October Real Estate Statistics - Hawaii Kai & Oahu

Here is an overview of the real estate sales data for Hawaii Kai and Oahu during October, 2011.  

Hawaii Kai
Single Family - October
2010 - 21 sales; median sales price $836,000; median days on market 25; inventory at month end 82
2009 - 24 sales; median sales price $839,000; median days on market 57; inventory at month end 87
Single Family - Year to Date
2010 - 165 sales; median sales price $833,000; median days on market 26
2009 - 154 sales; median sales price $795,000; median days on market 56

Condos - October
2010 - 18 sales; median sales price $508,500;median days on market 19; inventory at month end 65
2009 - 14 sales; median sales price $485,000;median days on market 84; inventory at month end 52
Condos - Year to Date
2010 - 173 sales; median sales price $525,000; median days on market 19
2009 - 146 sales; median sales price $490,000; median days on market 69

Oahu
Single Family - October
2010 - 241 sales; median sales price $595,750; median days on market 35; inventory at month end 1,472
2009 - 290 sales; median sales price $604,500; median days on market 52; inventory at month end 1,660
Single Family - Year to Date
2010 - 2,496 sales; median sales price $598,000; median days on market 33
2009 - 2,160 sales; median sales price $580,000; median days on market 52

Condos - October
2010 - 310 sales; median sales price $300,000; median days on market 34; inventory at month end 2,070
2009 - 394 sales; median sales price $300,000; median days on market 54; inventory at month end 2,188
Condos - Year to Date
2010 - 3,273 sales; median sales price $305,000; median days on market 32
2009 - 2,814 sales; median sales price $304,000; median days on market 53

While the trends shown here are positive, there are 2 other statistics which are very telling for our Oahu real estate market.

Months Supply of Inventory
Single Family- October
2010 - 6.2; 2009 - 7.8; 2008 - 10.0
Condos - October
2010 - 6.4; 2009 - 7.8; 2008 - 8.1

Housing Affordability Index (the higher the #, the more affordable housing is relative to income)
Single Family - October
2010 - 66; 2009 - 61; 2008 - 51
Single Family - Year to Date
2010 - 66; 2009 - 63; 2008 - 50
Condos - October
2010 - 124; 2009 - 116; 2008 - 92
Condos - Year to Date
2010 - 123; 2009 - 115; 2008 - 92

Summary:  the forces of supply and demand are definitely at work here.  As inventory decreases, there are fewer homes and condos for buyers to consider.  Those who do choose to purchase, and many can now buy Oahu housing because it is more affordable, decide more quickly and are more qualified, so days on market have decreased.  This causes the month-end inventory to be reduced, continuing the cycle and putting pressure on sales prices.  Prices in Hawaii Kai have increased for both single family and condos year-to-date, and island-wide are holding steady.  Hawaii Kai has not been affected as much as some Oahu areas by the distressed property "glut" which has driven prices down, and these areas are reflected in the island-wide sales price statistics.

How else can I explain that buyers should start looking for homes now?!  If these figures represented one month, then you could wait and watch.  But this is 10 months' worth of activity.  It's time for you to call or email me and talk about how you can purchase that home you've always wanted in Hawaii, for permanent residency, 2nd home, or investment.  Our market trends are affecting prices for all buyers.  So Search our MLS to look at areas of interest to you, and then let's start looking at properties.

Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
http://www.movetohawaiikai.com/
http://www.barbarashawaii.com/
www.activerain.com/blogs/abeb