Omar DeLeon recently purchased a condo in Ko Olina from Yolanda M. Recinos. Here's a nice testimonial they were kind enough to share:
Omar DeLeon, Kapolei, HI
I DEFINITELY recommend Yolanda Recinos and the Harcourts Island real estate team! My wife and I are both in the military, and although we have purchased properties in the past, neither of us had ever been to Oahu, and COVID restrictions forced us to buy the property without first being able to visit. Despite these challenges, Yolanda was terrific to work with during the entire process. She was knowledgeable of the area, listened to our concerns, and found an ideal location for us to explore, which ended up being one that we would never have considered without her suggesting it to us.
Even before settling on this home, which we LOVE, Yolanda was always responsive to our calls and e-mails and never made us feel like we were bothering her. Always friendly and professional, and most importantly, never suggested we go outside our budget as I’ve experienced with other realtors. We highly recommend Yolanda!
We finished off the month with a record high of $839,000. That's up 6.2% from $790,000 in August of 2019. We're reporting from our new office in Kahala. It's our first forecast from the office after we got out of Kapahulu last week. Outside of the record median sales price, Days on Market were down 44.4% which is another great sign for Sellers. That went from 27 days in August of last year to just 15 days this year.
New listings were down 20% from last year, pending sales were up 24.2% and active listings were down 34.9%. There's just way less homes on the market to sell right now. Last year at this time there were 1568 homes for sale. This year there were only 1021. That's crazy and that's the COVID environment we're dealing with. Last, but not least, Sellers were getting 98.7% of their asking price, which is phenomenal.
Compared with the single family home market, the condo market is struggling to recover from the 5 months of COVID-19 restrictions. There were 409 closed condo sales in August - 20% fewer than August of last year and 4% fewer than the number of sales last month in July. August is usually one of the most active months in the summer, our selling season. But, this year the number of sales failed to reach 2019 levels and the month to month trend does not show signs of strengthening, like we're seeing in the single family homes market.
The number of new listings is down by 7.6% and the median number of Days on Market is steady at 23 days. The bright spot for Sellers is the median price for condos in August at $430,000 is up by 2.5% compared with August last year. Limited inventory and very low interest rates make this a great time to sell.
If you'd like to talk to us about your options, we're working from our new office at the Kahala Professional Center and virtually by way of Zoom. Be well, take care of each other and keep washing your hands. Aloha!
The strongest sales were in Pearl City-Aiea with a 64% increase in the number of sales. On the flip side of that, Waialae-Kahala saw the largest dip in sales which were down 47% from July of 2019. The median sales price really showed signs of what's been happening on Oahu as well as the rest of the country with COVID where the suburbs are showing strength and the urban areas not showing so much strength.
The Windward Coast showed the largest bump up in median sales price by 46%. The median sales price there was $600,000 in July of last year and it bumped up to $875,000 this year. So, it really appears people are looking to social distance and have a little more privacy and space. On the flip side of that, Downtown-Nuuanu showed the sharpest decrease in the median sales price which was down 26% from last year. Last year, we saw a median sales price of $1,130,000 in July to this year $835,500.
Like I said, we're kind of mirroring the rest of the country. People are getting out of the urban areas and heading more towards suburban areas for a little more space. That's kind of like the macro trend and local trend. We'll if that continues...
Be sure to read to the end here as this may be our last forecast from the office here on Kapahulu. One thing that's constant is change and we may have a new office come this time next month. Mahalo for reading and for your support!
Condo Neighborhood Update
Which neighborhoods do you think had the largest number of sales in the month of July? Of the 21 neighborhoods we follow, it's no surprise to discover that Waikiki posted the largest number of sales with 53 closed sales in July. However that's 36% below the number of closed sales in Waikiki in July of 2019. Like the condo market island wide, the Waikiki neighborhood is showing signs of improving. Sales in July were up 40%, compared with the number of sales in June. The largest increase in closed sales occurred in Kailua-Waimanalo where there were 18 sales in July, which is 156% more sales than the previous July.
Which neighborhood had the highest median sales price? Surprisingly, Ala Moana-Kakaako recorded the highest median price - $700,000, up by 7% compared to July of last year. Ala Moana-Kakaako and Waikiki are the two neighborhoods with the largest inventory of units for sale. With 728 units for sale and a median price in July of $430,000, Waikiki remains the neighborhood with the largest number of condo listings. Each neighborhood is different and there are opportunities everywhere.
Is it time for you to take advantage of the low interest rates to purchase a condo on Oahu? If you'd like to know more about what's going on in your neighborhood, get in touch with us. In the meantime, be well, take care of each other and keep washing your hands. Aloha!
