Jun 192010
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The Diamond Head real estate market, found in the southern portion of the Oahu housing market, showed signs of improvement according to two key indicators – median price and home sales. According to a June 8, 2010 article from the Pacific Business News, “Home sales on Oahu rose considerably in May, while prices for single-family homes and condominiums posted modest gains compared to the same month last year. The median price of a single-family home in May was $606,000, which was a 12 percent boost over May 2009, when the median price was $542,000, according to statistics from the Honolulu Board of Realtors.” The piece went on to state “That was based on 284 home sales, which was a 31.5% percent increase over 216 sales in May 2009. Condo sales on Oahu soared 35.5 percent in May to 355 units sold, up from 262 units sold in 2009.”

The average purchase price of a Diamond Head home for sale increased along with the rest of the island market in the most recent tracking period. According to Pacific Business News, “Oahu home prices are up 5.1 percent on average over the past year, according to a report released Thursday by a provider of real estate valuation and risk assessment for financial services companies.” The June 3, 2010 report continued to note that “Comparing the three months ended May 31 with the same period last year, California-based Clear Capital ranked Oahu as the seventh-highest performing major market nationally, with a 2.2 percent price increase, behind Dallas, Pittsburgh, San Diego, San Francisco, Houston and Minneapolis. The number of bank-owned properties on Oahu – 7.5 percent of the total – remains modest.”

This encouraging news for Diamond Head real estate was echoed in a June 8, 2010 report from KITV News. The article noted that “The median prices for resold single-family homes and condominiums in May climbed while the number of units sold dipped slightly, according to the Honolulu Board of Realtors. The median price for single-family homes jumped about $40,000 to $606,000. The median price for condos went up $312,500 in May over $308,000.”

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