Oahu Real Estate Market Update for June

July 2, 2009

There were 254 Oahu single family homes that sold in the month of June 2009 compared to 232 Oahu single family homes that sold in the month of June 2008. That was an increase in the number of sales by 9%. That is really good news and if the number of sales keeps increasing compared to 2008 as we continue on in the second half of 2009, the prices should stabilize and stop decreasing over time.

There were 293 Oahu condo properties that sold in the month of June 2009 compared to 355 Oahu condo properties that sold in the month of June 2008. That was a decrease in the number of sales by 17.5%. That was not great news. Condos do usually lag behind single family homes after having a down market. Hopefully we will see that percentage start to shrink as time goes on.

Fortunately Hawaii properties have not been hit as hard as some mainland areas like California or Florida. Some of those markets have seen prices go down by as much as 60% from there highs. These numbers are not great, but they are somewhat encouraging. Hawaii definitely has been going through a natural market price adjustment. It could not keep going up at the rate we were without a pull back.

I will continue to post numbers each month going forward through the rest of the year.

April 21, 2007

During the first quarter, the number of sales declined from last year and the median prices (home values) were stable. It looks like we are in a more normal market compared to a couple years ago, when it seemed like the wild west. Multiple offers and buyers paying over appraisal. It is kind of nice that things have calmed down a bit and buyers have a little more time to make a sound decision.

Below are the median sales prices broken down by area on the island of Oahu.

Single family homes:
Metro Oahu (Town) $ 689,500, Diamond Head $990,000, Hawaii Kai $838,000,
Kailua $800,000, Kaneohe $672,000, North Shore $800,000, Central Oahu Mililani $550,000, Leeward Coast $375,000, Ewa Plain $525,000, Makakilo $566,500,
Waipahu $577,300 & Pearl City $575,000.

Condominiums:
Metro Oahu (Town) $325,000, Diamond Head $472,500, Hawaii Kai $542,500, Kailua $415,000, Kaneohe $357,500, North Shore $360,000, Central Oahu $300,000, Leeward Coast $173,000, Ewa Plain $285,000, Makakilo $320,000, Waipahu $299,500 & Pearl City $305,000.

Oahu real estate still seems to be a sound long term investment. You can search for Oahu real estate online on Jeff Manson’s website www.adrhi.com for the newest opportunities

April 18, 2007

Oahu is known as “the gathering place”, home to Honolulu the state capitol. Oahu used to be the county as well. Before being renamed as Honolulu city & county. 

When house hunting for Oahu real estate.  You may soon find out that the island has many different neighborhoods and communities to offer.  The main regions are Honolulu, East Oahu, Windward, North Shore, Leeward and Central.  Within these regions are various towns, communities and neighborhoods each with their own distinctive characteristics. (more…)

April 2, 2007

Oahu real estate can be anything you want it to be. Oahu is one of the most “versatile” of all the islands, allowing you to go to work in a high rise, catch the sunset over a secluded beach, and then dance the night away at Waikiki. There are numerous real estate opportunities in this energetic city, and, with the right realtor, you can find the one that is right for you and your family.   (more…)