Oahu's real estate prices started 2012 on the upswing.
The Honolulu Board of Realtors says the median price paid for island properties in January was $618,900 for single-family homes and $305,000 for condominiums, increases of 8.6 percent and 1.9 percent, respectively, compared to the same month last year.
Also in January, sales of 175 single-family homes and 270 condominiums were reported, a decrease of 12.1 percent and an increase of 1.9 percent, respectively, for single-family homes and condominiums from January 2011.
According to the Days on Market indicator, sales for single-family homes closed at a slower pace last month compared to a year ago with single family
properties listing for 50 days, up from 38; condominiums closed at a quicker pace, listing for 45 days, down from 49.
"January's numbers are extremely encouraging and it's great to be able to start off the New Year with positive signs of market recovery," said Joe Paikai, president of the Honolulu Board of Realtors. "For the last five months, we've seen a steady increase in the median cost of single-family homes and higher-end condos are also moving well. In fact, 16 percent of condos sold in January surpassed the $500,000 price range."
