Oahu home sales October 2009
Posted Nov 6, 2009 @ 8:20 pm, Viewed by 273 Visitors, Read 287 Times.During October 2009, Oahu's median home prices declined to $605,000, down 3.2% from October 2008's median of $632,000. Median condo and townhome prices fell 9.2%, to $295,000 versus $325,000 in October 2008.
Oahu Home Sales Volume
In October 2009 Oahu had 281 single family home sales, UP 15.6% from October 2008's 243 homes sold.
For condos and townhomes, there were 381 sales in October 2009 versus 316 a year earlier. That's a healthy 20.5% increase in condos and townhomes sold.
Here's how Oahu's home sales and median prices in October 2009 compared with the same period last year by neighborhood.
| Oahu home sales October 2009 vs. 2008 | |||||
| Homes Sold | Prices Up | ||||
| Neighborhood | 2009 | 2008 | Median Sale Prices | or Down | |
| Honolulu | 16 | 9 | $ 797,000 | $ 750,000 | $47,000 |
| Waialae-Kahala | 14 | 14 | $ 1,072,500 | $ 1,247,500 | ($175,000) |
| Kapahulu-Diamond Head | 23 | 16 | $ 700,000 | $ 682,500 | $17,500 |
| Hawaii Kai | 25 | 17 | $ 838,000 | $ 890,000 | ($52,000) |
| Aina Haina-Kuliouou | 4 | 7 | $ 1,310,000 | $ 1,015,000 | $295,000 |
| Kailua-Waimanalo | 21 | 21 | $ 920,000 | $ 720,000 | $200,000 |
| Kaneohe | 23 | 13 | $ 710,000 | $ 679,500 | $30,500 |
| Windward Coast | 5 | 1 | $ 515,000 | $ 627,000 | ($112,500) |
| Moanalua-Kalihi | 20 | 7 | $ 604,000 | $ 660,000 | ($56,000) |
| North Shore | 5 | 4 | $ 902,500 | $ 832,500 | $70,000 |
| Wahiawa | 4 | 5 | $ 423,500 | $ 431,000 | ($7,500) |
| Mililani | 11 | 25 | $ 580,000 | $ 558,000 | $22,000 |
| Makaha-Nanakuli | 12 | 11 | $ 295,000 | $ 365,000 | ($70,000) |
| Ewa-Kapolei | 42 | 49 | $ 433,000 | $ 490,000 | ($57,000) |
| Makakilo | 13 | 9 | $ 426,500 | $ 499,900 | ($73,790) |
| Waipahu | 24 | 20 | $ 485,000 | $ 544,500 | ($59,500) |
| Pearl City-Aiea | 19 | 15 | $ 580,000 | $ 605,000 | ($25,000) |
Oahu Neighborhood Housing Inventory
Inventory of Oahu homes and condos for sale dipped below five months in October. This means that the existing listings are enough to provide five months of sales at the current pace.
Six months and less of inventory is considered a Sellers' Market. While prices are lower than they were a few years ago, low inventory is a good sign for home owners who are ready and able to sell their properties.
A good portion of the increase in home sales has been due to the first time homebuyers credit, scheduled to expire on December 1st, 2009. The credit was recently extended through April 30, 2010, which may keep sales cooking into the winter months.
Short Sales and Foreclosures
This is a hot topic with buyers, looking to find the best deals on properties. There's also frustration, particularly with short sales. Buyers can make an offer, wait months and find out their offer was not accepted. Other times, after all those months the buyer has moved on and made an offer on another property and then learns the offer made four months ago was approved by the owner's bank!
Lender sales generally sell more quickly. These properties have already been foreclosed on. If the foreclosing bank has taken title to the home, they can sell it fast and at a good price.
Buyers should be aware that short sale and foreclosure properties may be in disrepair and might not qualify for conventional financing. Broken water pipes, holes in the walls and incomplete upgrades are problems when a home is appraised.
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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