A mostly resort community on the leeward coast of Hawaii’s Oahu island, Ko Olina is a fast-developing community full of beachfront five-star resorts, first-class golf courses and some of the island’s finest and most desirable homes. It is not officially a city but is a part of the community of Kapolei. The market for Ko Olina real estate features generally higher-priced luxurious homes and condos, many of which are on or near the beaches, which offer some of the most beautiful vistas on the island.
According to statistics from the Honolulu Board of Realtors, the market in which Ko Olina lies saw a total of 14 new single-family homes listed for sale in March, down by more than 36% from 2009, when 22 new listings were posted in March. These new postings brought the monthly total inventory at the end of March to 65 single-family homes, down 22.6% from March 2009. There were four sales of single-family homes in March, down from six last year, which closed with a median sales price of $667,000, up 46% from last year. The average sales price came in at $664,645, up more than 31% from last year’s price.
Ko Olina homes for sale in the condo market showed similar trends during the month of March. There were 10 new condos listed for sale, down from 13 new listings in March 2009. The total inventory of condos for sale at the end of the month was 48, down 9.4% from one year ago. The median sales price of condos in the area was $251,000, up 4.1% annually, while the average price stood at $280,500, up more than 11% year-over-year. The one category where condos did not show improvement annually was in average number of days on the market until sale, which in March was 117, 14.6% higher than it was in March 2009.