Oahu Home Sales August 2009
Posted Sep 4, 2009 @ 3:23 am, Viewed by 280 Visitors, Read 306 Times.Oahu's median home prices declined to $566,000, down 10.9% from August 2008's median of $635,000. Median condo and townhome prices fell too. The August 2009 median sale price was $290,000 versus $328,000 in August 2008, an 11.6% decline .
Home Sales Volume on Oahu
August 2009 had 247 single family home sales, down 3.1% from August 2008's 255 homes sold.
For condos and townhomes, there were 351 sales in August 2009 versus 345 in August 2008. That's a 1.7% increase in properties sold.
Here's how Oahu's home sales and median prices in August 2009 compared with the same period last year by neighborhood.
| Oahu home sales August 2009 vs. 2008 | |||||
| Homes Sold | Prices Up | ||||
| Neighborhood | 2009 | 2008 | Median Sale Prices | or Down | |
| Honolulu | 22 | 21 | $ 702,500 | $ 800,000 | ($97,500) |
| Waialae-Kahala | 8 | 9 | $ 1,200,000 | $ 2,225,000 | ($1,025,000) |
| Kapahulu-Diamond Head | 9 | 17 | $ 850,000 | $ 850,000 | $ -0- |
| Hawaii Kai | 15 | 11 | $ 816,000 | $ 779,000 | $ 37,000 |
| Aina Haina-Kuliouou | 4 | 6 | $ 1,065,000 | $ 877,500 | $187,500 |
| Kailua-Waimanalo | 24 | 28 | $ 789,500 | $ 785,000 | $4,500 |
| Kaneohe | 13 | 16 | $ 541,000 | $ 607,000 | ($66,000) |
| Windward Coast | 5 | 6 | $ 750,000 | $ 698,500 | $51,500 |
| Moanalua-Kalihi | 11 | 18 | $ 555,000 | $ 567,500 | ($12,500) |
| North Shore | 5 | 10 | $ 470,000 | $ 838,800 | ($368,800) |
| Wahiawa | 4 | 4 | $ 407,500 | $ 355,000 | $52,500 |
| Mililani | 16 | 16 | $ 585,000 | $ 607,500 | ($22,500) |
| Makaha-Nanakuli | 13 | 14 | $ 255,000 | $ 369,000 | ($114,000) |
| Ewa-Kapolei | 43 | 42 | $ 473,000 | $ 469,500 | $3,500 |
| Makakilo | 14 | 11 | $ 447,500 | $ 500,000 | ($52,500) |
| Waipahu | 23 | 9 | $ 470,000 | $ 550,000 | ($80,000) |
| Pearl City-Aiea | 18 | 17 | $ 561,500 | $ 629,000 | ($67,500) |
Oahu Neighborhood Price Observations
Median prices of homes and condos are now down to levels seen in 2005. Will the decline continue? It's anybody's guess - prices rose about 20% in 2004 and 25% 2005, some argue that the prices could fall sharply. On the other hand, what we're observing is that more homeowners are keeping their properties off the market, waiting for values to increase. New listings are often short sales, REO's, divorce sales and estate sales. Some owners who've owned their homes for years are still realizing significant profits and willing to sell several years after the market peak.
Keep in mind that some neighborhoods have just a few sales per month. One or two very high or low sales can skew the results. A great example is Waialae-Kahala. Median prices of homes sold this year are $1.2 million vs. $2.2 million last year. The numbers might suggest that Waialae-Kahala homes are selling for half price, which is not true. A lot of people are looking for fixer uppers these days and the lower priced homes are moving quickly. Watch the long term trends to see where the values are.
For more information about Oahu home sales, contact Mike Bates (RA) at (808) 548-1220.
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Mike Bates is a realtor associate on the island of Oahu. He's lived on Oahu, Maui, Molokai and the Big Island for 28 years and is here to share his knowledge of the Hawaiian Islands with you. Read More
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