November sales insights

Generally speaking sales are increasing for the month of November in the Honolulu county market and the median sales price is holding steady.  We are seeing fewer properties coming on to the market and marketing times are shortening which typically leads to price increases.

Two of the neighborhood markets that Bonnebaker follows closely have a more interesting picture emmerging.  Hawaii Kai and Kailua have both seen more sales and fewer new listings, however they have had falling median sales prices.  The median sales price in Hawaii Kai falling from $1,222,500 to $925,000, a whopping 24% since November 2010, while Kailua’s median sales price has fallen from $760,000 to $720,000, a mere 5%, compared to the same period last year.  Meanwhile the Average sales prices have risen.  Kailua’s average sales price not sits at $966,376 a 16% rise from November 2010, which Hawaii kai has risen a few ticks.  What this means is that there have been more sales on the low end of the sale, but there have been punctuations of higher off the chart sales.

This means that there is some high end buying.  We will have to keep an eye out for future statistics.  Based on the activity I am already seeing for December I suspect there will be more sales and an increase in the median sales price for the entire island.  If you would like more information on Hawaii real estate and how you can get your own slice of paradise, please contact me, Malia L. Meenderman, R, at 808-394-9779