August Maui real estate market update
Residential Home Sales declined (-38%), average sold price = $725,494 (-18%), median price = $515,000 (-14%). Condo Unit sales declined (-16%), average sold price = $770,214 (-21%) and Land sales median price was $512,000, (-27%).
| Maui home Sales August 2008 vs. 2009 | |||||
| # Sold – Median $ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Haiku | 6 | 2 | $1,937,000 | $ 1,065,000 | |
| Kaanapali | 1 | 2 | $2,300,000 | $1,962,500 | |
| Kihei | 9 | 9 | $1,134,000 | $ 406,000 | |
| Lahaina | 3 | 2 | $625,000 | $451,500 | |
| Makawao/Olinda/Halimaile | 2 | 1 | $600,000 | $500,000 | |
| Maui Meadows | 2 | 1 | $2,025,000 | $660,000 | |
| Napali / Kahana | 3 | 3 | $1,100,000 | $ 750,000 | |
| Pukalani | 1 | 3 | $450,000 | $415,000 | |
| Sprecklesville / Paia/ Kuau | 2 | 2 | $842,500 | $387,500 | |
| Wailea Makena | 1 | 1 | $1,775,000 | $652,000 | |
| Island of Maui | 66 | 52 | $645,000 | $500,000 | |
Maui Condo Unit prices are down to $340,000 compared to $652,000 the same month last year. It appears that the number sales are up to 62 compared to 51 in 2008 for the month of August.
| Maui Condo Sales August 2008 vs. 2009 | |||||
| # Sold – Median $ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Central | 3 | 8 |
$280k |
$237,500 | |
| Kaanapali | 3 | 5 | $625,000 | $ 700,000 | |
| Kihei | 15 | 27 | $380,000 | $325,000 | |
| Lahaina | 1 | 4 | $ 400,000 | $325,000 | |
| Maalaea | 3 | 5 | $595,000 | $ 281,900 | |
| Molokai | 0 | 1 | $ 0 | $ 170,000 | |
| Napali / Kahana | 9 | 10 | $520,000 | $369,500 | |
| Pukalani | 0 | 0 | $0 | $ 0 | |
| Kapalua | 0 | 2 | $0 | $699,500 | |
| Wailea Makena | 17 | 1 | $2,350,000 | $2,150,000 | |
| Island of Maui | 51 | 62 | $652,000 | $340,000 | |
You can search all Maui real estate and get new properties emailed to you daily or weekly on Hawaiis.com. Information on August sales on the island of Maui was provided by Gary Bland a Maui real estate expert.
August Big Island Hawaii real estate maket update
For the month of August, the number of Kailua-Kona home sales exceeded August ‘08 sales, so we might be seeing a trend of increased homes due to lower prices and interest rates. The Median sale price continues to slide, now down to $400,000. The Median Sale prices continue to drop lower, but we may be nearing the bottom, especially if sales continue to increase.
| Big Island Hawaii home Sales July 2008 vs. 2009 |
|||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 1 | $ 0 | $ 1,167,550 | |
Kohala Coast |
17 | 17 | $ 445,000 | $ 375,000 | |
Kailua – Kona |
12 | 19 | $ 492,500 | $ 400,000 | |
South Kona |
3 | 4 | $ 342,000 | $ 421,450 | |
| Kau | 2 | 5 | $ 227,000 | $ 150,000 | |
| Hamakua Coast |
0 | 2 | $ 0 | $ 212,500 | |
North Hilo |
1 | 0 | $ 143,000 | $ 0 | |
| Hilo | 18 | 13 | $ 327,500 | $ 320,000 | |
| Puna | 34 | 36 | $ 230,000 | $ 178,750 | |
| Big Island of Hawaii | 87 | 98 | $ 320,000 | $ 310,950 | |
The Median Sale Prices for Big Island Condos are still declining and the lower prices are generating more sales along the Kohala Coast… Kailua-Kona shows continued decline in it’s Condo Median Price, dropping from $292,500 in Aug ‘08 to $205,000 for Aug ‘09. The number of condo sales in Kona is down and we may see more downward pressure on condo prices, since many lenders are requiring larger down payments for condos classified as vacation condo or condo-tels.
| Big Island Hawaii Condo Sales July 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
7 | 13 | $ 433,000 | $ 380,000 | |
Kailua – Kona |
18 | 15 | $ 292,500 | $ 205,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 1 | $ 0 | $ 85,000 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 7 | 8 | $ 185,000 | $ 52,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 32 | 37 | $ 287,000 | $ 205,000 | |
Our Current Market Conditions… There are 597 Single Family Homes on the market for the Kona/Kohala Coast, which is a slight drop from last months 609 active listings, 114 homes in escrow, up from last month of 104 and 36 homes sold. We have a 16.5 month supply of homes, which is up slight from last month’s 15 month supply.
For Kona/Kohala Coast Condos, there are currently 651 on the market for sale, 47 in escrow and 28 sold in the past month. We have a 23 month supply of inventory, which is a large drop from last month’s 32 month supply of condos.
