The real estate numbers are positive for January on Oahu and most communities, including Hawaii Kai. For the island, the median price of single family homes rose 10.8% to $597,500 from $539,500 in January, 2009. While this doesn't mean prices will rise from now on, the market since mid-2009 has been more active. January was the 5th consecutive month to see an increase in single family home sales, up 32.8% to 162 from 122 a year earlier. Obviously, a large part of the activity can be attributed to the 1st time buyer tax credit, which definitely has stimulated sales.
The median sale price increase was spread over much of Oahu. Of 17 submarkets defined by the Honolulu Board of Realtors, the median price was up in 12 and down in five. The biggest increase was a 73 percent gain in Kapahulu-Diamond Head where the median was $940,000 on 13 sales last month compared with $542,500 on four sales a year earlier. In O'ahu's largest submarket, the 'Ewa Plain, the median price was down 9.8 percent to $435,000 on 32 sales last month compared with $482,000 on 19 sales last January.
For the condo market, there were 227 condo sales island-wide in January, 2010, up 42.8% from last year, with 159 sales. The median price was $299,000, down slightly from $305,000 in 2009.
We are very positive for the Oahu real estate market. Not only has inventory increased, but the federal tax credit for Return Buyers and 1st Time Buyers has been extended to April 30, 2009, by which time the buyer needs to be under contract.
Don't let prices start rising in Hawaii Kai as you sit on the sidelines. Contact me now for buying opportunities and neighborhood sales information.