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Oahu home sale prices surge

By Star-Advertiser staff

LAST UPDATED: 10:34 a.m. HST, Apr 09, 2012

This 1,255-square-foot home in Kaneohe, built in 1962, sold for $630,000 in February after being listed for sale at $625,000 in January.

A resurgence in the median sale price of previously owned single-family homes on Oahu continued in March, extending a string of year-over-year gains to five consecutive months.

The median price surged 13.9 percent last month to $625,000 from $548,500 in the same month last year, according to a Honolulu Board of Realtors report released today.

The gain was the biggest for any month since the string began in November. However, the rise looked particularly strong because the March 2011 median price was particularly weak, representing a low for any month since January 2009.

In Oahu's condominium market, the median price slipped 1 percent to $311,750 in March from $315,000 a year earlier. That followed a 1.6 percent decrease in February and a 4.8 percent gain in January.

The median is a point at which half the sales were for more and half for less.

Sales volumes moved in opposite directions from median prices last month.

The number of single-family home sales fell 10.8 percent to 222 last month from 249 a year earlier. Condo sales rose 2.1 percent to 338 from 331.

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saveparadise wrote:
Higer median but less sales. All this tells me is that the rich are buying homes in Hawaii Kai, Kailua, and Diamond Head.
on April 9,2012 | 11:26AM
Maneki_Neko wrote:
Yup - got to see the quintiles. With depressed unit sales, even a few big dollar sales can shift the median.
on April 9,2012 | 11:32AM
soundofreason wrote:
That would be true with "average" but no so much with median. With median, you take 1000 sales, for example, regardless of price, and mark the 500th one, in the middle. So it more deals with how MANY of what price moved underneath 500 and how many of what price moved over 500. Even if all of those the 500 mark were 6 billion dollars, it wouldnt change the 500th transaction of 625,000 if there were an equal # of transactions under 625,000.
on April 9,2012 | 07:01PM
allie wrote:
East side homes are far prefeerred to west side cookie cutter mico homes. No one wants to buy on the dreadful west side. East side is the place to buy!
on April 9,2012 | 02:55PM
kainalu wrote:
... or deal with the HORRIFIC traffic. Not to mention that the Leeward side, especially the Ewa Plain is the driest hottest spot on the Island. Consequently, you need to use more water to keep your yard green, and run more air-conditioning to keep cool. Effectively, if you move out to Central Oahu, the West coast, and the Ewa Plain, you'll spend more money for water, spend more money for electricity, and spend quality hours sitting in traffic. The strain on your vehicle can result in more car maintenance/repair. And of course, more money wasted on gas while sitting in traffic. If your quality-of-life is important to you, DON'T MOVE OUT TO THE WESTSIDE! Unfortunately, that's where all the development is projected to be, cracker-jack box like track-homes squeezed into an area like sardines in a can. The developers and those lawmakers in their pocket make out like champs, while the poor and middle-class Hawaii citizens get stiffed again.
on April 9,2012 | 06:31PM
Wazdat wrote:
That home is NOT worth that much money, Hawaii is SO overpriced its a JOKE.
on April 9,2012 | 07:16PM
stingray65 wrote:
Wazdat, you are correct..And they bult them like leggo. Real Cheap. The reason behind is that, if you do not want to buy somebody else with lots of money will buy it and rent it out for more money later.. They do not care, they live in mainland with five thousand square foot house for less than half price of what we are paying here.
on April 9,2012 | 11:49PM
nigelUV001 wrote:
Hawaii is one of the best places to live in the world. It is expensive, but imho..it is worth every penny. I cannot afford an ocean front view, but I can always get an ocean front gym. eg Sandy's, Ala Moana, Sand Island beach park. for free. Tell that to people who live in other places. I also like the people, the plate lunches, the shakas, and the best tasting beer in the world aka: the beer you drink with you dad/ friend around the family table on a lazy weekend. Even though your dad is going to tell you the same story that you have heard one hundred times already. Everybody wants to live in Hawaii and I cannot blame them.
on April 10,2012 | 11:36AM
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