The numbers are in for Hawaii Kai single family activity during May of 2008.  When comparing May of 2007 with May of 2008 you'll see a few nice things below, if you are a buyer. 

First, the Data:

May 2007 -

• 22 homes sold
• Avg. List Price $1,238,727
• Avg. Sold Price $1,204,659
• Sellers got on average 97% of their asking price.
• Avg. Price Per Sq. Ft. $562
• Days on Market (DOM) 72

May 2008 -

• 18 homes sold
• Avg. List Price $1,014,166
• Avg. Sold Price $969,934
• Sellers got on average 96% of their asking price.
• Avg. Price Per Sq. Ft. $467
• Days on Market (DOM) 93

What Does This Mean?  Well, it definitely means that it is a buyer's market.  Which is something that many of you already knew.  So, beyond that what do these numbers mean?  Well, you're seeing an increase in time that it takes sellers to sell their homes.  Along with that you are noticing that the sales price is coming down.  The motivation of the seller is also rising slightly.  Sellers were willing to accept a 3% discount last year from their listing price.  In 2008 that has grown to 4%.

So where does that leave you?  Well, to give you some perspective, the condo/townhomes of Hawaii Kai have gone down about $2,000 in average sales price since 2007.  Currently, they are selling for $594,242 and since 2007 their DOM have gone from 71 to 49.  Fewer properties are selling, but you are seeing a demand at about $600,000 for a condo/townhome in Hawaii Kai.

With a single family home selling for $467 per sq. ft. and condo/townhomes now going for $439 per sq. ft. there is not much holding back condo buyers back from switching to being a single family home buyer.  All that appears to be seperating the two is the price tag.  Single family homes in Hawaii Kai use to be more than twice as expensive as condo/townhomes.  Now the average single family homes are selling 63% higher than the average condo/townhouse.  At a certain point and time single family homes are going to get too close in price to the condo/townhouse market and you'll see a shift.  That "certain point" is left up to you to determine.  All factors must be taken into account, and if you feel it's the right time then you might want to go ahead with buying. 

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