June Real Estate Update

Posted on July 8, 2010 by KA Hawaii

HONOLULU – The Honolulu Board of REALTORS® released the following resale figures for the month of June 2010. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single Family	# of Sales	Median Price
Current Month	285	$575,000
Last Month	287	$606,000
This Month Last Year	263	$570,000

Condominium	# of Sales	Median Price
Current Month	396	$300,000
Last Month	361	$312,500
This Month Last Year	287	$310,000

During June, sales of 285 single-family homes and 396 condominiums were reported through the Board’s MLS, increases of 8.4 percent and 38.0 percent, respectively, from June 2009. The median price paid for island properties in June was $575,000 for single-family homes and $300,000 for condominiums, an increase of 0.9 percent for single-family homes and a decrease of 3.2 percent for condos, compared to the same month last year.

According to the Days on Market indicator, sales also closed faster in June with single-family homes listing for 32 days, down from 48 days, and condominiums down to 31 days from 47.

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.