We Have Our Fingers on the Pulse of Real Estate

Latest News and Articles from Harcourts Island Real Estate

Jan. 20, 2021

December 2020 Local Neighborhood Report

Local Report for Homes

Once again it was a strong month for the North Shore of Oahu, which has really shown its resilience during this COVID epidemic because sales were up 125% from December of 2019. Sales shot up from 8 sales the previous year to 18 sales this year. We also had two other neighborhoods fall slightly behind with a 100% increase in the number of sales. That was the Diamond Head-Kapahulu neighborhood where sales jumped from 14 to 28 sales over the course of a year. Wahiawa was also up 100% in the number of sales, which went from 5 to 10 in December.

The word is also getting out in Wahiawa because it also saw the largest increase in new listings coming to market. There were only 3 new listings that came to market in December of 2019, whereas there were in 11 in December of 2020. That's definitely a market to keep an eye on. Wahiawa is a rural area and could be due to demand during COVID.

The median sales price across the island saw the largest spike in Aina Haina-Kuliouou and that was up 72% from December of 2019. Most likely what was driving that were a number of sales that happened up on Hawaii Loa Ridge, which falls in that sector of east Oahu. Price points there are a little bit higher and gated communities are a little more appealing during COVID as well. We'll have to keep an eye on that sector. Once again, December finished off the year strong for Oahu and it'll be interesting to see how the neighborhoods fair as we roll into 2021.

Local Report for Condos

As everyone knows, 2020 was a very unusual year for residential sales in Hawaii. While the single family home market performed at record levels, condo sales lagged for most of the year, rebounding with a strong finish in December, but still down 13% overall from 2019 levels. There were some bright spots however. Can you guess which neighborhoods had more sales in 2020 than in 2019?

Windward Oahu communities and the Ewa Plain were the hottest neighborhoods in 2020. The Ewa Plain closed 539 sales last year, which is 6% more than in 2019. The median price in Ewa at $530,000 was up by 4% compared with last year. The number of sales in Kailua-Waimanalo was up by 21% to 140 sales last year and the median price was up 1% to $599,000. However at the other end of the market two of our most condo centric neighborhoods had fewer sales in 2020 than in 2019.

The number of sales in Makiki-Moiliili was down by 9% but the median price was steady. In Waikiki, the number of sales was down by more than 30% and the median price slipped by 2% to $399,000. Whatever neighborhood you choose, we can help you understand the dynamics of the market. We home to talk to you soon with any questions you have about real estate. In the meantime, take care of each other, be well and don't forget to keep washing your hands. Aloha! 

Jan. 16, 2021

2021 Sony Open: Golf Course Homes and No Fans

2021 Sony Open on Oahu

2021 Sony Open on Waialae Golf Course

The 2021 PGA Sony Open has been underway this week on Oahu. Similar to years past, I'll share the latest on Golf Course homes available for sale fronting the course. However, unlike last year this year no fans are allowed due to COVID, just like the Sentry Tournament of Champions on Maui this past week.

Homes for Sale on Waialae Golf Course

This year, there's four homes on the golf course in both Kai Nani and Waialae Golf Course neighborhoods. However unlike years past when not much is moving, this year 2 of the 4 are under contract. This is showing the strength of the market due to COVID. So, here we go...

1. Kai Nani Home for Sale

4821 Kaimoku Way on Waialae Golf Course

4817 Kaimoku Way (MLS # 202020131) listed for $2,990,000

This estate sale is awaiting new owner and is available for the first time in many, many years. It has a ton of photovoltaic panels and has separate living areas for guests and/or rental income. Originally listed for $3,100,000 the seller is showing a little more motivation. There's a recent smaller mid century modern home that closed last week nearby for $2.7 million, that also fronted the golf course.

2. Kai Nani Home In Escrow

4817 Kaimoku Way

4817 Kaimoku Way (MLS # 202023677) listed for $3,595,000

This one has been on and off the market since 2015. It was completely remodeled and originally started at $4,995,000 back then. The Seller accepted an offer on December 21st, so it looks like it will finally have a new owner soon.

3. Waialae Golf Course Home for Sale

943 Waiholo St. on Waialae Golf Course

943 Waiholo St. (MLS # 202100982) is asking $5.5 million

This beautiful home just came back on market. It was previously listed for 6 months during COVID without selling and the owner paid $4,650,000 nearly 10 years ago. It was a new build in 2004 and overlooks the 11th fairway.

