Hawaii Kai Real Estate Market Activity for May, 2009
Although May home prices on Oahu were down 15.3%, single-family home prices in Hawaii Kai and Mililani decreased by only 7 percent, according to Harvey Shapiro, the Honolulu Board of Realtor's research economist. He also reported that "prices for condos in Kapahulu, Ala Moana-Kakaako and Kailua actually rose last
month. In an otherwise lackluster housing market, these positives may predict a
turnaround for real estate, even as the state’s economic conditions continue to
deteriorate.”
Sandra “Sam” Bangerter, Board President, stated, “The Oahu residential housing market is still weak but there are indications
that we may be near the bottom. Single-family home sales rebounded a bit in May and the sales speed of 49 days
was faster than at the same time last year.”
Bangerter noted that while single-family home prices dipped, “the condominium
median price has been holding quite steady at just over $300,000. These are just
some of the signals that our housing market may be starting to return to
normalcy.”
Based on HBR figures, Pacific Business News reported that "The median price of a condo on Oahu in May was $305,000, which was 10 percent
less than $337,300 in May 2008. That was based on 263 sales, down 31 percent
from the 382 sales in May 2008, but the highest monthly number since October
2008. The median condo price in May was on a par with March, January and December,
and higher than two of the past 12 months."
For single family home prices, the Board numbers show prices on Oahu fell 15 percent last month compared to last
year. The median price for a single-family home was
$550,000 in May compared to $649,500 a year ago, and was also was the second lowest price in the past 12 months.
The median price was based on 225 sales, down 11 percent from the same month
in 2008, when 252 houses were sold, but far better than the first four months of
2009.
Shapiro - who is the expert on whom the Board relies every month - feels the low inventory on Oahu, compared to the glut of homes on the mainland, is the important factor in keeping prices stable.
Contact me for a detailed analysis of Hawaii Kai neighborhood real estate sales data.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com