July 22, 2010

Kaneohe housing real estate market

The Kaneohe real estate market, along with the rest of the larger Oahu housing market, continued to edge upwards in the month of June despite signs that the recovery may be slowing. According to a July 7, 2010 report from Pacific Business News, “The number of Oahu home and condominium sales increased in June when compared to the same month last year, but median prices for condos were down in June. The number of single-family homes sold on Oahu was up 8.4 percent in June, from 263 to 285, according to figures released Wednesday by the Honolulu Board of Realtors. The median price for those single-family homes sold last month was up 0.9 percent to $575,000 from $570,000 compared to the same month last year, according to HBR data. Condominium sales saw the most dramatic increase — up 38 percent to 396 compared to the same month last year. But the median price was 3.2 percent lower than a year ago, settling at $300,000. “The June statistics show that Honolulu real estate market continues to recover,” said Brian Benton, president of the Honolulu Board of Realtors. “Median prices for both single-family homes and condominiums are higher than this time last year, and pending sales for single-family homes are also up and should be reflected in the sales numbers over the next couple of months.” Sales in June also closed faster this year than they did last year, with single-family homes listing for 32 days, down from 48, and condominiums listing for 31 days, down from 47.”

However, despite the positive trend in the number of sales, the median price of a Kaneohe home for sale barely increased from 2009 to 2010. The average sales price increased by less than one percent between June 2009 and June 2010. The number edged up from about $570,000 to $575,000 according to statistics gathered from the Honolulu Board of Realtors. Condominiums actually saw a decrease in median price, dropping from $310,000 to $300,000, or about 3.2 percent. Sales volume for condominiums increased from 287 last year to 396, outpacing single-family homes, which saw an increase of about ten percent.