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Honolulu, HI - Real Estate Market in June, 2010 for Oahu and Hawaii Kai

By
Real Estate Agent with East Oahu Realty

Oahu

The sales figures for June show steady growth year-to-year since 2008, which is very encouraging. 

Single Family sales have increased from 231 in June, 2008, to 263 in June, 2009, to 285 in June, 2010.  The number of condo sales, while taking a dip in 2009, rose substantially this year.  There were 357 condo sales in June, 2008, 287 in 2009, and 396 in June, 2010.

Year-to-date, both single family and condo sales dipped last year, but showed healthy gains over 2009.  Single family sales through the 1st six months of 2009 were 1,110, and 1,471 in 2010 - an increase of 32.5%.  For condos, sales through June in 2009 were 1,375, and in 2010, 2,008 units closed, up 46.0%.

Prices have not yet reached 2008 levels, but do show stability during the last 2 years.

Single Family median sales prices on Oahu for June were $623,750 in 2008, $570,000 in 2009, and $575,000 in 2010.  Year-to-date, median price in 2008 was $625,000, in 2009 $570,000, and in 2010, $585,000.

Condo median sales prices through the 1st half of the year were $330,000 in 2008, $310,000 in 2009, and $300,000 this year.  Year-to-date, prices were $330,000 in 2008, $305,000 in 2009, and $305,000 in 2010.

Days on Market (DOM) is always a good indicator of market strength, and these figures also tell a positive story over 2009. 

Single Family DOM in June, 2008 were 41, 2009 48, and 2010 down to 32.  Year-to-date, the numbers have fallen from 49 to 54 to 31 this year.

Condo DOM in June, 2008 were 42, 2009 47, and 2010 31.  Year-to-date, the days moved from 41 to 33 to 31 this year.

Inventory is steadily decreasing, which you would expect if Days on Market become shorter.

Single Family inventory on Oahu droped from 2,013 units last year in June, to 1,528 homes this year, down 24.1% to 6.2 months.

Condo supply fell from 2,578 last year in June to 1,997 this year, down 22.5% to 5.6 months.

Hawaii Kai

Single Family June
Sales 2009 - 15, 2010 - 17
Median Sales Price 2009 - $750,000, 2010 - $840,000
Average Sales Price 2009 - $924,667, 2010 - $837,706
Days on Market 2009 - 29, 2010 - 36
Inventory at Month End 2009 - 125, 2010 - 93

Single Family Year-to-Date
Sales 2009 - 171, 2010 - 177
Median Sales Price 2009 - $750,000, 2010 - $812,500
Average Sales Price 2009 - $931,994, 2010 - $1,005,195
Days on Market 2009 - 56, 2010 - 23

Condos
Sales 2009 - 17, 2010 - 22
Median Sales Price 2009 - $449,000, 2010 - $528,000
Average Sales Price 2009 - $483,465, 2010 - $536,964
Days on Market 2009 - 88, 2010 - 14
Inventory at Month End 2009 - 75, 2010 - 44

Condos Year-to-Date
Sales 2009 - 143, 2010 - 150
Median Sales Price 2009 - $475,000, 2010 - $515,000
Average Sales Price 2009 - $481,884, 2010 - $526,113
Days on Market 2009 - 78, 2010 - 18

Hawaii still has its share of economic problems, and foreclosures and short sales plague many areas of the island.   Fortunately, the Hawaii Kai real estate market is very positive this year.  Call or email to become a part of the Hawaii Kai lifestyle and invest in our real estate while there is plenty of inventory to preview.

Comments (1)

Dom Naidoo
Westside Properties - Venice, CA
Malibu to the Marina Real Estate

thanks for sharing the market update for your area! All the best of luck.

Jul 08, 2010 02:49 PM