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.”
A community of the north shore of Kauai Island, Princeville lies between Hanalei and Kalihiwai bays on the ocean and is home to many luxurious homes and condos, many near to the Line Nine and Ocean Nine golf courses. As home to many upscale homes and condos, Princeville has been hit hard by the financial crisis and the overall decline of the U.S. real estate market, though statistics show the market may be improving over last year.
According to statistics from RE/Max Princeville realtor Elaine Schaefer, the month of February continued to show signs of a slight upswing in the Princeville real estate market. In February, there were 38 property sales, an increase from one year ago, when there were just 26 sales. The 38 sales included 20 residential homes, six plots of land and 12 condos. Though the figure bests last year’s volume, it is down from 57 sales in 2008, 106 in 2006 and 102 in 2005, the boom years. Sales volume has been up in both months of 2010 thus far, suggesting the year is at least getting started on the right track. Last year, only 46 properties had been sold in the first two months of the year, but this year, there have already been 93 sales, an optimistic sign.
Sales volume by dollar was up in February as well. The month accounted for $19 million in sales, up substantially from just $11 million a year prior. Though this figure is up from 2008, it still is significantly lower than previous years in the decade: In 2008 February saw $53 million in sales. That figure was $64 million in 2007, $66 million in 2006 and $73 million in 2005.
The median sales price is up in each sector as well, encouraging for those who have Princeville homes for sale. Residential homes saw a median price of $446,000, up from just $400,000 one year ago. Condos saw an increase from $209,000 to $237,000, and even land increased, from $290,000 to $313,000.