- Image by Joel Abroad via Flickr
The Hawaii Kai real estate market, a portion of the larger Oahu housing market, saw several signs of improvement in the most recent tracking period. According to June 8, 2010 article in Pacific Business News, “Home sales on Oahu rose considerably in May, while prices for single-family homes and condominiums posted modest gains compared to the same month last year. The median price of a single-family home in May was $606,000, which was a 12 percent boost over May 2009, when the median price was $542,000, according to statistics from the Honolulu Board of Realtors.” The report went on to say that “That was based on 284 home sales, which was a 31.5 percent increase over 216 sales in May 2009. Condo sales on Oahu soared 35.5 percent in May to 355 units sold, up from 262 units sold in 2009.”
The increase in the median price of a Hawaii Kai home for sale, along with the rest of the island, was also mentioned in a June 3, 2010 article from Pacific Business News. This piece noted that “Oahu home prices are up 5.1 percent on average over the past year, according to a report released Thursday by a provider of real estate valuation and risk assessment for financial services companies.” The article, based on a report by Clear Capital, continued to say that “Comparing the three months ended May 31 with the same period last year, California-based Clear Capital ranked Oahu as the seventh-highest performing major market nationally, with a 2.2 percent price increase, behind Dallas, Pittsburgh, San Diego, San Francisco, Houston, and Minneapolis. The number of bank-owned properties on Oahu – 7.5 percent of the total – remains modest.”
Combined with other factors, these indicators seem to suggest a recovery for the Hawaii Kai and Oahu housing markets. According to a June 8, 2010 article from Hawaii News Now, “Honolulu home sales are picking up, prices are mostly higher, and two other metrics show the strength of the market is growing. In May on Oahu, 284 homes went to closing, about a third more than in May of last year, for a median price of $606,000 that was up $64,000 from back then.”
