Hawaii Residential Market Ticks Up

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Hawaii Residential Market Ticks Up

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Hawaii is an enchanted piece of paradise situated in the middle of the Pacific Ocean. Hawaii, like most U.S. states, has seen its share of problems stemming from the economic melt down. Relying primarily on tourism, Hawaii's economy, and particularly its housing market, has suffered. That could, however, be changing.

During the worst of the recession, many people decided to forego yearly vacations and save their money for more practical things. Destinations such as Hawaii felt the effect very quickly. Without tourists visiting and buying property, Hawaii's housing market began to slide. Always considered expensive, Hawaii is now on its way to becoming a bit more affordable thanks to the recession.

While the downturn was felt across the chain of islands, different areas experienced different effects. For example, Princeville on Kauai has been trending upward for most of this year. At the same time, Kohala Coast properties on the Big Island continue to experience challenges. On the Big Island, condominium sales are up 24 percent from 2009 while sale of homes has declined 11 percent.

Median prices on the Big Island have also dropped from last year. Princeville sales have increased substantially. In June, there were 37 residential sales versus 21 for the same month in 2009 and the median price remained virtually the same year-to-year. So far this year sales on Kauai, particularly Princeville, are up 71 percent.

Oahu real estate was mixed with 268 homes sold last month compared to 266 a year ago. The median price, however, gained slightly at 1.7 percent from $595,000 to $605,000. Oahu condo sales saw another drop last month, down 21 percent from 2009 and the median price also declined around 2.7 percent.

Along with the return of tourists to Hawaii, June marked the third consecutive month the state unemployment rate has declined. Overall, conditions in Hawaii are improving. The change is clearly not at the levels we hoped for but indications are Hawaii is recovering. Hawaii is optimistic that its return to paradise status will be sooner rather than later.

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Tags: • optimistic • oahu • challenges • experience • condominium • kauai • property • affordable • expensive • tourists • destinations • vacations • recession • paradise • hawaii • unemployment rate • condo sales • real estate • median price • residential sales • condominium sales • big island • buying property • housing market • pacific ocean • chain of islands •

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