Information on August sales for the Big Island of Hawaii was provided by , Kurt & Kirsten Carlson Big Island real estate experts.
August Kauai Real Estate Market Update
Kauai’s real estate market is seeing more activity and buyers seem to be getting off the fence to find great bargains.
August 2009 compared to 2008 Kauai homes saw a larger decrease in sale volume of of 14% and a smaller decrease in the median price range of 11% than July’s numbers.
| Kauai home Sales August 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 3 | 3 | $ 490,000 | $ 471,000 | |
| Koloa | 5 | 3 | $ 565,000 | $ 380,000 | |
| Lihue | 3 | 3 | $ 450,000 | $ 371,000 | |
| Kawaihau | 9 | 8 | $ 485,000 | $ 445,000 | |
| Hanalei | 7 | 7 | $ 1,500,000 | $ 827,500 | |
| Island of Kauai | 27 | 23 | $ 530,000 | $ 471,000 | |
The condo market numbers were promising. August 2009 compared to 2008 Kauai Condos saw an increase in sale volume of and doubling the volume of condo sales and an increase of the median price range of .3%
| Kauai Condo Sales August 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 1 | 3 | $ 825,000 | $ 170,000 | |
| Lihue | 3 | 3 | $ 210,000 | $ 175,000 | |
| Kawaihau | 2 | 2 | $ 318,500 | $ 137,450 | |
| Hanalei | 1 | 7 | $ 731,500 | $ 585,000 | |
| Island of Kauai | 7 | 15 | $ 299,000 | $ 300,000 | |
The increase of the volume of sales will start is starting to stabilize the market. It may be a golden opportunity to get a piece of paradise.
Information on August sales on the island of Kauai was provided by Russell Tucker
August Oahu Real Estate Market Update
Oahu had a 3.1% decrease in the number of sales for August 2009 compared to August of 2008 for single family homes. Oahu’s median property price dropped by 4approximately 9% for the same time periods.
| Home Sales August 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 – 2009 | ||
| Honolulu | 21 | 22 | $ 800,000 | $ 702,500 | |
| Waialae-Kahala | 9 | 8 | $2,225,000 | $ 1,200,000 | |
| Kapahulu-Diamond Head | 17 | 9 | $ 850,000 | $ 850,000 | |
| Hawaii Kai | 11 | 15 | $ 779,000 | $ 816,000 | |
| Aina Haina-Kuliouou | 6 | 4 | $ 877,500 | $ 1,065,000 | |
| Kailua-Waimanalo | 28 | 24 | $ 785,000 | $ 789,000 | |
| Kaneohe | 16 | 13 | $ 607,000 | $ 541,000 | |
| Moanalua-Kalihi | 12 | 8 | $ 632,500 | $ 552,500 | |
| North Shore | 18 | 11 | $567,500 | $ 555,000 | |
| Wahiawa | 4 | 4 | $ 355,000 | $ 407,500 | |
| Mililani | 16 | 16 | $ 607,500 | $ 585,000 | |
| Makaha-Nanakuli | 14 | 13 | $ 369,000 | $ 255,000 | |
| Ewa-Kapolei-Ko Olina | 42 | 43 | $ 469,500 | $ 473,000 | |
| Makakilo | 11 | 14 | $ 500,000 | $ 447,000 | |
| Waipahu | 9 | 23 | $ 550,000 | $ 470,000 | |
| Pearl City-Aiea | 17 | 18 | $ 629,000 | $ 561,500 | |
Oahu condo sales were not as bad as last month and only dropped by 1.7% in August of 2009 compared to August of 2008. Oahu’s condo prices were down 8.8% compared to August 2008.
| Oahu Condo Sales August 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waikiki | 78 | 64 | $ 315,000 | $ 269,000 | |
| Downtown -Nuuanu | 31 | 26 | $ 412,500 | $ 447,500 | |
| Kapahulu-Kuliouou | 10 | 5 | $ 484,500 | $ 430,000 | |
| Hawaii Kai | 17 | 19 | $ 575,000 | $ 575,000 | |
| Maikiki – Moiliili | 47 | 53 | $ 330,000 | $ 295,000 | |
| Kailua-Waimanalo | 8 | 12 | $ 453,000 | $ 372,500 | |
| Kaneohe | 12 | 18 | $ 406,000 | $ 365,000 | |
| Moanalua-Salt Lake | 9 | 11 | $ 246,200 | $ 267,500 | |
| North Shore | 3 | 1 | $ 265,000 | $ 285,000 | |
| Wahiawa | 2 | 1 | $ 259,000 | $ 140,000 | |
| Mililani | 27 | 17 | $ 295,000 | $ 315,000 | |
| Makaha-Nanakuli | 9 | 9 | $ 136,000 | $ 105,000 | |
| Ewa-Kapolei-Ko Olina | 17 | 26 | $ 329,500 | $ 235,000 | |
| Makakilo | 7 | 7 | $ 322,000 | $ 235,000 | |
| Waipahu | 12 | 22 | $ 300,000 | $257,500 | |
| Pearl City-Aiea | 24 | 29 | $ 303,900 | $ 285,000 | |