December 22, 2007
Oahu Hawaii Real Estate Market Update
The Hawaii real estate market on Oahu continues to slow down. The third quarter of 2007 for single family home sales compared to the third quarter of 2006 for the number of homes sold is down by 10.5%. The same time period median home sales prices we are down 2.3%.
The third quarter of 2007 for condo re-sales compared to the third quarter of 2006 for the number of condos sold is down by 12.4%. The same time period median condo sales prices we are down 4.8%.
The total dollar volume of sales was $1.311 billion in the third quarter, a decrease of $136 million, or 9.5%, from the $1.447 billion in sales achieved in the same quarter last year.
Here are the median single home sales prices for the following areas:
Metro Oahu (Honolulu Town) – $705,500
Diamond Head – $1,080,000
Hawaii Kai – $853,800
Kailua – $785,000
Kaneohe – $707,000
North Shore – $587,500
Central Oahu (Mililani) - $648,300
Leeward Coast – $387,500
Ewa Plain – $519,500
Makakilo – $574,900
Waipahu – $582,500
Pearl City – $642,500
Median Sales Price means the midpoint of sales prices.
© 2009 American Dream Realty
It’s a shame to see the real estate market going down. Hopefully it will jump back soon.
Man thats wild. Our prices are like 10% of yours.
WHOAAAA i better save up before i move to the big island.
I found your blog Friday night. I wanted to see how the real estate market was doing in other parts of the US. Great blog and some very useful information. Our market in KC has been slow but seems to be picking up. We haven’t seen the downtown in homevalues, just in the number of homes sold.
Hawaii is so beautiful and I can see why the prices of homes are so high with such beautiful vistas everywhere. I think come vacation time people will start spending and return to there normal routines and homeownership will be an option. I wonder if many are waiting for conforming loan updates to afford homes priced in your range. They are indeed higher than the median here in Georgia.