Last week I heard multiple news reports about the drop in property values in Hawaii since last year. The reports stated that we have the biggest drop in value in the nation of all major markets. According to the reports you would think we were in a freefall compared to the same period last year.
What the numbers show is that the neighbor islands did take a pretty big hit, but Oahu (Honolulu County) which accounts for a majority of the sales activity held is values much better.
Here are the numbers posted by the Hawaii Association of REALTORS® per the MLS systems.
2009 JULY HAWAII REAL ESTATE MARKET REPORT:
Single Family Homes
Units Sold
|
County |
2009 |
2008 |
% CHANGE |
|
Hawaii |
117 |
100 |
17 |
|
Kauai |
27 |
31 |
-12.9 |
|
Maui |
57 |
97 |
-41.2 |
|
Oahu |
265 |
251 |
5.6 |
|
Totals |
466 |
479 |
-2.7 |
Median Sales Price
|
County |
2009 |
2008 |
% CHANGE |
|
Hawaii |
260,000 |
299,000 |
-13 |
|
Kauai |
450,000 |
595,000 |
-21.7 |
|
Maui |
532,000 |
610,000 |
-12.8 |
|
Oahu |
595,000 |
620,000 |
-4 |
--------------------------------------------------------------------------------
Condominiums
Units Sold
|
County |
2009 |
2008 |
% CHANGE |
|
Hawaii |
33 |
31 |
6.5 |
|
Kauai |
15 |
15 |
0 |
|
Maui |
69 |
63 |
9.5 |
|
Oahu |
327 |
365 |
-10.4 |
|
Totals |
444 |
474 |
-6.3 |
Median Sales Price
|
County |
2009 |
2008 |
% CHANGE |
|
Hawaii |
265,000 |
344,000 |
-23.7 |
|
Kauai |
525,000 |
435,000 |
20.7 |
|
Maui |
350,000 |
575,000 |
-39.1 |
|
Oahu |
312,000 |
329,000 |
-5.4 |
*Information provided by Hawaii Association of REALTORS® and Title Guaranty is deemed to be accurate, but not guaranteed.
Randy, this post is one more illustration of how all real estate is local.
Patricia - You are so right. Even within our county there are huge differences from one community to another and even from one neighbor to another. You definitely can not assume anything without carefully analyzing the numbers.
Randy - The Hawaii sales figures are all over the place. Maui's are certainly way down.
Pam - There is no consistency from one island to another. There are completely different market forces on each island. Even on Oahu, one community may be completely different than another.