September Oahu Real Estate Market Update
Oahu had a 13.5% increase in the number of sales for September 2009 compared to Septembert of 2008 for single family homes. Oahu’s median property price increased by approximately 1.7% for the same time periods. The market is showing signs of improvement but, you can not base a complete recovery based on month.
| Home Sales September 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 – 2009 | ||
| Honolulu | 14 | 15 | $ 885,000 | $ 695,000 | |
| Waialae-Kahala | 7 | 7 | $1,200,000 | $ 1,150,000 | |
| Kapahulu-Diamond Head | 10 | 13 | $ 853,000 | $ 665,000 | |
| Hawaii Kai | 7 | 25 | $ 665,000 | $ 830,000 | |
| Aina Haina-Kuliouou | 5 | 7 | $ 3,150,000 | $ 1,350,000 | |
| Kailua-Waimanalo | 20 | 19 | $ 704,500 | $ 810,000 | |
| Kaneohe | 17 | 21 | $ 725,000 | $ 660,000 | |
| Moanalua-Kalihi | 9 | 10 | $ 650,000 | $ 622,500 | |
| North Shore | 6 | 5 | $1,047,500 | $ 600,000 | |
| Wahiawa | 5 | 6 | $ 413,000 | $ 360,000 | |
| Mililani | 19 | 11 | $ 635,000 | $ 780,000 | |
| Makaha-Nanakuli | 15 | 12 | $ 325,000 | $ 270,500 | |
| Ewa-Kapolei-Ko Olina | 42 | 35 | $ 445,000 | $ 445,000 | |
| Makakilo | 8 | 11 | $ 624,000 | $ 510,000 | |
| Waipahu | 13 | 17 | $ 511,000 | $ 493,000 | |
| Pearl City-Aiea | 15 | 24 | $ 610,000 | $ 582,500 | |
Oahu condo sales were better last month and increased by 13.1% in September of 2009 compared to September of 2008. Oahu’s condo prices were also up by 3% compared to September 2008.
| Oahu Condo Sales September 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waikiki | 78 | 64 | $ 248,800 | $ 267,000 | |
| Downtown -Nuuanu | 31 | 26 | $ 350,000 | $ 360,000 | |
| Kapahulu-Kuliouou | 10 | 5 | $ 420,000 | $ 330,000 | |
| Hawaii Kai | 17 | 19 | $ 511,000 | $ 510,000 | |
| Maikiki – Moiliili | 47 | 53 | $ 289,000 | $ 304,750 | |
| Kailua-Waimanalo | 8 | 12 | $ 497,000 | $ 426,000 | |
| Kaneohe | 12 | 18 | $ 420,000 | $ 345,500 | |
| Moanalua-Salt Lake | 9 | 11 | $ 292,000 | $ 300,000 | |
| North Shore | 3 | 1 | $ 285,000 | $ 207,500 | |
| Wahiawa | 2 | 1 | $ 173,500 | $ 137,000 | |
| Mililani | 27 | 17 | $ 297,000 | $ 294,000 | |
| Makaha-Nanakuli | 9 | 9 | $ 145,000 | $ 100,000 | |
| Ewa-Kapolei-Ko Olina | 17 | 26 | $ 270,000 | $ 250,000 | |
| Makakilo | 7 | 7 | $ 247,200 | $ 235,000 | |
| Waipahu | 12 | 22 | $ 265,000 | $275,000 | |
| Pearl City-Aiea | 24 | 29 | $ 307,800 | $ 224,000 | |
Search all Oahu real estate and get daily email alerts of new properties as they come available on Hawaiis.com
September 2009 Big Island Market Update
September continues the trend with increased sales of homes in Kailua-Kona and the Kohala Coast over September ‘08 sales. A big improvement was shown in the Kau District, as well, with 15 sales compared to 3 recorded sales from Sept ‘08. Median sales prices continue to slide in most Districts with Kona showing a single family home price of $360,000 for September. First time home buyers are actively pursuing properties to secure a closing before the Dec 1st deadline, so they can take advantage of the $8,000 Federal Tax Credit. Interest rates remain in low 5% range, with some buy-down rates in the high 4% range.
