July Oahu Real Estate Market Update
Oahu saw a 5.6% increase in the number of sales for July 2009 compared to July of 2008 for single family homes. The median property price dropped by 4% for the same time periods. Although the number of sales were better prices continue to fall, but not as bad as previous months.
| Oahu Home Sales July 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Honolulu | 14 | 17 | $ 830,000 | $ 712,500 | |
| Waialae-Kahala | 14 | 7 | $1,300,000 | $ 1,500,000 | |
| Kapahulu-Diamond Head | 12 | 18 | $ 780,000 | $ 743,500 | |
| Hawaii Kai | 16 | 20 | $ 868,000 | $ 750,000 | |
| Aina Haina-Kuliouou | 5 | 2 | $ 885,000 | $ 863,000 | |
| Kailua-Waimanalo | 24 | 27 | $ 785,000 | $ 710,000 | |
| Kaneohe | 17 | 14 | $ 705,500 | $ 629,000 | |
| Moanalua-Kalihi | 12 | 8 | $ 632,500 | $ 552,500 | |
| North Shore | 10 | 6 | $730,000 | $ 684,500 | |
| Wahiawa | 8 | 5 | $ 442,500 | $ 361,000 | |
| Mililani | 21 | 20 | $ 595,000 | $ 585,000 | |
| Makaha-Nanakuli | 8 | 17 | $ 392,500 | $ 270,000 | |
| Ewa-Kapolei-Ko Olina | 45 | 51 | $ 455,000 | $ 428,000 | |
| Makakilo | 5 | 12 | $ 500,000 | $ 510,000 | |
| Waipahu | 15 | 18 | $ 565,000 | $ 514,300 | |
| Pearl City-Aiea | 12 | 20 | $ 595,000 | $ 562,500 | |
The number of condo sales dropped by 10.4% in July of 2009 compared to July of 2008. The prices were down 5.4% compared to last June. Unlike single family market, some areas actually went up in price in markets like Waikiki, Hawaii Kai, and Kalihi areas. This month was definitely encouraging compared to earlier months in the year.
| Oahu Condo Sales July 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waikiki | 70 | 61 | $ 222,500 | $ 300,000 | |
| Downtown -Nuuanu | 29 | 21 | $ 491,000 | $ 345,000 | |
| Kapahulu-Kuliouou | 15 | 8 | $ 405,000 | $ 402,000 | |
| Hawaii Kai | 16 | 17 | $ 498,000 | $ 512,000 | |
| Maikiki – Moiliili | 43 | 44 | $ 338,000 | $ 289,500 | |
| Kailua-Waimanalo | 4 | 4 | $ 348,000 | $ 307,500 | |
| Kaneohe | 12 | 18 | $ 406,000 | $ 365,000 | |
| Moanalua-Salt Lake | 21 | 14 | $ 319,900 | $ 297,500 | |
| North Shore | 3 | 2 | $ 410,000 | $ 282,500 | |
| Wahiawa | 3 | 1 | $ 250,000 | $ 138,000 | |
| Mililani | 21 | 24 | $ 325,000 | $ 275,500 | |
| Makaha-Nanakuli | 3 | 9 | $ 154,000 | $ 130,000 | |
| Ewa-Kapolei-Ko Olina | 24 | 22 | $ 342,500 | $ 287,500 | |
| Makakilo | 8 | 8 | $ 334,000 | $ 227,500 | |
| Waipahu | 26 | 12 | $ 315,000 | $306,500 | |
| Pearl City-Aiea | 32 | 22 | $ 278,000 | $ 299,500 | |
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 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.
Hawaii Foreclosure Rates Rise and Buyers Benefit
Quick market update: The amount of Hawaii foreclosures rose 340 percent compared to last September. Hawaii is now in the top 20 of all states for amount of foreclosure filings. Prices have steadily been dropping the past two years and this is going to create some great buying opportunities in the months to come.
Both the banks that have to sell these foreclosures and the sellers that actually have to sell their home are going to be competing for the smaller buyer pool we have. This will give buyers more power and leverage when negotiating the price for their new home purchase. Mortgage rates are still at an all time low creating a great time to get a loan as well.
Feel free to contact us to help you find a great property that fits your needs.
Oahu Real Estate March Market Update
During March, sales of 282 single family homes and 392 condos were reported sold by the Honolulu’s MLS, decreases of 14.5% for single family homes and 27.5% for condos, compared the same month last year. There were a total of 673 home sales on Oahu for the first three months of 2008, a decrease of 22% over the same period one year ago. Total condo sales the first three months were 1037, a 23% decrease from last year.
The median prices paid for single family homes and condos on Oahu were $628,000 and $329,500. Single family home prices saw a decrease of 2.4%, while condos saw an increase of 2.6%. The housing market as a whole saw a price decrease in total volume of 18%.
Hawaii MLS Home Finder
Hawaiimlshomefinder.com is a company real estate site that is owned and operated by American Dream Realty. Hawaii MLS Home Finder allows buyers to view properties for sale on all the hawaiian islands ( Oahu, Maui, Kauai and the Big Island of Hawaii). The site is easy to use and will also send buyers new listings as they come available.
When you are ready to make an investment in Hawaii real estate you should contact American Dream Realty. They are ready and willing to help make your buying experiece a pleasure. American Dream Realty is located on Oahu, but has agents on maui, Kauai and the Big Isand ready to help as well.