May 2009 Big Island Market Update
The Big Island saw a decrease of about 27% in the median price for single family homes, but saw almost a 7% increase in sales volume for the month of May 2009 compared to 2008.
| Big Island home Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| North Kohala | 4 | 1 | $ 609,500 | $1,850,000 | |
| Kohala Coast | 15 | 10 | $ 485,000 | $ 488,000 | |
| Kailua – Kona | 28 | 28 | $ 599,036 | $ 360,000 | |
| South Kona | 3 | 3 | $ 775,000 | $ 634,000 | |
| Kau | 5 | 5 | $ 225,000 | $ 140,000 | |
| Hamakua Coast | 2 | 2 | $ 494,000 | $ 355,300 | |
| North Hilo | 0 | 1 | $ 0 | $ 365,000 | |
| Hilo | 15 | 19 | $ 339,000 | $ 262,500 | |
| Puna | 35 | 32 | $ 207,000 | $ 200,000 | |
| Big Island of Hawaii | 107 | 103 | $ 415,000 | $ 301,000 | |
Condos were down nearly 38% for sales volume and down about 33% in median price for May ’09 vs. May ‘08. Although the numbers are down, it actually indicates a slight improvement when compared to the YTD sales volume for May ‘09 to May ‘08, which is down 56%. This may be a signal that buyers are making purchases with the low prices and continued low interest rates.
| Big Island Condo Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 16 | 11 | $ 605,000 | $ 400,000 | |
| Kailua – Kona | 21 | 15 | $ 355,900 | $ 350,000 | |
| South Kona | 0 | 2 | $ 0 | $ - | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 2 | 5 | $ 203,000 | $ 699,999 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 39 | 31 | $ 450,000 | $ 309,000 | |
Focusing on Single Family Homes for the Kona/Kohala Coast, there are currently 631 active listings for sale, 99 homes in escrow and 41 sold homes during the past month. At the present buying rate, we have a 15 month supply of homes. For Kona/Kohala Coast Condo, there are currently 690 on the market for sale, 54 in escrow and 21 sold in the past month. That’s about a 33 month supply of condos.
Information on May sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.
Don’t Cheat Yourself On Your Search
Over the past few years technology has change drastically, and the internet has become the information highway for everything. Searching for Hawaii properties has become a real treat for prospective buyers whether it is late at night or taking a sneak peak at work it has become quick and easy to look for properties wherever you might be in the world.
If you are actively searching for a property and have graduated out of the “Looky Lou browsing stage” working directly with an agent is a must. Most buyers do not realize the great importance and value and not to mention the countless hours of your time that can be saved by utilizing an agent’s knowledge.
Most buyers know what they want in a property, but sometimes there are unknowns about a property or the surrounding area that might not be contained within the information given for that particular listing that might change your mind on making that purchase. To get down to the point of it all, there are so many variable when searching for a property it is always best to speak to an agent for assistance.
Here are some key points that might be over looked if you have not utilized an agent.
Homes
- What type of condition are the surrounding homes in
- Are vacation rental allowed in this location?
- There might be a perfect property listed higher in price just out of your price search but the seller is very motivated and might accept an offer that falls in your price range.
- Do the pictures do this property justice? Sometimes pictures can mirror imperfections and make a property that needs a remodel look very livable.
- “What Climate do you prefer” Hawaii has many micro-climates that vary from very rainy to very dry areas.
- Is this a short sale property, some short sales never get approved by the lenders and are not currently eligible for a purchase.
- There might be a property that is a perfect match and available but is not listed on the MLS or is temporarily off the market.
- Are there swimming beaches nearby?
- Is this the best property for my needs?
Condos
- What are the Maintenance fees?
- Are the maintenance fees for the condo association about to increase a large percentage for any work needed?
- Are vacation rentals allowed in this location?
- Does this come furnished?
- Is this the best property for my needs?
By Russull Tucker – Kauai Specialist
May 2009 Maui Real Estate Market Update
Residential Unit Sales declined (-45%), average sold price = $748,436 (-19%),median price = $515,000 (-12%). Sales prices for residential homes remained steady at $487,500 and condos rose to $315,000. Land sales median was $530,000.