| Big Island Hawaii home Sales Sept. 2008 vs. 2009 |
|||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
1 | 3 | $ 450,000 | $ 250,000 | |
Kohala Coast |
15 | 19 | $ 479,000 | $ 339,000 | |
Kailua – Kona |
17 | 21 | $ 555,000 | $ 360,000 | |
South Kona |
1 | 2 | $ 244,000 | $ 295,000 | |
| Kau | 3 | 15 | $ 156,000 | $ 145,000 | |
| Hamakua Coast |
1 | 0 | $ 1,275,000 | $ 0 | |
North Hilo |
1 | 0 | $ 156,000 | $ 0 | |
| Hilo | 17 | 16 | $ 335,000 | $ 258,000 | |
| Puna | 30 | 44 | $ 190,363 | $ 177,500 | |
| Big Island of Hawaii | 86 | 120 | $ 322,500 | $ 225,500 | |
Same story this month with condos, the Median Sale Prices for Big Island Condos are still declining, while the number of sales are marginally higher compared to Sept ‘08 for the Kohala and Kailua-Kona condo markets. We should see a spike in condo sales as we enter the late Fall and Winter season months, as many folks purchase vacation condos this time of the year. Lower prices and low interest rates are making condos more attractive.
| Big Island Hawaii Condo Sales Sept. 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
11 | 13 | $ 509,000 | $ 375,000 | |
Kailua – Kona |
10 | 13 | $ 290,000 | $ 190,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 1 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 4 | 2 | $ 87,000 | $ 58,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 25 | 28 | $ 315,000 | $ 315,000 | |
Current Market Conditions as of Oct 1, 2009… There are 591 Single Family Homes on the market for the Kona/Kohala Coast, which is a slight increase from last months 597 active listings, 108 homes in escrow, which is down from last month of 114 and 40 homes sold. At the current buying rate, we have a 14.9 month supply of homes, which is basically unchanged from last month’s 15 month supply.
For Kona/Kohala Coast Condos, there are currently 635 on the market for sale, 42 in escrow and 26 sold in the past month. We have a 24.4 month supply of inventory, which is a small increase from last month’s 23 month supply.
Information on August sales for the Big Island of Hawaii was provided by , Kurt & Kirsten Carlson Big Island real estate experts. search all Hawaii real estate on Hawaiis.com
September Kauai real estate update
September 2009 home sales volume decreased by 28% from 2008, the medium sales price only fluctuated 5% compared to 2008 Sales.
| Kauai home Sales September 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 1 | $ 0 | $ 325,000 | |
| Koloa | 4 | 2 | $ 600,000 | $ 687,000 | |
| Lihue | 3 | 1 | $ 630,000 | $ 1,275,000 | |
| Kawaihau | 9 | 9 | $ 400,000 | $ 414,000 | |
| Hanalei | 5 | 2 | $ 650,000 | $ 1,005,000 | |
| Island of Kauai | 21 | 15 | $ 525,000 | $ 499,000 | |
September 2009 Condos had an increase in Sales volume of a whopping 75% with a decrease in medium sales price of 31% compared to 2008
| Kauai Condo Sales September 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 1 | 2 | $ 465,000 | $ 525,750 | |
| Lihue | 1 | 4 | $ 545,000 | $ 260,000 | |
| Kawaihau | 3 | 2 | $ 280,000 | $ 325,000 | |
| Hanalei | 3 | 6 | $ 751,500 | $ 585,000 | |
| Island of Kauai | 8 | 14 | $495,000 | $ 337,500 | |
Information on September sales on the island of Kauai was provided by Russell Tucker. You can search all Kauai real estate on Hawaiis.com and get daily emails of new listings as they become available.