June 19, 2009

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.

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