The Kahala real estate market, part of the larger Oahu and Honolulu housing markets, faced mixed signals in the most recent tracking periods, with some experts emphasizing problematic indicators and others pointing towards more consistent performance. According to an August 9, 2010 article from Pacific Business News, “July home sales on Oahu were down slightly compared to the same month last year, according to the Honolulu Board of Realtors. A total of 268 single-family homes were sold last month, essentially flat when compared to the 266 homes sold during the same month last year. Waikiki condos, by contrast, saw a sizable drop, going from 320 units sold in July after a total of 343 units were sold during the same month last year, according to Realtor data. July’s decline was even greater when compared to June results. July’s totals for single-family home sales were off 8.5 percent, and condo sales were down 21 percent, Realtor data revealed. Sales prices for July were basically flat when compared to last year. The median price for single-family home sales was $605,000, up 1.7 percent from the selling price of $595,000 in July 2009. The median price for condos was $299,000, down 2.7 percent from the median price of $307,250 in July 2009, the board of Realtors reported. Single-family home prices were down 4.3 percent from June’s median price, while condo prices were down less than 1 percent during the same period.”
The number of Kahala homes for sale that were actually purchased increased somewhat in the month of July, but the figures were somewhat disappointing compared to expectations spurred by the federal tax credit. An August 9, 2010 report from Hawaii News Now stated that “Realtors across Hawaii reported generally strong home sales and prices on deals that closed in July, if not the much-improved market they hoped would be spurred by low mortgage rates. Oahu saw 268 July home sales (up from 266 a year ago) for a median price of $605,000 (up from $595,000) while buyers closed on 320 condo sales (down from 343 a year ago) for a median $299,000 (down from $307,250), the Honolulu Board of Realtors reported Monday.”