Wednesday, February 9, 2011

Hawaii Kai and Oahu Real Estate Updates

For those interested in some Hawaii real estate news, Jeff Manson guest posts this one...

The Hawaii Kai real estate market, part of the larger Eastern Oahu and Honolulu housing markets, saw an increase in the number of home sales and a boost in median home prices over the latest tracking period. According to statistics provided by the Honolulu Board of Realtors, there were substantially more single family homes sold in the month of December 2010, mirroring a similar trend for the entire year.

Over 2010, there were about ten percent more home sales than in the previous year. This is an encouraging trend because in many other states the number of sales have been depressed compared to year-ago levels – at least partially because of the artificially boosted sales figures during the end of 2009. As reported by Pacific Business News, there were 306 single-family homes sold on the island of Oahu during December 2010, representing an increase of just less than thirteen percent compared to year-ago levels.

In 2010, there were more than 3,000 properties sold, marking an increase of about thirteen percent compared to 2009’s figures. In terms of median price, single family houses were approximately six percent more expensive in December 2010 relative to December 2009, rising from $550,000 to $587,000.

While there were more Hawaii Kai and Oahu homes sold in December 2010 compared to year-ago levels, there were slightly fewer condominiums purchased over the same period. According to the Honolulu Board of Realtors, there were three percent fewer condos (341) sold in December 2010, while there were 350 sold during the same month last year. On a brighter note, there were substantially more condominiums sold in the entirety of 2010 than during 2009. Median sales prices for condominiums remained relatively unchanged.

There were also more than two hundred pending sales moving into the first month of 2011, according to the Honolulu Board of Realtors and Hawaii News Now. In terms of inventory, the average Oahu home for sale is projected to spend about five weeks on the market. Although some parts of Oahu, such as Makakilo, Kapahulu, Kakaako, and Kaneohe experienced price declines during the most recent tracking period, Hawaii Kai followed the positive trend seen by the majority of the island.
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