Harcourts Office on the Move
We're in the process of moving and there's one thing in life is that change is always constant. It was just over 3 years ago we moved into our space in Kapahulu. It's served us well, we've done a great job, but it's time to move on. Our landlord has found a new tenant during COVID. Even though we're having a thriving business, it seems an urgent care business seems to do a little bit better in this COVID environment. We're moving on to a different location, so stay tuned...
It's been fun at Kapahulu on the outskirts of Waikiki, but we've got something exciting in store coming up and look forward to the next adventure. Aloha!
We finished off the month with a median sales price of $815,000. That was down just 2.4% from last year. Given the COVID environment we're in, that's actually not that bad. Most of the months over the past several years we were trailing that high $700,000 range. So, to finish at $815,000 or north of $800,000 is showing some great strength.
The number of sales were down about 3% with 361 sales on the island. Once again, considering quarantine and the lockdown here on Oahu, we're fairing quite well. To cap that off, the median days on market was only just 13 days for single family homes vs. 17 a year ago. That's a 23.5% drop. Also showing signs of strength for Sellers in particular is the inventory. There were 1136 homes on the market in July compared to the year before where there was 1621 homes for sale. That's a drop of 29.9%.
Sellers are apprehensive about putting their homes on the market, however those that are are achieving great results because the average price received compared to list price for last month was 98.8%. Whereas July a year ago was only 96.1%. It's a great time to be a Seller. It's also a great time to be a Buyer as interest rates are super low. It is a little competitive out there, especially in that "bread and butter" single family price range.
Do you think the Corona Virus has had a larger impact on the single family home market or the condo market so far this year? The number of single family homes that sold in January-July of this year was down by just 4.5% compared with the same period in 2019. Condo sales have not faired as well. Through the end of July 2020 the number of condo sales is down by more than 21% compared with the first 7 months of last year. But, it looks like the condo market is improving. In the month of July, condo sales were down just 17% compared to July of 2019. As bad as this sounds, it's an improvement from June when condo sales were down 34% and from May when sales were down by more than 50% compared with the same months in 2020.
It looks like the market is strengthening. The pace of sales is brisk with a median of just 26 days on the market, the same median as in July of last year. Year to date condo prices are stable compared to last year with a median condo price of $430,000 through July, 2020. Demand continues to be strong and prices are holding. This could be a great time to get in touch with us if you've considered selling a condo in Honolulu.
Contact us with any questions you have about real estate. Be well, take care of each other and keep washing your hands. Aloha!
The North Shore finished very strong with a sales volume up 100% from the previous year. There were 10 sales this year vs. 5 in 2019. In the median sales price, Wahiawa showed some strength, just like last month where the median sales price was the strongest increase by 16%. Across the board, some neighborhoods were up and some were down, just not as skewed as the previous month in May. Wahiawa ended up with a median sales price of $665,000, up from $575,000 in 2019.
Condo Neighborhood Report
Did any neighborhoods on Oahu have more sales in June this year than June last year? Of the 3 neighborhoods we follow, only 3 closed more sales in June of 2020. Condo sales this June were stronger in Kaneohe, Kapahulu-Diamond Head and Wahiawa. The median price for condos in Kaneohe was $521,500, which was 9% below the median price in June of 2019. The median price in Wahiawa was $245,000, which was 13% higher than the median price in Wahiawa of June last year.
In 6 of the 21 neighborhoods we follow there were more listings at the end of June, 2020 than there were in June of 2019. Listing volume is up in the Ewa Plain, Kailua-Waimanalo, Makaha-Nanakuli, the North Shore, Pearl City-Aiea and Waipahu. June marks the 3rd month since the start of the Corona Virus in Hawaii and although our inventory is down a bit, low interest rates have kept the market active. If you're thinking of Selling a condo in Hawaii, this may present some good opportunities.
Contact us with any questions about real estate. In the meantime, be well, take care of each other and keep washing your hands. Aloha!
There's been 169 total auctions and of those there were 153 properties that sold. With 239 registered bidders, that's a clearance rate during COVID of 90.5%, which is just phenomenal! Sellers are actually getting their property sold and not just "testing the market". We're having a great clearance rate.
In auction listings that are either currently in escrow or booked/active throughout Harcourts Pacific (including Hawaii and the mainland), we have 174 listings in the pipe. So, it's really exciting times. If you'd like to know more about Harcourts Auctions, give a ring. Aloha!
We ended up the month with a median sales price 3.8% to $770,000. We also had a decrease in the number of sales with 302 sales and that's 7.6% down from June of 2019. Days on market also saw an increase of 11.1%. So, the market has been slowing due to COVID and that went from 18 Days last year to 20 Days on Market, which is still relatively good for Sellers.
Since last year, we've seen a 25.8% drop in active listings. There's not as much on the market, so those that are considering selling it can be good because there is not as much competition.
David is on site at his beautiful Harcourts Auctions mid century modern home. We've received a bunch of offers on it, however it is still available. Feel free to reach out if you have any questions on this property.
