January Market Update
January Market Update
January marks the seventh consecutive month of price gains.
The housing market, characterized by a plentiful stream of buyers, and listings that make their way quickly into escrow, is competitive. Buyers are lining up for the well-priced, well-staged homes in desirable neighborhoods, often presenting a higher-than-list-price offer to outbid other shoppers in their quest to find the perfect home.
The Honolulu Board of Realtors recently started tracking a trending market condition referred to as Active Continue to Show — this occurs when an accepted offer is signed by the seller and escrow is opened, but the agent continues to show the property for back-up offers. This common scenario has become more prevalent as a way for buyers to be in line should any issues arise for the first position buyer during the escrow period.
While January posted an increase in the number of sales closed, the number of active listings in many price categories also increased, giving buyers a wider selection of homes to choose from. In fact, inventory levels in the $1.1 to $1.9 million single-family homes jumped 66 percent from January 2013 figures. At the same time, inventory levels in the $350,000 and below category dropped by 11.9 percent, indicating the lower-priced homes are becoming significantly more difficult to find. The lower-end priced condos — $150,000 and under — also saw an 8.5 percent decrease in availability. Mid-ranged homes saw increases in inventory between 3 and 29 percent compared to January 2013, depending on the price range.
Whether you’re shopping for a home or condo, or are thinking of selling, the market is very active right now. We’ll help you find the home of your dreams or help you get top dollar for your property. Call us, and we can get started.
The number of homes sold in January was up from a year ago. There were 246 single-family homes sold in January, compared to 227 in the first month of 2013 — an increase of 8.4 percent. Condominium sales were also up 8.4 percent, from 286 a year ago to 310 last month. .
Pending sales in both categories are up as well — up 4.6 percent in the SF homes segment, and up 2.8 percent for condos.
The median sales price of a single-family home was also higher in January than the year prior, up 5.8 percent to $629,500. Condo prices were up too, to $320,000 — a 1.6 percent increase. The days on market statistic showed sales were happening at a quick pace last month — taking 22 days to get a single-family home into escrow, and 21 days for a condo.
