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Latest News and Articles from Harcourts Island Real Estate

July 23, 2021

Waialae-Kahala Housing Market on Fire in June

Today we're on location in Waialae-Kahala, because Waialae-Kahala came in the top 3 spots for the 4 major categories we track here on Oahu (1. Home Sales, 2. Median Home Price, 3. Condo Sales, 4. Median Condo Price). This is David Buck with Harcourts Island Real Estate here to give you the Local Neighborhood Report for June of 2021.

Local Report for Single Family Homes

First off, regarding the number of home sales here on Oahu, we saw the largest increase in Hawaii Kai, which was up 333% from 6 sales to 26 sales. Taking the number 2 spot was Waialae-Kahala with 7 sales in June of 2020 to now 20 sales in June of 2021. That's 186% increase. Taking the 3rd position down the road in Diamond Head-Kapahulu, we had an increase from 13 sales in June of last year to 32 sales this year, which was 146% increase.

Regarding the median home price, Downtown-Nuuanu took the number 1 spot with an 81% increase from June of 2020 to June of 2021. Last year it was at $828,000 and it takes $1.5 million to get in that market, as far as the median price goes. Waialae-Kahala also took the number 2 spot which was up 75%, just shortly behind Downtown-Nuuanu. That was $1,328,000 last year to get in this neighborhood. Waialae-Kahala once again is Kahala (proper) going up to Waialae Iki and Waialae Nui Ridge. Now to get in Waialae-Kahala, the median price is $2,3230,000. Coming in number 3 would be Kailua-Waimanalo which is up 43% and that was $1,075,000 last year to $1,535,000 this year. 

The housing market is on fire and you'll see this trend as we jump into the condo segment here shortly that Waialae-Kahala is just on fire, whether it be single family homes or condo product.

Local Report for Condos

Now as we dive into the condo segment, I think it's appropriate we have the Kahala Regency behind us because once again Wailae-Kahala is in that top 3 position. As far as condo sales go, it took the number 3 spot going from 2 to 11 sales, which is a 450% increase, which may sound a lot, but believe it or not in the 2nd slot was the Windward Coast and that was up 800%, going from 1 to 9 sales. Kalihi-Palama was up 1800%! It's just crazy because in June of last year there was only 1 transaction that took place in Kalihi-Palama for condos. Fast forward to this year and we're at 19 sales!

Regarding the median sales price for condominiums on Oahu in June, Waialae-Kahala was also once again in the top 3, coming in the number 2 spot. The Windward Coast was number 1 with a 454% increase going from $65,000 to $360,000. Waialae-Kahala was up 83% going from $57,250 to $105,000. The reason why the prices were that low was they were taking place at the Kahala Beach Apartments, which are Leasehold. In 3rd place was the Ewa Plain which was up 41%, going from $446,000 to $629,000.

If you have any questions about the housing or condo market here on Oahu, feel free to reach out and see who we can help. Mahalo.

July 8, 2021

Another Re Re Record Home Price on Oahu

Single Family Home Report

Well, another re re record, re re re record price here on Oahu. I'm starting to sound like a broken record because we just hit another record for the median sales price for single family homes here on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the monthly market report for June of 2021. Like I said, we hit a record, which was $979,000. That's an uptick of $1,000 from the previous month in May of $978,000. However it's also a 27.1% increase from June of 2020 when we were kind of in the middle of lockdowns here on Oahu. Back then we were at $770,000. So, to see a strong double digit increase in the median sales price is something we probably have not seen since 2007 I'm guessing off the top of my head. 

We also had a robust increase in the numbers of sales, which were up 49.3% from a year ago. We had 451 homes that traded last month compared to just 302 the previous year. Median days on market were also down significantly. It's not like it was bad last year at 20 days, but we're now down to just 8 days. 

Other significant data to report is months of remaining inventory, also a seller's market at 1.2 months. Whereas a year ago it was 2.5 months of remaining inventory. So that's down 52%. Also, a barometer we've talked about over the years is the number of homes on the market and last month we were just shy of 800 homes for sale at 796. And, that was a 32.5% decrease from last year of 1179 homes for sale. 

Last, but not least, we don't talk to much about the average sales price, but the average sales price was $1,225,000 and change and that's a 36% increase from just a year ago where we were just under $900,000. In any event, we had strong numbers again for June. Take a look at the infographic below then we will jump into the condo market. Mahalo.

June, 2021 Market Snapshot

Condo Report

As far as the condo market goes, we saw an even larger increase (a significant increase) in volume and numbers of sales. We saw a 134% increase from a year ago where we had 312 sales and now we're at 730! So, the condo market is fully rebounded and we almost hit a high there as well! We finished off the month at $460,000 for the median sales price and that's just $1,000 shy of the record we hit back in 2019. Now the median sales price has surpassed COVID numbers and surpassed the previous record as far as condos go. And, that's a 9% increase in median sales price from just a year ago at $421,500.

