Kaneohe Real Estate

Kaneohe, Hawaii
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A census-designated place in Honolulu, the Kaneohe, Hawaii, community, is home to high-priced real estate properties, like many of the coveted properties in Hawaii. Though the Kaneohe real estate market has suffered from several setbacks since the beginning of the downturn in the U.S. economy, in recent month signs have pointed back up toward recovery.

According to statistics provided by local realtor Mike Gallagher, in February, Kaneohe saw a median price for a home sold of $602,500, up more than 10% from the same time last year, when that figure was just $539,500. This is still lower than the recent high experienced in January 2009, but is up from the record lows. During the month, there were 10 homes sold compared with just four in February 2009. Most of the sales, 28%, were in the $600,000 to $699,999 range. This figure, however, was down from January. The average number of days Kaneohe homes for sale spent on the market before selling in February was 133, up 28% from last year, when it was just 96 days. Inventory, however, showed positive signs, as it was down 15% from this time last year, to 79 from 93. The median listing price of homes in Kaneohe was up as well, at $799,000 from $729,000.

As for the Kaneohe condo market, February trends showed a dissimilar trajectory. In February, Kaneohe condos saw their median price fall to $307,500, down 30% from last year, when the median was $441,500. This was the lowest level in more than a year. Sales volume, however, rose as more and more buyers swept in to take advantage of the falling condo prices in Kaneohe. There were eight condos sold in February this year, compared with just four last year at the same time. Condos are also spending less time on the market. The average number of days on the market before selling in February was 110, down slightly from last year’s figure of 117. Though the median sales price is falling, listing prices are still rising. The median new listing price in February was up 5% year-over-year to $437,000.  Meanwhile, inventory showed positive signs of clearing out as some of condo prices are lowered and buyers snatch up deals. There were just 43 condos on the market in February compared with 82 at the same time last year, a decline of 48%.

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