May Real Estate Market Report, Hawaii Kai and Oahu

May, 2010 showed a positive trend in real estate for both Hawaii Kai and East Oahu.

Single family homes, Hawaii Kai

Closed sales - 15, up from 13 last year
Median sales price - $885,000, up from $750,000 last year
Average sales price - $1,583,233, up from $845,123 last year
% of original list price received at sale - 93.4%, up from 89.2% last year
Median days on market - 27, down from 113 last year
Inventory of homes for sale at month end - 84, down from 133 last year

Condos, Hawaii Kai
Closed sales - 18, up from 13 last year
Median sales price - $467,000, down from $489,000 last year
Average sales price - $497,494, down from $502,423 last year
% of original list price received at sale - 97.6%, up from 93.3% last year
Median days on market - 15, down from 69 last year
Inventory of homes for sale at month end - 41, down from 87 last year

Single family homes, May, Oahu
Closed sales - 284 for 2010, 216 in 2009, 246 in 2008
Median sales price - $606,000 for 2010, $542,000 in 2009, $644,000 in 2008
Average sales price - $730,036 for 2010, $623,360 in 2009, $780,089 in 2008
Days on market - 27 for 2010, 47 in 2009, 52 in 2008
% of original list price realized at sale - 96.3% for 2010, 93.0% in 2009, 93.9% in 2008
Inventory of available homes as of month-end - 1,520 for 2010, 2,061 in 2009, 2,389 in 2008
Months of inventory - 6.1 for 2010, 10.0 in 2009, 8.7 in 2008

Condos, May, Oahu
Closed sales - 355 for 2010, 262 in 2009, 367 in 2008
Median sales price - $312,500 for 2010, $300,000 in 2009, $338,000 in 2008
Average sales price - $373,224 for 2010, $352,827 in 2009, $415,247 in 2008
Days on market - 28 for 2010, 52 in 2009, 42 in 2008
% of original list price realized at sale - 95.5% for 2010, 91.1% in 2009, 94.9% in 2008
Inventory of available homes as of month-end - 1,901 for 2010, 2,711 in 2009, 2,979 in 2008
Months of inventory - 5.6 for 2010, 9.7 in 2009, 7.2 in 2008

While prices haven't recovered, the change in inventory vs sales and vs days on market is dramatic. There are fewer properties on the market, both in Hawaii Kai and Oahu, so inventory is down, and this is reflected in the shorter days on market and increased # of sales.

Our Honolulu Board of Realtors also publishes these figures by price ranges. You can see those real estate statistics for Hawaii Kai on my web site. If you would like a breakdown island-wide for Oahu, just let me know.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com