Hawaii Kai & East Oahu Real Estate Market Statistics October, 2009
East Oahu Single Family:
In October, total sales decreased from last year, to 391 from 428. Median sales price also decreased, to $832,000 from $899,500.
Months of inventory remaining was 3.7 as of month-end, compared to 14.0 months last year.
East Oahu Condos:
In October, total sales decreased from last year, to 226 from 276. Median sales price also decreased, to $450,000 from $511,500. The majority of these sales have been Fee Simple, 201 sales vs 25 sales in leasehold.
Months of inventory remaining was 4.9 as of month-end, compared to 9.4 months last year.
Hawaii Kai Single Family:
In October, 25 sales closed, compared to 17 last year. Median sales price was $838,000 compared to $890,000 in 2008.
Year-to-date, 152 homes have sold, compared to 138 last year. Median sales price has been $787,500 this year, vs. $852,500 in 2008.
Listing activity is about the same over last year; 30 homes listed in October vs. 32 last year. Median list prices have fallen to $834,000 from $899,000.
Availability of housing was 73 homes active in October, 2009 and 74 in September, 2009. These numbers compare to 132 homes on the market in October, 2008, down 44.7%
Hawaii Kai Condos:
In October, 16 homes sold, compared to 19 last year. Median sales price was $485,000 compared to $515,000 in 2008.
Year-to-date, 148 condos have closed, compared to 171 last year. Median sales price has been $489,500 this year, vs. $540,000 in 2008.
Listing activity is markedly down, only 20 condos listed in October vs. 48 last year. Median list price has fallen to $479,500 from $598,500.
Availability of housing was 44 active units in October, 46 units in September, and 120 in October, 2008, down 63.3%.
While the downward numbers of sales and prices are expected, and mirror the mainland activity, the inventory figures are startling. Thinking of supply and demand, with inventory dropping, prices may start rising, especially if rates stay low. The Feds have extended the "jumbo" loan limits, and Congress is moving toward extension of the 1st Time Buyer credit. All this seems to point to a Great Time to Buy Hawaii Kai Real Estate.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com