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Aug. 24, 2009

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
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