Honolulu Real Estate and Community News

May 10, 2024

May '24 Housing Update

Home Sales Up Month-to-Month, Still Lag Compared to Pandemic Housing Frenzy

Single-family home buyers and sellers enter contract more quickly in April

April witnessed an uptick in single-family home and condo sales. Single-family home sales rose by 26.0% year-over-year, totaling 262 transactions, and by 13.9% month-over-month. Similarly, condo sales saw a 2.6% rise compared to the same time last year, totaling 431 units sold and a 25.3% increase month-over-month.

 

In April, buyers and sellers for single-family homes entered contract quickly, with median days on the market decreasing to 17 from 24 days a year ago. Conversely, condos experienced a longer selling period, with median days on the market rising to 29 from 20 compared to last April.

 

HBR's April Monthly Statistics Report also shows:

  • Despite a change in momentum, sales remained subdued compared to recent years. April's average, based on a 12-month moving average, was about 40% below the peak averages of 2021 and 2022.
  • Median prices for single-family homes remained stable at $1,100,000, a 10% year-over-year increase, while condo prices reached $528,000, up 5.6%.
  • Single-family homes priced at $1,100,000 and above surged 50%, with 132 sales. Condos priced at $600,000 and above increased by 23.1%, while units within the lower price range of $300,000 to $399,999 decreased by 35.1%.
  • One-third of single-family home sales closed above the original asking price, compared to 25% in April 2023, indicating increased competition. Conversely, only 15% of condo sales closed above the original asking price, down from 22% last April.
  • Year-over-year, single-family home inventory grew by 15.5%, while condo inventory surged by 37.8%.

"Though home sales haven't reached pre-pandemic levels or the peak activity we noticed in 2021 and 2022, we’re seeing positive recovery signs for O‘ahu's housing market," said Fran Gendrano, president of the Honolulu Board of REALTORS®."The month-over-month rise in sales indicates buyers are active in the market despite higher mortgage rates."

 

Posted in Housing Stats
April 10, 2024

April '24 Housing Update

O‘ahu's Housing Market Remains Sluggish

Median sales prices rise slightly as sales volume dips for both single-family homes and condos

The spring season started with little momentum. Though real estate activity remains sluggish, we continue to see properties in more affordable price ranges sell. Single-family homes priced $899,999 and below experienced a 6.1% increase for a total of 70 sales, and condos within the $200,000 to $399,999 range marked an 11.8% uptick, for a total of 95 sales.

 

HBR's latest Monthly Statistics Report shows:

For March

  • The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record-setting price of $536,000.

  • Single-family home sales declined by 2.5% year-over-year, while condo sales slumped 22.5%.

  • Both single-family homes and condos typically enter a contract within a month, with median days on the market at 31 and 29 days, respectively.
  • Single-family home sales recorded 23% closing above the original asking price compared to 24% last March, while the percentage of condos sold above the asking price dipped slightly to 18% from 21% over the same period.

For the first quarter

  • First-quarter sales grew 6.1% for single-family homes but fell by 7.1% for condos.
  • Year-to-date median prices reached $1,070,000 for single-family homes and $505,000 for condos, a 4.4% and 1.0% year-over-year increase, respectively.

"Elevated mortgage rates have prompted another slowdown in market activity," said Fran Gendrano, president of the Honolulu Board of REALTORS®. "However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales."

 

Single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease. Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for single-family homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales.

 

"The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics," Gendrano added.

 

New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.

April 24 stats

Posted in Housing Stats
March 14, 2024

March '24 Real Estate Market Update

O‘ahu Housing Market Warms Up in February

Single-family home and condo sales continue to rise despite modest increase in median prices

Thus far in the new year, O‘ahu's housing market continues its upward trajectory. February brought an increase in new listings compared to last year, with 295 in the single-family home market and 533 in the condo market, marking growth of 26.6% and 15.1%, respectively. Notably, the $800,000 to $899,999 price range for single-family homes experienced an 88.0% surge in new listings, while the condo market experienced a 33.8% rise in the $300,000 to $499,999 range. With the exception of Hawai‘i Kai and Kailua, all regions maintained or surpassed last year's new listing volumes for condos.

