Hawaii real estate market statistics April 2012

The Hawaii real estate market shows a continued increase in the median sales prices for the month of April 2012.  The Honolulu Board of REALTORS released resale figures today for April. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During April, sales of 217 single-family homes and 343 condominiums were reported through the Board’s MLS, decreases of 5.2 percent and 9.5 percent, respectively, from April 2011. The median price paid for island properties in April was $600,000 for single-family homes and $319,000 for condominiums, increases of 2.6 percent and 4.6 percent, respectively, compared to the same month last year.  According to the Days on Market indicator, sales for single-family homes were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 30 days; condominiums were also accepted in a shorter amount of time, listing for just 33 days.

“We’re continuing to see a steady month-over-month increase in the number of condominiums resales, which is good news for Hawaii’s real estate market,” said Joe Paikai, president of the Honolulu Board of REALTORS®.  “Home prices tend to increase every spring, but the fact that we’ve seen a year-over-year increase in both condominium and single family home prices is an indication that the market is continuing to recover.”

(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.)