December 2011 market statistics for Hawaii

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

During December, sales of 268 single-family homes and 333 condominiums were reported through the Board’s MLS, a decrease of 14.1 percent for single-family homes and a decrease of 6.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,974 for the year of 2011, a decrease of 2.7 percent over one year ago. Total condominium sales through December were 4,029, a 1.3 percent increase from last year. The median price paid for island properties in the year of 2011 was $605,000 for single-family homes and $285,000 for condominiums, an increase of 3.4 percent and a decrease of 6.5 percent, respectively, from December 2010. According to the Days on Market indicator, single-family home sales closed at a faster pace last month compared to December 2010 listing for 35 days, down from 38. Condominiums closed at a slower pace last month compared to December 2010 listing for 52 days, up from 43.
“Although home and condominium sales for December 2011 took a small dip compared to last year, we are seeing prices rise for single-family homes,” said Joe Paikai, newly-elected President of the Honolulu Board of REALTORS®. “We’ve also noticed that particular neighborhoods have made significant jumps in sales compared to last year. This is a good sign for Honolulu as a whole; we expect to see this rise in sales spread as the economy continues to recover.”