Oahu Home Sales Report December 2009
In December 2009, Oahu's median single family home prices declined to $550,000, down 12.2% from $626,500 in December 2008. Median condo and townhome prices decreased 1.6%, to $300,000 versus $305,000 one year earlier.
Oahu Home Sales Volume Continues to Rise
Oahu had 265 single family home sales in December 2009, UP 36.6% from 194 homes sold in December 2008 .
Condo and townhome sales on Oahu rose to 407 sales in December 2009 versus 243 a year earlier - a 43.6% increase.
Here's how Oahu's home sales and median prices in December 2009 compared with the same period last year by neighborhood.
| Oahu home sales December 2009 vs. 2008 | |||||
| Homes Sold | Prices Up | ||||
| Neighborhood | 2009 | 2008 | Median Sale Prices | or Down | |
| Honolulu | 18 | 20 | $ 881,500 | $ 812,500 | $69,000 |
| Waialae-Kahala | 7 | 12 | $ 1,430,000 | $ 1,285,000 | $145,000 |
| Kapahulu-Diamond Head | 19 | 13 | $ 715,000 | $ 780,000 | ($65,000) |
| Hawaii Kai | 18 | 13 | $ 784,500 | $ 885,000 | ($100,500) |
| Aina Haina-Kuliouou | 6 | 6 | $ 1,561,050 | $ 847,500 | $713,550 |
| Kailua-Waimanalo | 20 | 15 | $ 792,000 | $ 715,000 | $77,000 |
| Kaneohe | 12 | 15 | $ 618,250 | $ 629,000 | ($10,750) |
| Windward Coast | 13 | 4 | $ 495,000 | $ 537,500 | ($42,500) |
| Moanalua-Kalihi | 8 | 11 | $ 474,000 | $ 599,000 | ($125,000) |
| North Shore | 5 | 1 | $ 787,000 | $ 554,000 | $233,000 |
| Wahiawa | 5 | 3 | $ 480,000 | $ 360,000 | $120,000 |
| Mililani | 16 | 17 | $ 559,500 | $ 610,000 | ($50,500) |
| Makaha-Nanakuli | 13 | 6 | $ 245,000 | $ 322,500 | ($77,500) |
| Ewa-Kapolei | 49 | 33 | $ 420,000 | $ 438,000 | ($18,000) |
| Makakilo | 14 | 7 | $ 433,500 | $ 545,000 | ($31,000) |
| Waipahu | 28 | 12 | $ 490,000 | $ 502,500 | ($12,500) |
| Pearl City-Aiea | 14 | 6 | $ 548,500 | $ 604,500 | ($56,000) |
What's the Forecast for 2010?
Sales are picking up as a result of lower prices. Buyers continue to seek out homes in part due to the homebuyer credit. Buyer must be in contract no later than April 30, 2010 in order to qualify for the credit. There are some exceptions, read more about the homebuyer credit here.
First time homebuyers were really active in December, according to Chason Ishii, president of Coldwell Banker Pacific Properties. Lower prices, record-low interest rates and the tax credit are bringing in the buyers. Conversely, now is a good time to sell while buyers are interested.
Local economist Paul Brewbaker said "We'll probably continue to stay on a relatively stable path with sales roughly at the same levels and maybe a slight upward drift, but it won't be a robust market."
Contact Mike Bates for Buying and Selling Hawaii Homes
For more information about Oahu home sales, contact Mike Bates (RA) at (808) 548-1220.
mikey
Mike Bates is a realtor associate on the island of Oahu. He's lived on Oahu, Maui, Molokai and the Big Island for 30 years and is here to share ... Read More
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There are currently 1 Response to this blog entry.
Oleg
Thank you for your post Mike. Looks like prices are declining and the sales are picking up on Oahu. Looking forward to your new articles.
Best regards,
Oleg