July 2, 2009
Oahu Real Estate Market Update for June
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.
© 2009 American Dream Realty
These are very relevant and useful numbers to analyze Oahu’s real estate market. Although there is a 17.5% decrease in the number of condo sales, there could be an increase in demand due to the growing number of people in their twenties who moved back in out of necessity, and want out of parents’ homes as soon as their employment prospects improve. Do you think it is possible for early buying opportunities to appear in higher-density infill markets convenient to commercial districts and mass transit?