 

Our February Monthly Statistics Report shows:

  • When combined with January sales, 2024 shows continued improvement over 2023, with total year-to-date sales up by 7.2% compared to the same period last year.
  • Both single-family homes and condos experienced a year-over-year increase in median sales prices by 8.9% and 6.8%, respectively. Single-family homes ended February at $1,075,000, and condos landed at $512,500.
  • Median days on market for single-family homes dropped to 30 days from 47 days, while condos stayed on market longer than last year, with a median of 39 days compared to 28 days.
  • Compared to a year ago, active inventory levels increased by 9.5% for single-family homes and 17.9% for condos. By the end of February, there were 599 active single-family home listings and 1,388 active condo listings.

 

February 2024 Stats

Posted in Housing Stats
Feb. 7, 2024

Feb '24 Market Update

New Year Sees O‘ahu Home Sales Rise

Properties stay on market a bit longer, but continue to move into escrow in under 30 days

Single-family home sales rose 22.7%, while condo sales ticked up 6.2% compared to this time last year. Month-to-month, the new year started much like 2023 ended, with minimal upticks in sales of single-family homes at 1.1% and condos at 7.4%.

 

Median sales prices in January 2024 closely resembled year-end figures in late 2023. Single-family home prices reached $1,021,016, up 2.5% month-to-month but down 2.8% from the year-end median of $1,050,000. In January, the median condo price was $502,500, a 1.5% dip month-over-month and a 1.2% drop from the year-end median of $508,500. Year-over-year, single-family home prices grew by 5.3%, while condo prices saw a modest 1.5% increase.

 

Both markets experienced an uptick in new listings. Single-family home listings grew 6.3% year-over-year, with 285 new properties for sale. Sellers added 581 new condo listings to the market, an 11.1% year-over-year increase. By January’s end, active inventory levels for single-family homes rose 10.2%, and condos increased 12.7% year-over-year. However, compared to January 2020, just before the pandemic, active inventory levels remained down 25%.

 

“New listings mean new opportunities for buyers at all price points,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, O‘ahu’s housing marketstill faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”

 

Year-over-year, transactions closing above the original asking price remained consistent for single-family homes but decreased for condos. In January 2024, 23% of single-family sales closed above asking, compared to 25% of sales in January 2023. Roughly 17% of condo sales closed above asking, compared to 21% of sales this past year

January 2024 Stats

Posted in Housing Stats
Dec. 7, 2023

Dec '23 Market Update (Nov YOY Sales)

Happy Holidays, from our family to yours.

Banff, Canada. Aug 2023

Lums trying to stay warm. Aug 2023- Glacier National Park

 

 

O‘ahu Home Sales Remain Sluggish Amid Holiday Season
Median sales prices steady month over month

November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.
 
Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.

“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos.”

A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.

Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.

Posted in Housing Stats
Nov. 13, 2023

2023 Halloween Client Appreciation Event!

MAHALO to all our clients who helped make our annual Halloween Keiki Costume contest a success.

Thank you for your allowing our team to represent your sales and purchases.

Click for Video Recap

https://drive.google.com/file/d/1v5MiWvsKayB3EzntFvHHAy103XgQ7Ecq/view

Posted in Housing Stats
Sept. 8, 2023

Sept 2023 Market Update (Aug YOY closed sales)

O‘ahu Home Sales Rise Month-to-Month, Remain Down Year-Over-Year
Year-to-date, median sales prices dip for single-family homes and condos
 

Closed sales of single-family homes and condos declined year-over-year, dropping 19.7% and 16.9%, respectively; however, compared to a month ago, single-family homes recorded a 12.5% uptick in sales, while condo sales remained steady.

Compared to 2022, the median sales price for a single-family home dipped 1.4% to $1,110,000, while the condo median sales price increased 3.3% to $515,000. From a year-to-date perspective, the median sales prices for O‘ahu properties fell for single-family homes to $1,050,000, a 5.7% decline from last year, and for condos to $502,000, down 1.6%. Around 33% of single-family homes and approximately 26% of condos sold above their original list price, with sellers receiving an average of 99.1% and 99.6% of their original list prices, respectively.

Sales volumes varied significantly, with single-family homes in the $900,000 to $1,199,999 range seeing a 39.2% decline and a 13.1% increase in the more affordable $600,000 to $899,999 range. For condos, the $100,000 to $499,999 price range experienced the most significant decline in sales volume, falling 24.3% year-over-year, while higher price points remained stable.