The median days on market are also really low at just 11 days. That's. 72.5% drop from  40 days on market a year ago. One thing to keep an eye on is new listings are creeping up from a year ago as are pending sales. So, inventory is starting to pick up a little bit as the word is getting out that things are trading at good numbers. Active listings, however even though we have those new listings coming online, the absorption is just too fast. So, active listings overall for the month were down 27% from a year ago.

Last, but not least we saw a jump in the average sales price, which is up 15.8% to finish at $557,000. Once again, it's summertime and the market is firing on all cylinders. If you'd like to learn more about how we can help, I've got our Core Values here in the background for Harcourts, which is People First, Doing the Right Thing, Being Courageous and once again having a little bit of Fun and Laughter. Mahalo.

June 23, 2021

May 2021 Local Market Report on Oahu

Local Single Family Home Report

500, 400, 300 - That's a recurring theme I'm going to talk about today for the Local Market Report for May, 2021 on Oahu. First off, we're going to talk about the the single family homes. We've got Moanalua-Salt Lake saw a 500% increase in the number of sales, which went up from only 1 sale a year ago to 6 sales this year. Coming in 2nd place for the largest increase in the number of sales was Waialae-Kahala, which saw a 400% increase, which went from 2 to 10 sales over the course of this past year. Coming in 3rd place was Kalihi-Palama with a 300% increase going from 3 sales to 12 sales.

Regarding the median sales price for single family homes on Oahu, Downtown-Nuuanu saw the largest increase, which went up 36%. Last year in May of 2020, the median sales price was $880,000. Fast forward to this year, it's $1.2 Million, which is obviously a significant increase. As we get into the condo market, keep in mind 500, 400, and 300.

Local Condo Report

Here we go again, 500, 400, 300 - Kailua to Waimanalo saw a 550% increase, which went from 2 sales to 13 sales over the course of this past year. The Windward Coast condo market saw a 400% increase, which went from 1 to 5 sales. Then, the largest condo market on Oahu we've been talking about for months, that was in the doldrums and has come roaring back is Waikiki which saw a 353% increase from 30 sales to 136 sales! Once again, the condo market is on fire and you see this trend in both the single family home and condo market with 500% increase in sales, 400 and 300 in the top 3 markets.

We saw the largest increase in median sales price in Kapahulu-Diamond Head, which was by far the highest with 126% increase. That's the only triple digit gain we saw in any of the markets we track on Oahu. That went from $269,500 to $607,750. That may be skewed a little bit with some leasehold sales, which we have in Diamond Head like Diamond Head Beach Hotel and Sans Souci, so that may have thrown off some of the stats last year. However once again, that's a significant bump.

Now that we're well into June and have May behind us, we'll see what the rest of the summer transpires. Mahalo!

June 19, 2021

Pearlridge Condos a Great Option for VA Buyers

As we head into PCS season on Oahu, word is out that it's been a seller's market on Oahu, in particular for detached single family homes. Also, since the Trump Administration removed the cap for VA home loans in the beginning of 2020, there's been a lot of bidding wars for those detached single family homes.

Pearlridge Condos in Aiea

Pearlridge Condos in Aiea over looking Pearl Harbor

For those that don't need as much space as a single family home, Pearlridge condos and town homes can be a great option for veterans with VA loans looking to PCS this summer. With close proximity to Pearl Harbor, Hickam Air Force Base and Camp Smith, there is a large variety of condos and town home projects ranging from studios all the way up to four bedroom units. Most have amenities such as swimming pools and others even have tennis courts. Some of the town homes even have enclosed yards, where you can have pets.

Ridgeway Town Home in Pearlridge with Enclosed Yard

Ridgeway Town Home in Pearlridge with Enclosed Yard

The photo above is a sample of such a town home in Pearlridge at one of the Ridgeway projects. We helped our VA Seller sell this unit at Ridgeway B2 to another VA Buyer this past week. If a condo or town home in Pearlridge sounds appealing to you PCSing this summer (or any other time for that matter), feel free to contact us for more information.

Posted in Loans, Military, Pearl City
June 7, 2021

Another Record Home Price in Oahu for May, 2021

Single Family Home Report

Well, believe it or not, we hit another record for the median sales price of a single family home on Oahu. This is David Buck, with Harcourts Island Real Estate here to give you the monthly market report for single family homes on Oahu for May, 2021. Well, like I said we hit a new milestone which is now $978,000. That's the median price to get in on a single family home in our market for the month of May. That's a 22.7% jump from just over a year ago where we were at $797,000 and the last record we reported on was in March, two months ago and that was at $950,000. So, now that we're above that, we'll see what's going to happen.

