Hawaii Kai along with most of Oahu is seeing steady growth in real estate selling prices. The world economy may still be wobbling, but around here we are seeing increasing demand for both high and low end properties.
Taking a look at Hawaii Kai home sales in May 2012 and comparing them with May 2011, the change in median prices is an eye catcher. Don't worry, if you are on a budget there are still plenty of houses for sale in Hawaii Kai for less than $1 million. The median sale price was swayed upwards because there were only six sales this past May and they were all over $1 million.
The highest sale price was $4,100,000 for a house in Koko Kai. That particular house had been on the market for the past seven years listed as high as $7,100,000. When it sold last month, the list price was $5,450,000 - the buyers offered $1,350,000 less than asking and the seller accepted! I've been to this house before and I think most buyers would renovate it inside and out. The new owners might spend a small fortune fixing it up to their taste.
Why so few sales of homes for Hawaii Kai in May? It may have been just an unusual month. Hawaii Kai single family home sales in June through the 23rd number 11 and we still have a week to go. And in April of this year there were 14 single family homes sold.
Looking at the condo and townhome sale activity, note that there were 15 sales in May of this year, versus 13 last year. Selling prices were down by $50,000 compared with a year earlier, however with the strong demand for properties in Hawaii Kai the lower prices are probably temporary.
For more information about Hawaii Kai home sales, please e-mail or call me at (808) 548-1220.