Condo Sales Stats
After more than 3 months in the COVID market environment, the number of condos that sold in June of this year was still 34% below the number that sold in June last year. Although, that is an improvement compared to the number of sales in May which was down by more than 50%. The condo market does not appear to be regaining momentum as well as the single family home market.
Condo prices are holding pretty steady with the median price of almost for $428,000 year to date which was about 2% higher than the median price in June of last year. So far, the smaller number of sales hasn't resulted in price cutting.
Looking ahead, both new listings and pending sales are both down by more than 20% compared with June, 2019. The slower pace of sales has resulted in 4.1 months of inventory currently on the market, the highest number we've seen in many years. We will be keeping an eye on inventory and transactions in the months ahead.
If you'd like to talk to us about what current market conditions mean for you, we'd love to hear from you. In the meantime, be safe, take of each other and keep washing your hands. Aloha!
We saw the largest increase in the number of sales in Wahiawa, which were actually up 200%. Hawaii Kai was up 100% and Kailua-Waimanalo was up 6%. Other than that, every other neighborhood on the island was actually down for the month as far as sales go for this Corona Virus situation. On the inverse relationship of that, we had just about every neighborhood had a bump up in the median sales price on Oahu. Only 3 were down and of those 3 that were down, they were only down single digits.
We saw the largest increase take place on the North Shore, which was 80% from where it was last year! It went from $800,000 in May of 2019 to $1,440,000 in May of this year. That's some encouraging signs for the North Shore!
Condo Neighborhood Report
Overall, condo sales may be showing signs of bouncing back in May after a couple of terribly slow months. But, the path to recovery is tentative. Of the 21 neighborhoods we track, only 2 posted higher sales in May, 2020 than in the same month last year. Can you guess which neighborhoods these are?
Sales were up by 8% in Makaha-Nanakuli in May and the median sales price there was $160,000 (which was down 18% compared to a year ago). If you're a big wave fan, this could be a fabulous time to find an opportunity on the Leeward Side. The other neighborhood that posted a tiny uptick in sales was Waialae-Kahala, where there was 1 more sale in May of this year compared to last year. The median sales price for condos that sold in Waialae-Kahala was $480,000 (which was 23% below the median price from May of last year).
As we explained in our last video, the drop in median sales price probably reflects the larger number of sales at the lower priced end of the spectrum. Looking ahead, 2 neighborhoods reported an increase in new listings in May. The number of condo listings on the North Shore is up by 50% and the number of new listings in Kailua-Waimanalo is up 13%. New listings in all other neighborhoods are below listings in May, 2019.
Every home is different, every market is unique. To find out what the current market can mean for you, contact us anytime. In the meantime, be safe, take care of each other and don't forget to keep washing your hands. Aloha!
David is on location at his auction listing at the base of Diamond Head at 3748 Kepa St. It's a beautiful home with an auction coming up next week on June 18th. As far as the single family home sales went for the month of May, we ended up with a median sales price of $797,000, which was up 3.5% from May of last year.
The numbers of sales were down 22% from last year with 248 sales. Meanwhile, the median days on market was just 13 days. So, it's tight on inventory and tight on sales. However, it's a great opportunity for Buyers amid this Corona Virus.
As we expected, condo sales took a hit in May, 2020 with only 254 sales. The number of closed sales is down by more than 50% compared with May in 2019. Sales were particularly hard hit for condos priced above $1 million, where the number of sales was down by more than 85%.
Partly because there were fewer sales at the top end of the market, the median sales price in May of $399,000 was off by about 4% compared with last year. The number of new listings was down by about 30% in May, which led to a big reduction in inventory. But, properties that are listed have been selling quickly. The median days on market was down by almost 15% to 23 days. So, this is an excellent time to list if you've been thinking about selling a condominium.
Looking forward, the number of pending sales at the end of May is down by more than 44% - suggesting that these market conditions may continue into June. Interest rates remain at enticing lows and the demand for market priced condos seems to be outpacing the supply.
So, get in touch with us if you'd like to take advantage of the current market. Take care of each other, be safe and don't forget to keep washing your hands. Aloha!
I just wanted today to share with you the process for all the animals that come through Hawaii from the mainland. They either need to get shots ahead of time and if not they go through this quarantine facility in Halawa.
State of Hawaii Animal Quarantine Station
Another thing I learned today (because I'm here to pick up a pet for some clients that just arrived here during the COVID situation) is if your flight comes in later in the day and have all the shots you need to have your animals spend 1 night here. Otherwise, if your pet gets all the shots and get an earlier arrival flight you won't have to come through the Hawaii Quarantine facility here. Once again if you don't get the shots, your pet is going to be here for sometime.
Dog Cages at Hawaii Quarantine Facility
Let's plan ahead and make that relocation back to Hawaii a smooth one. Mahalo