The Hawaii Kai real estate market is a little softer than 2007, but not significantly. Sellers are paying more concessions, but prices are generally holding at earlier levels.
Hawaii Kai Single Family Market
16 homes sold in July, compared to 22 last year. Median sales price was $820,000 compared to $878,800 in 2007.
Year-to-date, 103 homes have sold, with a median sales price of $868,000, compared to 136 for last year, and $875,000 median price.
Hawaii Kai Condo Market
16 condos sold in July, compared to 23 last year. Median sales price was $498,000, compared to $509,000 in 2007.
Year-to-date, 120 condos have sold, with a median sales price of $540,000, compared to 159 for last year, and $543,000 median price.
While the months fluctuate more broadly, the trend is easier to see in the year-to-date figures. Inventory island-wide has climbed all year, especially in condos, but median list prices island-wide have decreased in single-family and only increased a slight amount in condos.
For July, numbers for the availability of housing in Hawaii Kai rose from last year, to 130 from 114 active listings (single family) and to 115 from 81.
Hawaii Kai buyers still have plenty of choices and can be more aggressive in the price and terms of an offer, but shouldn't expect list or sale prices to drop much for the rest of the year.
The Honolulu Board of Realtors publishes a very complete statistical package for Oahu monthly. Contact me for a free copy.