The number of Honolulu single family home and condominium sales is slowing along with the U.S. economy. It’s no surprise that several financial bailouts and a widespread credit crunch have made it more difficult, at least in the short run, for the average consumer to purchase a home. The good news is that Honolulu real estate is performing better than most of the comparable Mainland markets.
Don’t let the hyper-negative news reports get you down. If you don’t have to sell your home or investment property, this news shouldn’t worry you that much. Our nation and its economy are strong and we’ll weather this passing storm as we have in past economic downturns.
Slow markets spawn millionaires. As I wrote in my last Honolulu Residential Resale Market Report, a slow market presents qualified buyers with an opportunity to buy the Honolulu real estate they’ve wanted for years. If you already own property, you may consider moving from an under performing properties to others with better prospects.
The Honolulu Board of REALTORS® released the following resale figures for the third quarter of 2008. The Board analyzed data collected from the Multiple Listing Service (MLS) and provided the following statistics:
Single Family Home Resales
| |
Number of Sales |
This Quarter Compared to |
Median* Sales Price |
This Quarter Compared to |
| 3rd Quarter 2008 |
721 |
|
$615,000 |
|
| 2nd Quarter 2008 |
740 |
dn 2.5% |
$636,000 |
dn 3.3% |
| 3rd Quarter 2007 |
975 |
dn 26.1% |
$649,900 |
dn 5.4% |
Condominium Resales
| |
Number of Sales |
This Quarter Compared to |
Median* Sales Price |
This Quarter Compared to |
| 3rd Quarter 2008 |
1,015 |
|
$322,000 |
|
| 2nd Quarter 2008 |
1,121 |
dn 9.4% |
$330,000 |
dn 2.4% |
| 3rd Quarter 2007 |
1,366 |
dn 25.7% |
$330,000 |
dn 2.4% |
*Median Sales Price means the midpoint of sales prices, where half of the sales were at prices above the given amount and half were below. Click Oahu Map to view the geographical references used above.
During the third quarter, the number of sales declined from one year ago. The median price paid for a single-family home declined by 5.4% and the condominium price decreased by 2.4%. Total dollar sales volume was $987 million in the third quarter, a decrease of $323 million (24.7%), from the $1.310 billion in sales achieved in the same quarter last year.
The median sales prices shown in the chart below are the prices paid for existing residential properties reported sold through the MLS system during the third quarter. The columns labeled “Change” indicate the direction of price change from the prior time period. The following table provides the quarterly median prices for the Oahu neighborhood groups.
| Geographic Area |
Single Family |
Change |
Condos |
Change |
| Entire Island |
$615,000 |
dn |
$322,000 |
dn |
| |
|
|
|
|
| Metro Oahu |
$729,000 |
up |
$312,900 |
dn |
| Diamond Head |
$1,125,000 |
up |
$419,200 |
dn |
| Hawaii Kai |
$777,000 |
dn |
$525,500 |
dn |
| Kailua |
$766,500 |
dn |
$411,500 |
up |
| Kaneohe |
$640,000 |
dn |
$422,500 |
up |
| North Shore |
$827,500 |
up |
$392,000 |
up |
| Central Oahu |
$576,000 |
dn |
$295,000 |
dn |
| Leeward Coast |
$361,000 |
dn |
$148,000 |
dn |
| Ewa Plain |
$451,000 |
dn |
$327,500 |
up |
| Makakilo |
$567,000 |
dn |
$324,500 |
up |
| Waipahu |
$529,000 |
dn |
$290,000 |
up |
| Pearl City |
$614,000 |
dn |
$301,400 |
up |
Contact Michael Zimmerman if you have question about Honolulu real estate. Please visit my web site to conduct your own Honolulu home search or request special reports for home buyers or sellers.
This information is provided as a courtesy only, is not a warranty and should be independently investigated by buyers. This information is deemed reliable, but NOT guaranteed.