June 2009 Kauai Real Estate Market Update
June 2009 compared to 2008 Kauai homes saw a decrease in volume of sale of 25% and a decrease in the median price range of 27%.
| Kauai home Sales June 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 1 | 3 | $ 352,500 | $ 341,000 | |
| Koloa | 9 | 4 | $ 900,000 | $ 684,500 | |
| Lihue | 3 | 3 | $ 410,000 | $ 390,000 | |
| Kawaihau | 8 | 2 | $ 467,500 | $ 370,000 | |
| Hanalei | 7 | 9 | $ 900,000 | $ 608,050 | |
| Island of Kauai | 28 | 21 | $ 705,000 | $ 600,000 | |
June 2009 compared to 2008 Kauai Condos saw a decrease in volume of sale of 37.5% and a decrease in the median price range of 46%
| Kauai Condo Sales June 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 4 | 1 | $ 782,000 | $ 599,000 | |
| Lihue | 5 | 7 | $ 240,000 | $ 185,000 | |
| Kawaihau | 2 | 1 | $ 380,000 | $ 105,000 | |
| Hanalei | 13 | 6 | $ 830,380 | $ 575,000 | |
| Island of Kauai | 24 | 15 | $ 695,000 | $ 375,000 | |
Information on May sales on the island of Kauai was provided by Russell Tucker
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 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.
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.
Silly Real Estate Agent Contest
We were told that a bunch of Realtor real estate webmasters were having a contest to see who can get ranked for the phrase ” greatest real estate agents in the world “. From what we hear PropertyTown.org is claiming they are the home of the greatest real estate agent in the world. The owner of Real Estate Webmasters Morgan Carey is putting this whole contest on and is going to give the winner a free website. Sounds like a pretty good deal to the lucky real estate agent.
We think agents should be taking care of their clients and not trying to show off they can get found on a search engine for a phrase. I guess it shows where these agents priorites are. Tooting their own horns for their own selfish reasons. No wonder why real estate agents get a bad rap!