4. Waialae Golf Course Home In Escrow

4583 Waikui St.

4583 Waikui St. (MLS # 202028887) is asking $3,459,000

This one got an accepted offer on December 12th, 2020. It last traded for $3.1 million back in 2008, so the Seller isn't making much of a profit for a 12-13 year hold. It'll be interesting to see what it sells for.

No Fans Allowed

Sony Open in 2021 with No Fans

No Fans are Allowed in 2021 due to COVID Restrictions

As I mentioned earlier, no fans are allowed this year due to COVID restrictions. However I've seen people throughout the week peering through nearby streets to get a glimpse of the competition that includes some of the PGA's finest.

More Golf Course Properties on Oahu

If you don't see anything above that fits your need or Waialae Golf Course homes are over your budget, feel free to check out my page for golf course properties on Oahu. Mahalo and enjoy the rest of the weekend and tournament!

Jan. 12, 2021

December 2020 Market Report

Single Family Home Report

Happy New Year! We finished off the month for single family homes with a median sales price of $870,000. That was a 6.1% increase from December of 2019. Closed sales were up 35.9% from just a year ago and the median days on market dropped dramatically, down 44.4% to just 10 days on market. 

Months of remaining inventory remains low with a 44% drop from December of 2019, finishing off with just 1.4 months of remaining inventory. Now, keep in mind the National Association of Realtors says that 6 months or less of remaining inventory is considered a Seller's Market. We're now at 1.4 months. Homes in December on average sold at 100% of asking price. 

We're excited what 2021 has in store for us. I don't think it could be any more of a roller coaster ride than 2020 was, but the way it started out so far, you just never know..

December 2020 Market Snapshot

Condo Report

The condo market finished strong in December, rebounding from almost a year of sluggish sales. There were 514 sales in December, which was an increase of 20% compared with December of 2019. This is amazing, because in 7 of the 9 months since the pandemic arrived in Honolulu condos lagged far behind the rate of condo sales in 2019. In our November report, we reported to a large increase in pending sales as a positive sign. And, sure enough with a boost from strong December sales the condo market on Oahu ended the year just 13% behind the sales in 2019, despite a year of poor performance.

The growing number of sales in December was accompanied by stronger prices. The median price in December at $455,000 was almost 7% higher than the median price in December of last year. Looking ahead to 2021, pending sales are up by almost 30%, possibly signaling that the strengthening we've seen will continue into the new year.

We send everyone warm wishes for a lucky and happy new year. We'll be here anytime in 2021 you'd like to talk to us about real estate. In the meantime, take care of each other, be well and don't forget to keep washing your hands. Aloha!

Dec. 21, 2020

Local Neighborhood Update for November, 2020

Single Family Home Neighborhood Report

We're on location at our office in Kahala, and as you can see we're just getting ready for Christmas, which is right around the corner. Ironically, Waialae-Kahala had the largest increase in numbers of sales from November of 2019 to November of this year. We saw 167% jump from just 6 sales last year to 16 sales this year. So, the Kahala market is very robust. Now, that's Waialae-Kahala by the way which includes everything inland of Kahala such as Waialae Nui Valley, Waialae Nui Ridge, etc. 

The other market that has bee showing a lot of strength and resilience over the last several months is the North Shore of Oahu. COVID has become kind of become a blessing for the North Shore in a sense. Everyone was worried after Bill 89 last year and the crackdown on illegal vacation rentals. Well, now the North Shore is one of the hottest spots on the island. We have seen an increase in the median sales price of 125% on the North Shore. Just a year ago, that median sales price was $721,000. Fast forward to today (this past month) and it now stands at $1,625,000! That's an incredible jump .The North Shore market is on fire and we've been witnessing it first hand. We've been working with buyers coming in with full price cash offers and not only not getting the place, but ending up in 3rd position. It's a very competitive market right now.

The one market that is a little bit funny we talked about last month that was really strong was Moanalua-Salt Lake. Now this month, it's kind of like the outlier when it comes to median days on market. Across the board, median days on market is still very low (like 30 days or less) in just about every neighborhood we track. Now in Moanalua-Salt Lake what really jumped out was it was a 560% increase from just a year ago. Last year, in November of 2019 the median days on market was just 20 days and now it stands at 132 days. It's by far the highest days on market and taking things much longer to sell there.  I'm not sure what's happening there, however wanted to share that stat with you.