| Maui home Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Haiku | 6 | 2 | $ 814,000 | $ 565,000 | |
| Kaanapali | 0 | 1 | $ 0 | $ 1,400,000 | |
| Kihei | 21 | 9 | $ 770,000 | $ 676,000 | |
| Lahaina | 2 | 3 | $ 2,818,000 | $ 1,025,000 | |
| Makawao/Olinda/Halimaile | 1 | 3 | $ 505,000 | $ 525,700 | |
| Maui Meadows | 1 | 0 | $ 999,998 | $ 0 | |
| Napali / Kahana | 2 | 2 | $ 4,942,500 | $ 830,000 | |
| Pukalani | 4 | 4 | $ 706,000 | $ 465,000 | |
| Sprecklesville / Paia/ Kuau | 0 | 1 | $ 0 | $ 490,000 | |
| Wailea Makena | 4 | 3 | $ 3,400,000 | $ 1,425,000 | |
| Island of Maui | 97 | 56 | $ 567,000 | $ 487,000 | |
Condo Unit Sales declined (-50%), average sold price = $661,369 (-31%), median price = $412,000 (-28%). Avg Days on Market for Sold Condos: 111
| Maui Condo Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Central | 8 | 8 | $ 291,500 | $ 118,750 | |
| Kaanapali | 7 | 1 | $2,125,000 | $1,260,000 | |
| Kihei | 29 | 22 | $ 455,000 | $ 450,000 | |
| Lahaina | 5 | 2 | $ 525,000 | $ 634,000 | |
| Maalaea | 3 | 2 | $ 320,000 | $ 387,000 | |
| Molokai | 0 | 1 | $ 0 | $ 84,000 | |
| Napali / Kahana | 9 | 2 | $ 395,000 | $ 427,750 | |
| Pukalani | 1 | 0 | $ 610,000 | $ 0 | |
| Kapalua | 1 | 1 | $ 780,000 | $ 1,505,000 | |
| Wailea Makena | 21 | 8 | $ 2,527,300 | $ 790,000 | |
| Island of Maui | 84 | 47 | $ 517,000 | $ 315,500 | |
Information on May sales on the island of Maui was provided by Gary Bland a Maui real estate expert.
Hawaii Foreclosures Surge in May
Foreclosures in Hawaii increased by five times in May compared to the same month a year ago, setting a new high in filings. The number topped the previous month of March’s 724 that were reported. Economists and attorneys that handle foreclosures blame the increase filings on the recession’s effects due to job losses and a decrease on wages.
The decline in property prices have made it hard for home owners to refinance or sell their homes. The Hawaiian Islands now have the 15th highest foreclosure rate in the nation with 1 in every 621 households. Hawaii is still no where near the highest states like Nevada, California or Florida.
It is definitely looking a lot more attractive if you are looking to buy a home or making an investment here in the Hawaiian Islands. You can search for all the bank owned foreclosures in Hawaii on our website and sign up to get new listings emailed as they become available. Feel free to contact us if you would like to know about what opportunities are available on all the islands.
May 2009 Kauai Real Estate Market Update
Kauai saw a decrease of about 15% in the median price and 28% for sales volume for single family prices for the month of May 2009 compared to 2008.
| Kauai home Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Waimea | 2 | 2 | $ 415,000 | $ 449,750 | |
| Koloa | 3 | 4 | $ 860,000 | $ 705,000 | |
| Lihue | 2 | 3 | $ 443,500 | $ 600,000 | |
| Kawaihau | 9 | 2 | $ 525,000 | $ 634,000 | |
| Hanalei | 5 | 4 | $ 850,000 | $ 970,000 | |
| Island of Kauai | 21 | 15 | $ 705,000 | $ 600,000 | |
Condos were down about 31% for sales volume and about 45% in median price for May, but the condo market median price can be easily misunderstood by an increase in sales volume for the lower end condo sale with no sales in the upper end vacation rental market.
| Kauai Condo Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 3 | 3 | $ 533,975 | $ 320,000 | |
| Lihue | 5 | 1 | $ 305,000 | $ 180,000 | |
| Kawaihau | 0 | 2 | $ 0 | $ 95,000 | |
| Hanalei | 11 | 7 | $ 876,000 | $ 440,000 | |
| Island of Kauai | 19 | 13 | $ 610,000 | $ 330,000 | |
Information on May sales on the island of Kauai was provided by Russell Tucker a Kauai real estate expert.
May 2009 Oahu Real Estate Market Report
Oahu saw a decrease of about 15% in the median price for single family prices for the month of May 2009 compared to 2008. Condos were down about about 10% for same period.
| Oahu home sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Honolulu | 24 | 11 | $ 849,500 | $ 725,000 | |
| Waialae-Kahala | 8 | 12 | $ 1,567,500 | $ 1,367,500 | |
| Kapahulu-Diamond Head | 19 | 14 | $ 750,000 | $ 690,000 | |
| Hawaii Kai | 18 | 13 | $ 798,900 | $ 750,000 | |
| Aina Haina-Kuliouou | 8 | 7 | $ 760,000 | $ 1,246,500 | |
| Kailua-Waimanalo | 16 | 19 | $ 945,000 | $ 700,000 | |
| Kaneohe | 8 | 7 | $ 662,000 | $ 595,000 | |
| Moanalua-Kalihi | 8 | 13 | $ 599,500 | $ 540,000 | |
| North Shore | 2 | 4 | $ 572,500 | $ 762,000 | |
| Wahiawa | 7 | 7 | $ 665,000 | $ 425,000 | |
| Mililani | 22 | 27 | $ 606,300 | $ 565,000 | |
| Makaha-Nanakuli | 15 | 17 | $ 320,000 | $ 260,000 | |
| Ewa-Kapolei-Ko Olina | 36 | 34 | $ 472,500 | $ 415,000 | |
| Makakilo | 9 | 11 | $ 600,000 | $ 510,000 | |
| Waipahu | 23 | 15 | $ 585,000 | $ 485,000 | |
| Pearl City-Aiea | 16 | 16 | $ 607,000 | $ 495,000 | |
The interest rates have creeped back up from the lows and lenders have tighted their lending guidlines including requiring a higher credit score (FICO). The interest rates are still near historic lows and with the drop in prices there are definately some great deals to be picked up.