Oahu Real Estate

October 21, 2010 by  
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The Oahu real estate market, which encompasses both urban Honolulu and the more rural parts of the island, remained far off from its peak despite showing strong gains in median price over the last five months. According to an October 7, 2010 article from the Honolulu Star Advertiser, “Oahu housing prices appear pretty certain to rebound from a two-year slump this year. September marked five straight months of median price gains for single-family homes on the island when compared with prices in the same months last year. The number of sales also continued a somewhat consistent string of increases. The Honolulu Board of Realtors reported yesterday that the median price for previously owned single-family homes sold last month was $622,450. That was up 2.9 percent from $605,000 in September 2009. For the first nine months of the year, the median price is $599,000, or 4.2 percent higher than it was at the same point last year. Given the typical number of sales per month, it seems unlikely that activity in the last three months of this year can reverse what’s on pace to be a full-year gain for the median home sale price. A gain would end two years of median price declines — 3 percent in 2008 and 8 percent last year.”

This same positive news for Oahu homes for sale and condos for sale was echoed by an October 7, 2010 report from BusinessWeek, which found that “The median price of a single-family home on Oahu dipped slightly to $622,450 in September after rising for four straight months. The Honolulu Board of Realtors on Wednesday reported that September’s figure was down from the $640,000 reached in August but up from the $605,000 in September 2009. The median price for a condominium increased to $335,000, up $30,000 from August and 8.2 percent from a year ago when it was $309,500. There were 274 homes sold in September, an 8.3 percent increase from the same month last year. Condo sales softened with 298 closings, down 15.8 percent. The board reports that the market is holding steady and that homes and condos are selling faster than they did last year.”