2009 December Honolulu Real Estate Update
Oahu had a 36.6% increase in the number of sales for December
2009 compared to December of 2008 for single family homes, Oahu’s median
property price decreased by approximately 12.2% for the same time periods. The
market is showing signs of improvement but you can’t base a complete recovery
based on month.
Home Sales
December 2008 vs. 2009
# Sales & Median $$
Neighborhood 2008 2009 2008 – 2009
Honolulu 20 18 $ 812,000 $ 881,000
Waialae-Kahala 12 07 $1,285,000 $ 1,430,000
Kapahulu-Diamond Head 13 19 $ 780,000 $ 715,000
Hawaii Kai 13 18 $ 784,000 $ 885,000
Aina Haina-Kuliouou 06 06 $ 847,000 $ 1,561,000
Kailua-Waimanalo 15 20 $ 715,000 $ 792,000
Kaneohe 15 12 $ 629,000 $ 618,250
Moanalua-Kalihi 11 08 $ 599,000 $ 474,000
North Shore 01 05 $ 554,000 $ 787,000
Wahiawa 03 05 $ 360,000 $ 480,000
Mililani 17 16 $ 610,000 $ 559,500
Makaha-Nanakuli 06 13 $ 325,500 $ 245,000
Ewa-Kapolei-Ko Olina 33 49 $ 438,000 $ 420,000
Makakilo 07 14 $ 545,000 $ 433,500
Waipahu 12 28 $ 502,500 $ 490,000
Pearl City-Aiea 06 14 $ 604,500 $ 548,500
Honolulu condo sales were better last month and increased by
43.6% in December of 2009 compared to December of 2008, Oahu’s condo prices
were down by 1.6% compared to
December 2008.
Honolulu Condo
Sales December 2008 vs. 2009
# Sales & Median $$
Neighborhood 2008 2009 2008 – 2009
Waikiki 39 66 $ 220,000 $ 281,000
Downtown –Nuuanu 18 27 $ 385,000 $ 312,000
Kapahulu-Kuliouou 05 10 $ 150,000 $ 502,500
Hawaii Kai 13 20 $ 480,000 $ 458,200
Maikiki – Moiliili 37 46 $ 298,000 $ 294,750
Kailua-Waimanalo 05 05 $ 363,000 $ 317,000
Kaneohe 10 15 $ 296,000 $ 386,500
Moanalua-Salt Lake 15 16 $ 280,000 $ 263,650
North Shore 02 02 $ 208,500 $ 230,000
Wahiawa 01 02 $ 147,000 $ 140,000
Mililani 18 18 $ 317,500 $ 272,500
Makaha-Nanakuli 03 09 $ 190,000 $ 100,000
Ewa-Kapolei-Ko Olina 11 22 $ 255,000 $ 263,500
Makakilo 06 08 $ 243,500 $ 239,500
Waipahu 11 22 $ 265,000 $308,750
Pearl City-Aiea 25 26 $ 310,000 $ 270,000
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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 | |
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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 | |
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 | |
June Oahu Market Update of Property Sales
There is some good news. Oahu saw a 9.5% increase in the number of sales for June 2009 compared to June of 2008 for single family homes. The median property price dropped by 9% for the same time periods. More buyers are starting to take advantage of the lower prices and historic low interest rates. If this keeps up it should stablize prices.
| Oahu Home Sales June 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Honolulu | 9 | 12 | $ 494,000 | $ 600,000 | |
| Waialae-Kahala | 8 | 7 | $1,445,400 | $ 1,387,500 | |
| Kapahulu-Diamond Head | 9 | 15 | $ 790,000 | $ 780,000 | |
| Hawaii Kai | 15 | 15 | $ 870,000 | $ 750,000 | |
| Aina Haina-Kuliouou | 3 | 3 | $ 760,000 | $ 1,246,500 | |
| Kailua-Waimanalo | 32 | 20 | $ 752,500 | $ 712,500 | |
| Kaneohe | 8 | 7 | $ 644,000 | $ 619,000 | |
| Moanalua-Kalihi | 14 | 11 | $ 494,000 | $ 600,000 | |
| North Shore | 2 | 7 | $1,937,500 | $ 873,000 | |
| Wahiawa | 3 | 4 | $ 352,500 | $ 345,000 | |
| Mililani | 28 | 17 | $ 626,800 | $ 570,000 | |
| Makaha-Nanakuli | 12 | 18 | $ 416,000 | $ 282,000 | |
| Ewa-Kapolei-Ko Olina | 44 | 49 | $ 443,500 | $ 4588,000 | |
| Makakilo | 4 | 10 | $ 690,000 | $ 487,500 | |
| Waipahu | 14 | 27 | $ 577,500 | $ 520,000 | |
| Pearl City-Aiea | 17 | 12 | $ 678,000 | $ 555,000 | |
The condo sales were not as good as the home sales. The number of condo sales dropped by 17.5% in June of 2009 compared to June of 2008. The prices were down 5.3% compared to last June. Not as big a drecrease as single family homes.
| Oahu Condo Sales June 2008 vs. 2009 | |||||
| # Sales & Median $$ | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waikiki | 76 | 43 | $ 300,000 | $ 247,000 | |
| Downtown -Nuuanu | 24 | 25 | $ 468,000 | $ 340,000 | |
| Kapahulu-Kuliouou | 10 | 11 | $ 406,000 | $ 435,000 | |
| Hawaii Kai | 13 | 19 | $ 600,000 | $ 426,000 | |
| Maikiki – Moiliili | 54 | 41 | $ 301,000 | $ 320,000 | |
| Kailua-Waimanalo | 10 | 10 | $ 507,500 | $ 392,500 | |
| Kaneohe | 11 | 13 | $ 398,000 | $ 365,000 | |
| Moanalua-Salt Lake | 17 | 13 | $ 300,000 | $ 247,000 | |
| North Shore | 3 | 2 | $ 300,000 | $ 217,500 | |
| Wahiawa | 0 | 0 | $ 0 | $ 0 | |
| Mililani | 27 | 29 | $ 365,000 | $ 280,000 | |
| Makaha-Nanakuli | 4 | 5 | $ 161,000 | $ 122,000 | |
| Ewa-Kapolei-Ko Olina | 16 | 17 | $ 281,200 | $ 270,000 | |
| Makakilo | 7 | 4 | $ 302,000 | $ 212,500 | |
| Waipahu | 24 | 17 | $ 282,800 | $ 235,000 | |
| Pearl City-Aiea | 27 | 20 | $ 285,000 | $ 283,500 | |
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.