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The Honolulu Real Estate Market 2012 Review

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Now that 2103 is well under way, we can take a look at 2012 with an introspective look at how the real estate market performed for buyers and sellers and in general. The bottom line is that 2012 was a great year – particularly as compared to the year prior.

Sales were on the rise. Median sales prices were good for both single-family homes and condos and homes tended to sell at or above asking price in many transactions. Inventory levels remained for the most part at their lowest levels in 30 years, sparking a phenomenal amount of competition among buyers.

What that means for us moving forward is that we can look ahead to stronger sales, increased activity in the marketplace and of course continued strong buyer interest. This is further indicated in the fact that last year homes in the under $500,000 price range frequently sold above asking price – in fact, almost one in every two sold higher than asking price.

Median sales price for single-family homes was at $625,000 last year and for condos the median sales price is reported as $315,000. With one in every five homes selling so close to asking price the indication is a very strong sellers’ market moving ahead.

As we saw throughout the year, mortgage rates hovered at their all-time historic lows with even lower rates available for government-backed loans.

Moving into the 2013 real estate year – it’s a great time to be buying or selling a home and Team Lally would be happy to be the ones helping you through the exciting process! We invite you to contact us today and don’t forget to catch up with us on Saturday mornings between 11am and 12noon on AM830 KHVH for our real estate radio show. 

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