 31 days.

“October was a great month for the local real estate market. Condo sales, in particular, were extremely strong,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “In fact, condo sales were the highest they have been since August 2007, a definite sign of the market’s continued recovery.”

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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.)