Waikiki Real Estate

View of Waikiki Beach area hotels. Halekulani ...

Waikiki condos for sale, which consists primarily of condominiums with a fewer number of single-family homes, saw signs of recovery and increased strength in the month of September. An October 6, 2010 article from KITV News noted that “The median prices for single-family homes sold on Oahu in September dipped while the median price for condominiums climbed, according to statistics released by the Honolulu Board of Realtors. The median price for single-family homes fell from $640,000 in August to $622,450 in September. That is still a 2.9 percent increase over the price in September 2009. The median price for condominiums climbed from $305,000 in August to $335,000 in September. That is 8.2 percent higher than the same time last year. The number of units sold last month climbed for both condos and homes. There were 274 single-family homes sold in September compared to 229 in August and 253 in September 2009. Condominium sales inched up five units to 298 last month compared to August. However, that is down compared to September 2009, when 354 were sold. The statistics do not factor in new home sales.”

An October 6, 2010 article from Hawaii News Now noted that properties are spending less time on the market, possibly due to low mortgage rates. This means that Waikiki homes for sale and condos for sale are passing through the market more quickly than in months past. The report by Howard Dicus stated that “Without much change in sales volume or price, Honolulu home sales are happening in an average 32 days, compared to 54 days at the same time a year ago. Realtors on Oahu closed on 274 home sales in September for a median price of $622,450, down slightly from August but up from the median of $605,000 a year ago at the same time, the Honolulu Board of Realtors reported Wednesday. They closed on 298 condo sales for a median price of $335,000, compared to 354 sales at $309,500 a year earlier…More than 400 new listings for Oahu homes came on the market in September, but there are more than 300 pending sales already this month, suggesting the market is still fast-moving. A key factor in the market is unusually low mortgage rates. As of Wednesday, First Hawaiian Bank was quoting 4.16% APR for a 30-year fixed-rate mortgage with 1.5 points paid up front, while Bank of Hawaii quoted 4.01% with 1.625 points.”

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