"Real Estate News for Windward Oahu" with May Statistics

Published June 2006

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales price for a single family home that closed in May 2006 was $668,300.  Compare to April’s $615K, March’s $650K. One year ago the median was $610K.  An economist we talked to recently said the median will go up for a while, even though the market is flattening and even dropping in the upper price ranges, due to rising prices in the lower end to come up to the median. In Kailua for example, prices dropped 6.5% first quarter of 2006 to first quarter 2005. So, homes priced in the lower half of the market may still be rising while the upper market is coming down.

The # of sales of homes in May was 374.  Compare to April’s 332 and March’s 392.  One year ago that number was 366, which was a low month last year.

Condos sold in May had a median price of $306,000 compared to April’s $296,400 and March’s $312K.  One year ago the median was $265K.

There were 605 condos closed in May compared to 584 in April and March’s 696. Nowhere near the high of 831 last August.  Number of condo sales a year ago – 692 in May 2005.