Honolulu Real Estate Market

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Thu, Apr 1, 2010


Ali{{okina}}iōlani Hale, Honolulu, Hawaii
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The economy in Hawaii has recently been showing signs of a slow but steady recovery, a positive sign for the Honolulu real estate market. The market has seen many positive signs in the recent months, though 2009 was a struggle of a year overall compared with recent years, with prices down hefty amounts.

In December, a jump in foreclosures in the state put Hawaii into the top 10 states with highest foreclosures, putting the monthly and yearly totals at the highest levels since 2005, according to the Honolulu Star Bulletin. In December, one of every 84 homes in Honolulu had been foreclosed upon. There were 643 foreclosures in Honolulu in December, a rise of 169% from last year.

According to Data Quick statistics, in February, the median price for homes in Honolulu’s 11 Zip codes ranged from $275,000 in the lowest-priced region to $1.69 million in the highest. The median prices of Honolulu homes for sale were up in all but three Zip codes, and those three saw declines only in the 10% range. Other Honolulu regions saw increases as high as 114.5% in one area. Sales volume in February showed positive signs as well, as just two Zip codes experienced a drop in sales, and those saw just slight declines of 1.3% and 3.5%. Other regions saw substantial increases year-over-year, with the highest increase a 144.4% rise in activity.

The state has seen slides in prices all over, as it became ranked No. 2 in the U.S. in March for having the highest percentage of homes for sale at a discounted price. According to a March Star Bulletin article, Hawaii saw 24% of active inventory reduced at least once between March of 2009 and March of 2010. In Honolulu, that figure was slightly less pronounced, with 20% of homes for sale being reduced at an average price reduction of about 8%. This ranked Honolulu as 33rd out of 50 U.S. cities being tracked.

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