Below is a recap from Prudential Locations of what happened in Hawaii's real estate markets last month both statewide, as well as by individual island.
During the month of January 2013, the aggregate state-wide numbers indicate that single family home prices were up 4% compared to the month previous, and up 15% compared to a year ago. Condo prices were down by 11% compared to the month previous, with no change from a year ago. It took a median of 65 days to sell a single family home and 51 days to sell a condo.
Long-Term, Yearly Trends:
January and February are typically the two lowest months of the year in terms of sales activity, which also affects other indicators such as price and days on market. It’s important to remember this seasonality within the year – for example, it’s almost expected that January sales would be down from December, the previous month. What’s more telling is that single family home sales are up significantly, overall and in every island market except Kauai, against the same month last year.
Short Term Trends, Month to Month
Monthly numbers are more prone to fluctuations that don’t necessarily indicate market direction. It usually takes a few solid months of change to indicate a change in market direction. So the decrease in condo and single family home sales we see below in the statewide numbers, and some islands, aren't as indicative to the market as year over year stats.
These statistics reflect the entire state of Hawaii as a whole, but real estate is local, and each island, region and neighborhood has its own market trends. Contact a Prudential Locations agent today for even more hyperlocal real estate market information.
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