The Honolulu Board of Realtors released Monday resale figures for the month of March 2014.
During March, sales of single-family homes increased by 6.5 percent, while condominium sales fell by 5.8 percent from March 2013. The median price paid for single-family homes in March increased 2.7 percent from the same month last year to $657,000. The median price for condominiums increased 2.9 percent from March of last year to $350,000.
According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
According to the Days on Market indicator, single-family homes were on the market for an average of only 17 days, while condominiums were on the market for an average of 25 days.
“The Hawaii housing market is showing a great deal of resilience,” said Julie Meier, president of the Honolulu Board of Realtors. “Both the number of sales and median prices of single-family homes went up in March. What’s more, homes on average were only on the market for 17 days, compared to 22 days in March 2013. Days on Market (DOM) measures how fast homes sell. DOM of 17 indicates a very active and strong market, with high buyer interest.”
The 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.