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 |