Hawaii Kai Market Statistics February, 2009
The number of sales and median sales prices in Hawaii Kai continued to decrease in February, for both single family residences and condos.
Single Family Homes
8 homes sold in February compared to 9 last year, a decrease of 11.1%. Median price decreased from $1,035,000 to $772,500, or 25.4%. Year to date, 16 homes have sold compared to 21 last year, and median price declined from $999,000 to $755,000.
There were 31 new listings compared to 30 last year, with a median list price of $1,100,000 versus $999,000 in 2008.
Availability of current housing: 125 listings were active, with a median price of $1,190,000, but in February, 2008, 115 homes were active, with a median list price of $1,265,000.
Condos
10 homes sold in February compared to 13 last year, a decrease of 23.1%. Median price decreased from $540,000 to $485,000, or 10.2%. Year to date, 20 homes have sold compared to 34 last year, and median price declined from $540,000 to $455,000.
There were 32 new listings compared to 36 last year, with a median price of $$607,500 versus $562,000 in 2008.
Availability of current housing: 114 listings were active, with a median price of $587,500, but in February, 2008, 87 condos were active, with a median list price of $649,000.
Synopsis of Hawaii Kai Market
List prices seem high, in view of the numbers showing prices that are still declining. Hawaii Kai has been a strong market through the recession, but sellers do need to become even more realistic. There is higher available now in Hawaii Kai, slanted toward the lower price ranges. Island-wide, months of inventory has really jumped, from 9.8 for single family in January, and 10.3 for condos, to 15.8 and 15.8 respectively.
The median and average numbers for single family homes will be lopsided because of the 3 listings of the Henry Kaiser estate: $28,000,000 and $34,000,000 for parcels, $80,000,000 for the whole. Our statistics are courtesy of the Honolulu Board of Realtors, and I don't know if our statistician took these list prices - more than double the next closest property listed - into account, or if they are reflected in higher median prices.
It is definitely a buyer's market - contact me to discuss the great opportunities available.
Barbara Abe, Realtor
barbara@barbarashawaii.com
808-226-2537