Condo Neighborhood Report

Which neighborhoods lead the market in the number of closed sales in November? Just like last month the top 3 neighborhoods for closed sales are:

  1. The Ewa Plain with 42 closed sales, a 35% increase compared with November 2019. 
  2. Makiki-Moiliili with 43 sales, a drop of 16% compared to last November
  3. Waikiki with 54 sales, with 22% fewer sales than in November of 2019

Median prices in these 3 neighborhoods were mixed. In the Ewa Plain, the median price of $523,500 was up by 7%. But, in Makaiki-Moiliili the median price of $365,000 was down by 4% and in Waikiki the median price of $392,000 was also down by 4%.

Year to date, the number of new listings is down in 19 of the 21 neighborhoods we follow. This could be a great time to put your condo on the market if you've been thinking it's time to sell. There are opportunities for Buyers and Sellers in today's market. 

Until next month, when we bring you the year end wrap up, be well, take care of each other and don't forget to keep washing your hands. Aloha!

Dec. 9, 2020

November 2020 Market Report

Single Family Home Report

We finished off the month strong with a median sales price of $872,500. That was an uptick of 9.8% from last year and just shy of September's record of $880,000. So, it's been a strong month for Sellers. There were 338 homes that transacted in the month, which was up 5.6% from a year ago.

Pending sales also saw an increase with a 34.1% uptick from for the number of sales under contract. Once again, months of remaining inventory is really low, which is 1.8 months. That's down 41.9% from just a year ago. Active listings on the market, like we talked about last month, there's.a shortage of inventory out there . There were only 934 homes for sale last month, which was a 34% decrease from just a year ago. Across the board, homes were getting 100% of asking price*

* Homes receiving 100% of asking are those that are actually selling. 

November 2020 Market Snapshot

Condo Report

We're sorry to report that the strengthening we saw in Oahu's condo market last month didn't continue through November. The number of sales across the island was down by 6% this year compared with November of 2019. Year to date, the number of condo sales on Oahu was down by more than 15% this year compared with last year. But, this isn't too surprising since we lost much of the spring selling season due to the COVID-19 related shut downs.

The median price for a condo on Oahu has remained stable even in spite of the fewer number of transactions. At $420,000 the median price is relatively unchanged from last year. Sales are keeping up at a very brisk pace. 16 Days on the market is the median number. That's just over 2 weeks. The number of listings is down by 6%, so inventory is somewhat constrained. 

We expect the condo market to post a strong finish this year with 670 pending sales, which is 10% more than in November of last year. How can we help you make sense of this market? If you'd like to talk about real estate, please get in touch. In the meantime, please be well, take care of each other and don't forget to keep washing your hands. Aloha!

Dec. 3, 2020

Bill 7 Update from Harcourts

Dianne Shares Great News about Bill 7

The first affordable residential rental project that takes advantage of the opportunities provided by Bill 7 has been approved and is under construction. A property in Liliha that was previously a neighborhood eyesore (according to the developer) is being transformed into a 25 unit walk-up rental complex, where some of the rents will be as low as $1100/mo. It's the first re-development project to take advantage of Bill 7, which provides property tax incentives to developers to encourage the development of more rental apartments local families can afford.

Bill 7 provides many incentives to developers who work with qualifying properties:

  • Building permit and waste water collection fees are waived.
  • The new buildings can be much larger than current zoning allows.
  • On site parking is optional.

The city says it's a "win win" situation for developers and the community. Bill 7 projects can provide a reasonable return on the developer's investment and the community gets much needed rental housing at prices local residents can afford. Construction on the first Bill 7 project is expected to be completed by next summer. 

Everyone hopes this is just the first of many similar rental developments which will come on the market as a result of opportunities offered by Bill 7. If you have questions about what Bill 7 could do for your property or you'd like to talk to us about anything related to real estate, please get in touch. We'd love to hear from you. Aloha!