August saw more active inventory of single-family homes in the $799,999 and below range, rising 33.8% from a year ago. The Kāne‘ohe and Leeward regions experienced the largest increase in units of active inventory, with year-over-year increases of 52.9% and 16.7%, respectively. Condo inventory increased at most price points, with the bulk of the active listings in the $300,000 to $699,999 range, reflecting a 20.7% hike compared to last year.

 

Posted in Housing Stats
Aug. 9, 2023

Aug 2023 Market Update (July YOY closed sales)

O‘ahu Home Sales Dip Amid Rising Borrowing Costs
Active inventory and days on market increase as sales volume continues to decline
 

Both single-family homes and condos experienced a slump in sales as elevated borrowing costs continued to dampen summer buying activity. Single-family home sales fell by 28.2%, and condo sales dropped by 18.5% compared to the same time last year. In both markets, properties that sold in July spent a median of 16 days on the market, just a slight jump up from July 2022, where single-family homes had a median of 11 days and condos had 12 days.

“While the market is different compared to last year, we’re seeing similar trends month to month. Rising borrowing costs have buyers taking a more cautious approach, so homes remain on the market for longer periods, but demand and median sales prices are holding steady due to low inventory,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®.

Median sales prices were stable year-over-year, with single-family homes down 1.6% to $1,090,000 and condos even at $500,000. Approximately 53% of single-family home sales closed for the full asking price or more, compared to 65% a year ago. In the condo market, 47% of sales received the total asking price or more compared to 60% of sales in July 2022.

The market also experienced a decline in new listings, with a 28.8% year-over-year drop for single-family homes and a 15.4% fall for condos. However, active inventory for single-family homes and condos remained relatively unchanged from the previous year, with a modest 2.6% growth in active single-family home listings and 9.9% in active condo listings.

 

Posted in Housing Stats
June 23, 2023

June '23 Market Update (May YOY Sales)

 

Sales Volume of O‘ahu Homes Picks Up Month-to-Month, Still Down Compared to 2022
Properties in both markets spend longer on the market, approximately three weeks 

The sales volume of O‘ahu homes improved month-over-month, rising 26.0% for single-family homes and 4.3% for condos in May. However, closed sales declined 23.8% for single-family homes and 36.3% for condos compared to the same time last year.

The median sales price for a single-family home ($1,109,000) was 3.9% below the current record set in May 2022 ($1,153,500). Similarly, on the condo side, the median sales price dipped modestly by about 2.2% from $516,500 in May 2022 to $505,000 in May 2023.

“Despite lower sales volume, the median prices for O‘ahu properties haven’t changed much over the past year,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Lack of inventory continues to drive demand as more kamaʻāina strive to become homeowners.”

Single-family homes and condos spent two times longer on the market than last year at 21 and 20 days, respectively, compared to 10 days in 2022. More single-family home sales closed at the full asking price or more than in the past seven months. However, this figure changes year-over-year, as approximately 45% of these sales in May received the full asking price or more, compared to about 75% of sales in May 2022. The same is true for condos, as roughly 45% of condo sales closed for the full asking price or more compared to 65% of sales in May 2022.

 

Posted in Housing Stats
May 9, 2023

May '23 Market Update (April YOY Sales)

O‘ahu Home Sales Slow in April While Days on Market Improves from Last Month
Single-family home and condo sales volume, median prices, new listings dip compared to 2022


April single-family home and condo sales on O‘ahu slipped 43.0% and 37.5%, respectively, year-over-year, but only 11.9% and 5.4% since last month. Despite fewer sales, properties that sold in April spent less time on the market than one month ago. The median days on market for condos was 20 days in April compared to 24 days in March and 24 days for single-family homes compared to a 36-day median in March.

Our April Monthly Statistics Report shows:

  • Single-family home sales in the $800,000 to $999,999 price range continued to see the highest sales volume, accounting for nearly one-third of sales in April.
  • Most condos sold in the $300,000 to $399,999 price range, accounting for 18.3% of sales in April. However, nearly all price points experienced a drop in condo sales from a year ago.
  • The single-family home median sales price for April 2023 was $999,995, down 9.5%. The condo market ended April with a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year.
  • Approximately 41% of single-family home sales and 44% of condo sales received full asking price or more.
  • Although both markets continued to see more active inventory than a year ago, inventory levels have not increased this year, weakening slightly from month to month.


“We continue to see the market settle following the spike in interest rates and rising inflation,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®“Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”

 

Posted in Housing Stats