The real estate market on Oahu continued with a healthy gain in February, with prices up in the past 2 months, compared to 2009. The median price for previously owned single-family homes was up 3.6 percent to $570,000 in February from $550,000 a year earlier, according to sales data from the Honolulu Board of Realtors. The increase followed a 10.8 percent rise in January. For the two months combined, the median price is up 7.3 percent.
The median sale price for condominiums also was up, but only by 0.3 percent to $298,000, from $297,000 in the same period.
Sales volume was up significantly for both categories of homes. Single-family home sales rose 21.7 percent to 157 last month, from 129 a year earlier. There were 231 condo sales, up 44.4 percent from 160 in the same period.
According to the Honolulu Advertiser, "Local economists in recent months have signaled they believe the bottom of the housing market has passed. 'I think the worst of the decline is over, and we're in the rebuilding phase,' Mike Sklarz, an economist and president of Honolulu-based real estate research firm Collateral Analytics, said at an industry presentation last month. Paul Brewbaker, a local economist with TZ Economics, is forecasting a 1 percent rise in the median single-family home price this year."
Sales of sngle family homes in Hawaii Kai for February held steady, with 9 closings, compared to 8 in the same month last year. The median price for 2010 was $920,000 and for 2009, $772,500. This is a very small statistical sampling, so I don't think much should be made of the large jump in median price.
Year-to-date, 15 homes have sold vs. 16 last year, wth a median price of $820,000 vs $755,000 in 2009.
Sales of condos in Hawaii Kai for February decreased to 6 from 10 last year. The median price was $540,500 compared to $485,000 in 2009. The number of condos in escrow is higher than in January, so for whatever reason, some of these homes scheduled to close in February will do so in March.
Year-to-date, 21 units have sold vs 20 last year, with a median price of $498,000 vs $455,000 in 2009.
Inventory Statistics, or Availability of Housing in Hawaii Kai, show a tightening of supply and demand.
For single family homes, there were 82 active listings in February, 79 in January, but 125 in February of last year. For condos, there were 42 active listings in February, 37 in January, and 114 in February, 2009.
For an analysis of the past 6 months, visit the Hawaii Kai Real Estate Market page on my web site. Contact me for details of home sales in any community or condo complex of Hawaii Kai. Don't let this opportunity of low rates, low prices, and government help pass you by if you've ever wanted to invest in our island paradise.