Nov. 23, 2020

Local Neighborhood Update for October, 2020

Single Family Home Neighborhood Update

Moanalua-Salt Lake had the largest increase in both numbers of sales and median sales price. For reason, that little segment of the island just inland of Honolulu International Airport (with very little air travel happening now) has taken off! We've seen a 267% increase from October of 2019 to October 2020 in the number of sales. There were only 3 sales in October of last year, whereas we saw 11 sales this year. 

As I mentioned, there was also a significant increase in the median sales price in Moanalua-Salt Lake. It was the highest increase on the island with a bump of 54%. The median sales price last year was at $650,000 and in this year, Moanalua-Salt Lake ended up with a median price of $1 million! The next market after Moanalua-Salt Lake that showed a lot of strength (now for many months in a row) was the North Shore of Oahu. The North Shore saw a 31% increase in the median sales price. Whereas October of last year, that price was $814,500 and this year it's bumped up to $1,070,000!

Those are obviously the two areas showing the most strength across the board. We're still seeing a lack of inventory, so if your home is priced well it is moving quick. All of the sudden our office is on fire right now trying to close out the remainder of 2020.

Condo Neighborhood Report

Condo sales seem to be picking up momentum in October in 12 of the 21 neighborhoods we follow. Can you guess the top 3 neighborhoods based upon the number of sales? The neighborhoods with the highest number of sales are:

  1. The Ewa Plain with 60 sales, a 22% increase compared with last October
  2. Makiki-Moiliili with 59 sales, 16% more sales than in October last year
  3. Waikiki with 60 sales, however the number of sales were 22% below than the number last year

Prices were up in 2 of these 3 top selling neighborhoods. The median price in the Ewa Plain was up by 3% to $537,500. The median price in Makiki-Moiliili was up by 5% to $392,000. In Waikiki, the median price in October was down 15% to $365,000. 

Clearly there are opportunities for both Buyers and Sellers in this very interesting market. We'd be happy to talk to you about your real estate goals.  Until next month, be well, take care of each other and keep washing your hands ;) Aloha!

Nov. 9, 2020

October 2020 Market Report

Single Family Home Market Report

David is on location from his beautiful new Harcourts Auctions listing in Kaneohe. It's a beautiful day on a Sunday with Coconut Island and Chinaman's Hat in the background. We finished off the month short of a record high at $865,000, which is a 10.9% jump in median sales price from last year, where we were only at $780,000. 

Median days on market was phenomenal once again for Sellers with just 10 days. A year ago, we were at 23 days on market. New listings are down 17.6%. So, that's the constraint we're seeing in the market with supply. Pending sales are up 22.1%. Things are cooking amidst this Corona Virus and coming off the back of election week here.

Months of remaining inventory remains low at 1.8 months, which is down 47% from a year ago. NAR (The National Association of Realtors) says anything less than 6 months is considered a Seller's Market and we're currently at 1.8% months. Active listings were down 37.7% from a year ago. There were over 1500 homes on the market this time last year, whereas today there were only 941.

So, that's what's driving this market here folks - just the lack of inventory. If you're thinking about selling, now might not be a bad time. Our average sales price is up 15.2%. The luxury market is picking up as well. The median price was up over 10%, whereas the average price was up over 15%. There's definitely strength in the market. Last, but not least Sellers did get 100% of asking price (on average). Some were above 100%, some were below and some did not sell (that happens), however those that did sell in the month of October got 100% of their asking price!

October 2020 Market Snapshot on Oahu

Condo Sales

Today, Dianne is happy to report that there were more condo sales in October this year than there were in the same month of last year. This is the first time since March that sales have outpaced the same month's sales from a year ago, and it's an indication that the condo market may be bouncing back to normal levels of market activity. Along with the number of sales, the pace picked of sales picked up in October. Half of the condo sales in October closed in 18 days or fewer this year, compared with 26 days in October of 2019.

The median price for condos has remained steady in October, 2020 at $439,500, roughly the same as in October of last year. Looking forward to the end of the year, as we have more visitors arriving from the US mainland and Japan the number of active condo listings is down about 5% from October of last year. So, if you're thinking about selling a condo, this could be a great time to explore your options. 

We look forward to talking to you about your real estate needs. Until our next report, be well take care of each other and don't forget to keep washing your hands :) Aloha!

