Sunday, April 11, 2010

Hawaii Kai Real Estate Market Report for March, 2010

The new Monthly Indicators Report from our Honolulu Board of Realtors shows a promising trend. While we aren't back yet to 2008 numbers, sales are well ahead of those in 2009.

In March, 251 single family homes sold, vs 190 in 2009 and 272 in 2008. For condos, 352 units sold, vs 258 for 2009, and 378 in 2008. Year-to-date sales are up 36.6% over last year (single family).

Median sales price shows the same good news. In March, for single family it was $599,000, vs $575,000 in 2009, and $630,500 in 2008. For condos, the median price ws $310,000 vs $300,000 last year, and $325,000 in 2008. Year to date, the price is up 4.4% (single family).

For Days on Market, we'd want to see a lowering of numbers, meaning properties are selling faster, and that is what is happening. For single family, DOM was 72 in March, 80 last year, and 74 in 2008. For condos, DOM was 67 in March, 79 last year, and 66 in 2008. Year to date numbers are down 14.3% (single family).

Inventory also is falling. For single family in March, 1,888 units were available, compared to 2,168 in 2009, and 2,228 in 2008. For condos, 2,425 units were on the market in March, vs 2,834 last year, and 2,819 in 2009. This equates to 7.2 months in March of this year, vs 10.3 months last year, and 7.9 months in 2008 for single family. For condos, the numbers are 6.8 months this March, vs 9.3 months last year, and 6.0 months in 2008.

Here are the March numbers for Hawaii Kai real estate.
Single Family 2010 vs 2009
New Listings 33 vs 29
Closed Sales 19 vs 16
Median Sales Price $770,500 vs $750,000
Average Sales Price $861,750 vs $1,320,200
% of Original List 99.0 vs 90.8%
Average DOM 23 vs 86
Inventory 108 vs 134

Condos 2010 vs 2009
New Listings 36 vs 21
Closed Sales 13 vs 16
Median Sales Price $545,000 vs $517,000
Average Sales Price $548,962 vs $480,713
% of Original List 96.8 vs 91.1%
Average DOM 28 vs 93
Inventory 78 vs 111

As explained in the Honolulu Advertiser, "This year so far, the housing market has exceeded expectations of many who believed a recovery would be long and slow...It was the seventh straight month that there were more sales than a year earlier. Since September, the sales volume increases ranged from 13.5 percent to 46.5 percent."

Contact me for details on any neighborhood or community or condo complex in Hawaii Kai, the real estate sales, prices, and amenities. Don't miss the bargains!

Barbara Abe, Realtor

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