Oahu Home Sales Picked up in March 2009
Posted Apr 6, 2009 @ 3:54 pm, Viewed by 535 Visitors, Read 574 Times.After two very slow months at the beginning of the year, March 2009 showed some signs of recovery for Hawaii's housing market. The median price of a single family home climbed back up to $600,000, from February's $555,000 median.
Single family home prices were down from a year earlier, approximately 4.5% island-wide. Condo and townhome prices were down 7.4% in March 2009, versus a year earlier.
Home Sales Volume on Oahu
March 2009 had 188 single family home sales, up from 163 sold in February 2009. In March 2008, 282 single family homes sold. We're down about 33% compared with a year earlier.
For condos and townhomes, there were 248 sales in March 2009 versus 160 in February 2009. That's a huge increase, 55%! In March 2008, 392 condos and townhomes sold, 37% higher than what we sold this year. Wow, those are some big variations in monthly sales.
Here's how Oahu's home sales and median prices in March 2009 compared with the same period last year by neighborhood.
| Oahu home sales March 2008 vs. 2009 | |||||
| Homes Sold | Prices Up | ||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | or Down | |
| Honolulu | 22 | 10 | $ 807,500 | $ 722,500 | ($85,000) |
| Waialae-Kahala | 8 | 11 | $ 1,559,500 | $ 1,010,000 | ($549,500) |
| Kapahulu-Diamond Head | 18 | 22 | $ 677,500 | $ 740,000 | $ 62,500 |
| Hawaii Kai | 25 | 14 | $ 840,000 | $ 750,000 | ($90,000) |
| Aina Haina-Kuliouou | 7 | 4 | $ 1,000,000 | $ 745,000 | ($255,000) |
| Kailua-Waimanalo | 28 | 15 | $ 752,500 | $ 680,000 | ($72,500) |
| Kaneohe | 10 | 17 | $ 733,000 | $ 650,000 | ($83,000) |
| Windward Coast | 7 | 2 | $ 560,000 | $ 612,500 | $ 52,500 |
| Moanalua-Kalihi | 12 | 9 | $ 647,500 | $ 575,000 | ($72,500) |
| North Shore | 4 | 2 | $ 1,122,500 | $ 610,000 | ($512,500) |
| Wahiawa | 3 | 1 | $ 415,000 | $ 380,000 | ($35,000) |
| Mililani | 31 | 15 | $ 620,000 | $ 555,000 | ($65,000) |
| Makaha-Nanakuli | 22 | 13 | $ 395,000 | $ 278,000 | ($117,000) |
| Ewa-Kapolei | 40 | 32 | $ 469,000 | $ 466,500 | ($2,500) |
| Makakilo | 7 | 6 | $ 600,000 | $ 456,700 | ($143,300) |
| Waipahu | 19 | 13 | $ 560,000 | $ 490,000 | ($70,000) |
| Pearl City-Aiea | 21 | 10 | $ 743,000 | $ 585,000 | ($158,000) |
Oahu Neighborhood Price Observations
Home sales above are compiled by the Honolulu Board of Realtors. Some of the price variations may seem unusual, which can be caused by the neighborhood groupings developed by the Board. Here are some examples:
Waialae-Kahala sales volume increased and prices were down $549,500 (about 1/3rd). Waialae and Kahala are connecting neighborhoods, that is they rub right up against each other. However, the lowest priced homes in Kahala list for around $1.3 million, far below the March 2009 median price of $1,010,000. What's happening is that more sales are occurring in Waialae and less in Kahala. March 2009 saw four sales in Kahala with sale prices averaging around $1.48 million. The Waialae neighborhoods had seven sales averaging around $1 million during that same time period.
Aina Haina-Kuliouou reflects a $255,000 median price drop from a year earlier. These neigh-borhoods have some beautiful high-end homes. Sales in March 2009 were for more modest homes in the lower price ranges for the area.
North Shore sales results were similar to Aina Haina-Kuliouou. There are a lot of multimillion dollar estates around Sunset, Pupukea, Laie etc. During March 2009, lower priced houses were sold. It would be great for buyers, if a million dollar home were suddenly on sale for half a million. Fortunately for sellers, that's not the case. It's just harder to sell those expensive homes these days.
For more information about Oahu home sales, contact Mike Bates (RA) at (808) 551-2663.
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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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