Days on market are also very low dropping from 13 days last year to 8 days this year. New listings, however are on the uptick. We've got 24.6% more new listings hitting the market compared to the previous May of last year. So, the word is getting out that the market is hot for sellers. Active listings are quite anemic with only 745 homes on the market in May and that's down nearly 40% from the previous year of just over 1200 homes for sale. Last, but not least the mean price is up 24.2% to $1.246 million and change. It's a great time for sellers and I'll be talking about the condo market here shortly once you take a look at this infographic. Mahalo.

May 2021 Market Snapshot

Condo Report

Regarding the condo market on Oahu, we also saw a significant uptick where we saw the median price was up 14.7% to finish off at $457,750. That might sound high, however that's not a record. We hit $461,000 in July of 2019. We'll see if that trend continues and maybe we'll eclipse that record going into this summer, but the condo market is starting to rebound. We've put some under contract recently with some good numbers that we weren't able to achieve just a year ago. 

Closed sales saw the biggest jump of all with 135% increase in the number of sales from condos jumping from 254 sales in May of last year to 598 this year! That's a significant increase. New listings were up similar to the home front with 34% more condos for sale than we were a year ago. Months of remaining inventory are also very low. Average sale price up 22% as well.

The condo market is strong. We're getting to that point we see in real estate cycles on Oahu where people are getting priced out of single family homes and considering the condo option. Mahalo and thanks for listening and hope you're looking forward to a great summer as am I. Mahalo.

June 4, 2021

Ocean Villas at Turtle Bay Walk Through

Ocean Villas 3 Bedroom, 2 Bathroom Listing Walk Through

Here were are at the Ocean Villas on the North Shore. Just wanted to give you a quick tour of a 3 bedroom, 2 bath vacation rental here that doesn't come up that often. While I have this listing (we are in escrow), I wanted to put it on display in case things go sideways, which I hope they won't. Also, in the even you're looking for a unit out here in the future, just to give you a feel of what these floor plans are like.

Main Living Area

I want to give you an idea of what these 3 bedroom units look like at the Ocean Villas on the North Shore. What's so fantastic about this place is it's one of the only places where you can do a legal vacation rental. So, this is a 3 bedroom, 2 bath unit we got under contract relatively quick. You can place them in a hotel pool, like I mentioned rent them short term or long term, but you can cashflow them quite well if you rent them short term. In bedroom #2 you have generous sized closets, you have a second full bath and you have an adjacent washer/dryer in unit. On top of that you have a nice formal dining, which you seldom have in condominium living.

Master Suite

Beyond the double doors is your master suite. So, here you have your master bathtub, shower, office behind the door there, double vanity sinks, highly redone with high end finishes from the developer when this was done in the mid 2000's. Then, you have a nice generous walk in closet and a water heater behind that door. In your master bed, as you wake up in the morning, you have your pool out the window as well as an ocean view, which you can see from the balcony, which we'll come to shortly. You do have a generous outdoor lanai.

Swimming Pool and Ocean Views

Once again, I'd like to reiterate how quickly things things will typically sell because they make great second homes/investment properties. On the balcony, you can check out the swimming pool, the rest of the building, and once again, the Ocean at the Ocean Villas at Turtle Bay. Mahalo

May 25, 2021

Tennis Courts: One of the Perks of Living in Hahaione

If you live in Hawaii Kai, one of the perks of living in or nearby Hahaione Valley is its community park with public tennis courts.

Hahaione Tennis Courts

Tennis Courts in Hahaione Valley

For those of you not familiar Hawaii Kai real estate, there are actually two MLS neighborhoods in Hahaione. The park is roughly midway up the Valley between the two neighborhoods of Hahaione Lower and Hahaione Upper. It can be difficult sometimes on Oahu to find available courts to play at, especially in town. What's nice about Hahaione for the condo residents lower in the valley is several of the condos have their own tennis courts such as the Commodore and Mauna Luan.

If you'd like to find out more about living in Hahaione Valley or interested in other options for Tennis Properties on Oahu, feel free to contact us for more information.

Posted in Hawaii Kai, Tennis
May 24, 2021

Local Market Update for April 2021

Local Single Family Home Report

Can you guess which neighborhood on Oahu saw the largest in increase in the number of sales for last month? Well, here's a little hint (behind me). This is David Buck Harcourts Island Real Estate here to give you the local market update for single family homes on Oahu for April, 2021.

Hawaii Kai saw the largest increase with 167% jump from 6 sales last year to 16 sales this year. That's a phenomenal stat looking at where we were at last year. The single family market as you know or have heard is very robust right now. Coming in the number two spot was Downtown-Nuuanu. That saw 150% increase from 6 sales to 15 sales and third place was the North Shore, which was up 143%. from 7 sales last year to 17 sales this year. 

