Statistics released this week by the Honolulu Board of Realtors confirm an impressive finish to the 2013 housing market. Year-end figures show the Median Sales Price for a single-family home on Oahu to be $650,000, up 4.8% from 2012, and breaking the previous annual record of $643,500 set in 2007.
The median sales price of a condo for the year came in at $332,000, ahead of 2012 figures by 4.6% and also surpassed the previous annual record of $325,000 set in 2007.
The latest record numbers are attributed to the steady price climb throughout the year, which was credited in part to low mortgage interest rates and other favorable market conditions, such as low inventory.
The shortage of available homes for sale made headlines throughout the year. And while the number of active listings was slightly increased in December — up 8.8% in the single-family category and 6.6% in the condo segment — demand consistently outpaced supply. Buyers continued to bid up the asking price of hot listings to the point where the percent of the original list price received by sellers in December scored a median of 100%.
Pending sales were up for both single family homes and condos — 1.5% and 1.4%, respectively — indicating that sales may continue to be brisk in coming months.
While the number of homes sold in December was slightly down from 2012, the year-end numbers show a solid increase in overall sales volume. In December, 283 single family homes closed escrow, compared to 291 in December 2012 — down 2.7 percent. Year-end numbers show 3,312 homes closed in 2013, compared to 3,166 in 2012 — up 4.6%.
In the category of condominium sales volume, there was an impressive 11.8% increase in closed sales — 4,874 in 2013 compared to 4,361 in 2012.
In addition to prices jumping to new annual highs, sales of a single-family home on Oahu in December had a median sales price of $685,000, which ties the all-time monthly high figures set in July 2007. Last month’s median sales price was also 14.2% higher than the previous December’s median sales price of $600,000.
Those who sold real estate last year, and those who bought real estate last year — are all glad they did. What about you? 2014 is a great year to be buying and selling real estate.
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