The Kahala real estate market, a generally upscale component of the larger Honolulu and Oahu housing markets, saw a slight decline in both average price and home sales. According to figures released by the Honolulu Board of Realtors, November marks the second straight month in which the number of Oahu homes sold declined relative to year-over-year levels. The report, which was partially published by Pacific Business News, found that a total of 245 single family homes were sold during November 2010, while 258 were sold during the same time last year. The numbers from last year may have been artificially inflated by the federal housing tax credit, since that portion of the stimulus package was scheduled to expire in the second half of 2009. In terms of median price, a single-family home sold for an average of $585,000, a modest decrease from last year’s reported median of $590,000. Condominiums, on the other hand, fell by a full twenty-five percent to 303 units sold, relative to 402 units sold in November 2009. The median price of condos actually increased compared to year-ago levels, hitting $315,000, $4,500 higher than November 2009.
There were fewer foreclosures in Oahu and Kahala as a whole, according to real estate information service RealtyTrac. The organization reported that the state of Hawaii saw a decrease in foreclosure filings compared to the same time last year. It is important to note that RealtyTrac’s figures include all stages of foreclosure filings, not just foreclosure auctions. This means that RealtyTrac is including “foreclosures” that may not progress past the initial filing, and which may have actually been settled in distressed property or so-called “short sales.” Using RealtyTrac’s methodology, there were 877 foreclosure filings in the state during November 2010, marking a decrease of more than thirty percent from November of 2009. On Oahu in particular, there were 426 foreclosure filings. Although this is the highest figure among all of the islands, Oahu actually had the lowest filing percentage per capita, a product of the much larger population of Oahu. Very few Kahala homes for sale were among the foreclosed properties, as it was not counted among the hotspots of foreclosure activity by RealtyTrac.