Oct. 30, 2020

Happy Halloween from Doctor Strange

Doctor Strange in Aspen, Colorado shares info. on Listings by Harcourts Island Real Estate

Steven Strange here... It's been a strange year in 2020. I took a time warp here to Aspen, Colorado. What I'd like to share with you is what some of my Marvel friends have been doing, Captain America last year and Wolverine in the past, talking about some really cool properties with Harcourts Island Real Estate in Honolulu, HI.

Mid Century Modern Home on the Slopes of Diamond Head

Mid Century Modern Home on the Slopes of Diamond Head

The first property is a beautify mid century modern home on the slopes of Diamond Head. It's a 5 bed, 4 bath mid century modern gem. I wish I could take this time stone and go back in time to see it when it was built in 1966. You've gotta see this property. It's something else.

Kaneohe Custom Home with Kaneohe Bay Views

Bayview Haven Place Custom Home in Kaneohe

The next home I'm going to tell you about is in Kaneohe. It's a custom designed home by Geoff Lewis. With 3 bedrooms and 2.5 baths, there are sensational views of Kaneoha Bay. It's a must see that's been launched by Harcourts Auctions this past week. So, you have to go and check it out.

Waipahu Bank Owned Property

Waipahu Bank Owned Property

The third property I'm going to tell you about is a bank owned property. It's situated in Waipahu with 11 bedrooms and 4 bathrooms. It's an investor's delight. You've gotta get out there and see it.

Vintage Bungalow Home in Kalihi

Kalihi Bungalow Home

The last home I'm going to tell you about is a vintage 2 bed, 1 bath bungalow home in Kalihi. Also, marketed through Harcourts Auctions on November 19th, Get out there because we've already got a lot of interest on this one.

2020 Has Been a Strange Year

Just to summarize, that was 4 great listings you've gotta get out to see from Harcourts Island Real Estate. Wishing everyone a Happy Halloween. It has been a strange year... We've seen all kinds of things from Tiger King to COVID. Just get out there and have a safe Halloween this weekend. Aloha!

Doctor Strange in Aspen Colorado

Oct. 26, 2020

Local Neighborhood Update for September, 2020

Local Update for Single Family Homes

We saw the largest increase in the number of sales from Moanalua-Salt Lake, where there was a 200% jump over the previous year. There were 2 sales in September of 2019 and this year we saw 6 sales. Slightly behind Moanalua-Salt Lake the next runner up for the increase in sales traffic was Downtown-Nuuanu. There we saw 160% increase in sales, where there were 5 sales last year and now this year there were 13 sales. This was definitely an increase in buyer traffic in those 2 neighborhoods. 

As far as prices go, we saw the largest increase from Moiliili-Makiki and that was a 44% increase over the previous year. In September of last year, the median sales price there was $987,500 and it's bumped up to $1,417,500! Once again that was a 44% increase there. Shortly thereafter, there were 2 neighborhoods tied with a 37% increase and that was Kalihi-Palama as well as the Windward Coast of Oahu. Right behind that was Hawaii Kai, which saw a 36% increase. Definitely showing strength in numbers and buyer demand in those neighborhoods.

Local Update for Condos

Two weeks ago we reported that the condo market on Oahu seems to be strengthening a bit after 6 months of sluggish performance. Which neighborhoods do you think are performing the best? More than half of the 21 neighborhoods we follow posted an increase in closed sales in September, 2020 compared with the same month last year. One of the top performing neighborhoods in September was Pearl City-Aiea where the number of closed sales was up 56% this year and the median price at $415,000 was up by 8% compared with September 2019.

The Ewa Plain had the largest number of sales in September 2020 with 66 closed sales, an increase of 25% compared to September of last year. The median price in Ewa of $569,500 is up by 11%. Waikiki lags behind other neighborhoods with less than half as many sales in September 2020 compared with September 2019. Waikiki's median price of $417,000 is up by 5%. As we welcome more visitors back to Honolulu, we'll keep an eye on Waikiki to see how the market changes as more visitors arrive.

Looking ahead, 6 of the 21 neighborhoods we follow show an increase in the number of listings at the end of September, 2020 compared to September last year. Ewa and Kailua are the leading neighborhoods in terms of new listing growth. Despite the challenges we've seen this year, there are opportunities for buyers and sellers in today's market. We're here to talk with you anytime about your real estate questions.

As always, be well, take care of each other and keep washing your hands. Aloha!