Real Estate Condo Activity for Hawaii Kai, May, 2008

The real estate condo market in Hawaii Kai in May, 2008 was down from 2007. In May, 20 units sold compared to 36 last year, for a median sales price of $559,500 compared to $565,000 in 2007. Year-to-date, 91 condos have sold vs. 106 last year. Median sales price this year has been $540,000 against $545,000 in 2007.

Statistics for East Oahu are slightly different. Sales volume of fee simple condos for East Oahu declined 16.9% in number of sales, from 148 to 123; median sales price increased 4.3% from $517,500 to $540,000; average sales price increased 13.4%, from $586,617 to $665,126.

Sales of leasehold units in East Oahu weren't quite as robust. 15 sales closed in May compared to 16 last year, for an average median sales price of $475,000 - down from $528,500 last year, and an average sales price of $502,605, up from $500,878 in 2007.

So, while numbers of sales have decreased in 2008 compared to the same period last year, prices are still modestly increasing in East Oahu, and holding steady in Hawaii Kai.

Inventory is increasing this year - in May, 107 condos were active in Hawaii Kai, vs. 95 in April, and 74 in May, 2007. East Oahu as a whole has 7.2 months of inventory available, against 3.1 months last year.

Current real estate listings for Hawaii Kai, as of June 1, range from $409,000 for a 1-bedroom unit in the Esplanade, to $1,675,000 for a 3-bedroom home in Kalele Kai. I'm familiar with all of the Hawaii Kai condo complexes, their amenities, and management, and can help you make a sound investment decision on Hawaii Kai property.

Visit my Hawaii Kai real estate market analysis page on my web site for full details: http://www.movetohawaiikai.com/Hawaii_Kai_Market_News/page_1893904.html

The Honolulu Board of Realtors issues very complete statistics for monthly sales on Oahu. The statistics provided here are courtesy of HBR. Contact me for a free copy:

Barbara Abe, Realtor for Hawaii Kai
barbara@barbarashawaii.com
808-226-2537