Now, as far as appreciation goest in the market, the North Shore was also the frontrunner with an 85% increase! Just a year ago, the median sale price on the North Shore was $1,132,500. Fast forward to today, it's $2.1 million. That was leaps and bounds above the rest of Oahu. The next highest neighborhoods with appreciation say a tie with a 41% increase and that was Makaha-Nanakuli (also a rural neighborhood like the North Shore) and we actually had another neighborhood in town with a 41% increase which was Makiki-Moiliili.

So, things are up across the board. I'm glad to be out of the office and out here in Hawaii Kai just to give you a quick update and Dianne will be up shortly for the local market report for the condominium market. Mahalo.

Local Condo Report

Compared with April last year, this April there were more sales in all but 3 of the 21 neighborhoods we follow. But, median prices were down in 10 of our neighborhoods compared with last year. What's up with that? This is Dianne Willoughby with a look at local neighborhood market activity for condominiums on Oahu in April, 2021.

We report recently that median condo prices are holding steady so far this year, unlike the upward pressure we've seen for prices on single family homes. Overall, across the condo market prices are stable. In the neighborhoods where there was a drop in median sales price compared with last April, I believe that reflects a shift in the mix of units that selling. One example is in the Ala Moana-Kakaako neighborhood, where the number of closed sales more than doubled from 27 last April to 67 this year! But, the median price in this neighborhood is $450,000 this April, down by 44% from last year's median price of $799,000. This may be the result of fewer sales of higher priced units and more sales at the more affordable end of the market. 

Hawaii Kai posted the highest median price in April at $673,000, unchanged from April, 2020. Condos remain an affordable option in today's competitive market. If you're thinking of buying, this may be a great time to consider a condominium. We're here to help. Contact us any time to talk about real estate. Aloha.

May 18, 2021

April 2021 Market Report

Single Family Home Report

$928,000. That is now the median sales price for a single family home on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the monthly stat report for April of 2021. Well, this is the first month in many months where we didn't reach a new record high. That record high was in March. So, now we're into April which is normally tax season. This year it's not tax season, it's May (this month). However, $928,000 is still a really solid median sales price. The record was $950,000 just a month before in March. 

We're starting to see this recurring theme of 9 days as far as the median days on market goes. We've seen that now over the course of the last several months. Inventory is picking up by 58%. There's now 459 homes for sale on the market. Pending sales are up 74%. Inventory is down. It's a measly 1.3 months of remaining inventory and we've got only 759 homes on the market, which is just crazy. That's down 35.3% from 1173 a year ago. 

It's a great time for Sellers. Thanks for tuning in here. Like or subscribe to our channel and Dianne will discuss the condo report for April of 2021. Mahalo.

April 2021 Oahu Housing Infographic

Condo Report

The median prices for condos on Oahu held steady at $450,000 in April, but the number of closed sales almost doubled compared with April of last year. This is Dianne Willoughby with the report on the condominium market on Oahu for April, 2021. Because April was the first full month after the COVID shutdown last year, it's no surprise to see that the number of sales this April is much higher than it was last year. The 645 sales that closed represent a robust recovery in the condo market with more sales in April than in any other month over the past 2 years.

Although it's taking longer, it appears the condo market is catching up with the strong performance of the single family market and there's evidence of continuing pent up demand. There were 1000 pending sales at the end of April, an indication that the robust market activity will continue into next month. 

Year to date, the median days on the market for condominiums is 15 days. This means that half of the condos that sold so far in 2021 were on the market for just 2 weeks. This would be a very good time to explore your options if you've been thinking of selling a condo on Oahu. Please get in touch. We'd be happy to talk with you. Aloha.

May 18, 2021

Two New Oceanside Manor Listings at Diamond Head

After over three years of no activity at the Oceanside Manor on Diamond Head's Gold Coast, two new listings hit the market these past two week:

Oceanside Manor #602

1. Oceanside Manor #602 (MLS # 202112012) listed for $2,300,000

Unit #602 hit the market on May 12th with an asking price of $2,300,000, which is a $1 million bump in price from when it last sold for $1,300,000 in 2013. However it actually sold higher than that in 2006 at $1,340,000 which just goes to show that timing is everything in this business.

Oceanside Manor #801/802

2. Oceanside Manor #801/802 (MLS # 202110046) listed for $4,544,000

Combined units #801 and #802 hit the market on May 4th with an asking price of $4,544,000. They're also ambitious asking $1 mil more than the last sale of the combined units in 2017 for $3,500,000. Although a shorter holding period than #602, the $1 mil increase could arguably be more justified as there's been some nice upgrades in 2019 and also relatively less an increase with the size and price/square foot.

Time will tell if either owner is able to get their $1 million increase in price. Regardless, Oceanside Manor is a special building and we're glad to see more inventory come online in such a sparsely stocked housing market on Oahu.