Thursday July 24th 2014

Real Estate

Kaneohe homes for sale on the Windward side of the island of Oahu, saw an increase in median sales price alongside a decrease in sales volume in April 2011. These two trends represented a reversal of several months in which prices declined and sales volume rose. According to statistics reported by the Honolulu Star Advertiser, the median sales price of a single family home on Oahu in April was $585,000, compared to the $565,000 reported in April 2010. Put another way, the median sales price in April 2011 increased approximately three and a half percent year over year. April 2011 was the first month since December 2010 that the median sales price of Oahu homes increased year over year. Over the course of 2011 thus far, the median sales price of an Oahu single family home has declined about two percent. Generally speaking, homes in Kaneohe are less expensive than properties in Hawaii Kai or Kahala, but more expensive than properties in Makakilo, Waianae, and on the neighbor islands. There were 229 single family home sales in April 2011, representing a decrease of nearly twenty percent compared to the 285 transactions reported in April 2010. In terms of condominiums, there were seven percent fewer condominium sales in April 2011 (when there were 379 condo sales) compared to April 2010 (when there were 406 condos purchased).

 

There are several foreclosures in downtown and suburban Kaneohe, despite state and federal efforts to decrease the volume of distressed sales. According to statistics provided by RealtyTrac, foreclosures throughout the state of Hawaii declined for the fifth consecutive month. Oahu had the lowest per-property rate of foreclosure in the state, although the island also saw a considerable number of short sales. Additionally, the decline in foreclosure volume can be at least partially understood as a result of lenders having difficulty processing a large quantity of foreclosures. However, new regulations passed by the Hawaii State Legislature may prove important in preventing a resurgence of foreclosures, depending on the efficacy of the measures. Some foreclosure cases may also be funneled towards short sales, which are intended to recoup some value before a foreclosure auction is necessary

 

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