Relative to the same time last year, the Kaneohe real estate market and the larger Oahu housing market saw increases in both median sales price and the volume of sales. According to an October 6, 2010 report from Pacific Business News, “Sales of single-family homes on Oahu were up last month, and prices for both houses and condominiums also rose in September, according to the Honolulu Board of Realtors. There were 274 sales of single-family homes on Oahu in September, which was an 8 percent boost when compared to the 253 sales last year, the board said. The median price of a single-family home in September was $622,450, up 3 percent from $605,000 last year. The median price of a condo on Oahu also rose to $335,000, an 8 percent increase from $309,500 last year. Condo sales, however, fell 16 percent to 298 sales, down from 354 sales during the same month last year. Year-to-date data shows that sales are up by more than 20 percent in both categories. The median price of a single-family home for the first nine months prices rose 4 percent to $599,000, while the median price for a condo was unchanged at $305,000.”
Three other indicators of market health also had good news for Kaneohe homes for sale, as inventory numbers, days on market, and percentage of original list price received at sale all ticket upwards. According to an October 7, 2010 report from Honolulu Magazine, “The days-on-market stats, which indicate the median number of days from when a property is first listed to when it’s pending sale, showed the most change: Last month, single-family homes remained on the market for 32 days, a nearly 40-percent decrease from Sept. 2009; condos lingered on the market for 39 days, representing an 11.5-percent decrease from Sept. 2009. The island’s inventory-of-homes data shows steady declines in the month of September…Another indicator of a steady market is the percent of original list price received at sale, which is the average percentage found by dividing a sold property’s sales price by its original price. Single-family homes in Sept. 2010 received about 95.2 percent of the original list price, a 2.9 percent increase from Sept. 2009. Last month, condos also received approximately 95.2 percent of their original list price, a 1.6 percent increase from Sept. 2009.”