Single family home sales in May decreased for another month from last year's figures, to 13 from 18, and median sales prices to $750,000 from $798,000. This represented a decrease of 27.8% in number of sales,and 6.1% in median price.
Year-to-date, there have been 55 sales in Hawaii Kai, compared to 72 last year. Median price was $750,000 compared to $869,000 in 2008. These are declines of 23.6% and 13.7% respectively.
In the Hawaii Kai Condo market, 13 homes closed in May compared to 20 last year, a decrease of 35%. Median price declined to $489,000 from $559,500, down 12.6%.
Year-to-date, there have been 62 condo sales in Hawaii Kai, compared to 91 last year. Median price was $467,500 compared to $540,000 in 2008. These are declines of 31.9% and 13.4% respectively.
Harvey Shapiro, economist for the Honolulu Board of Realtors, feels that buyers are now attracted by the low prices, and also that our inventory is not inflated - as in the glut on the mainland, and so is a stabilizing force in the real estate market.
Our Board publishes very complete monthly statistical reports. Contact me for a free copy, and read my Active Rain blog for an Oahu real estate analysis.
Barbara Abe, Realtor