After watching the current trend very closely and gathering the necessary SOLD data, I have determined for the first time in nearly five years, that North Shore oceanfront closed sales have dipped just below the $1,000 per sq. ft. mark during the last 6 months.
North Shore oceanfront home (MLS# 1107612) located in the highly desirable Kawailoa Neighborhood
This is a clear sign that sellers have come down to reality and investors (Baby Boomer Surfers, Surf Industry Titans, etc., etc.) are swooping in to purchase their dream homes. At the height of the market between 2005-2007, oceanfronts were closing on the average of $1,390 per sq. ft. Meanwhile, the DOM or days on market have stayed nearly the same. This new low benchmark has set the pace for an interesting 2012 with motivated buyers finally ready to capitalize on Hawaii’s most valuable tangible asset.