Single Family Home Neighborhood Report

Can you guess which neighborhoods showed the most strength for single family homes in March? This is David Buck with Harcourts Island Real Estate here to give you the local market update for March of 2021. Well, we had 2 sectors of the island that saw 167% increase. That would be Kapahulu-Diamond Head as well as Mililani. In both of those neighborhoods we saw sales shoot up from just 9 sales a year ago to 24 sales today. 

Meanwhile, as far as appreciation goes, the median price for a single family home in Kahala saw the largest increase which is now up 139%! That's from $1,450,000 to $3,462,500, which is just unheard of. Now keep in mind I'm broadcasting here from our Kahala office and when it's referred to as "Waialae-Kahala", that would be everything including Kahala proper as well as Waialae Iki, Waialae Nui Ridge. So, the data can get skewed a little bit, but regardless that is a significant jump in price going from just about $1.5 million to $3.5 million over the course of a year. However, within that same market segment it's taking homes 56 days to sell, which given our standard of what we've seen across the board for the island of 9 days on market is on the higher end. However it's not as high as the North Shore, because North Shore homes are now taking 78 days to sell, which is the longest it's taking for any segment of the market. However, that's still overall a really good sign of strength for a Seller's Market. As we talked about the last several months, we have just 9 days on market.

Once again, it's a great opportunity for sellers right now and Dianne will be up shortly with the local condo report. Mahalo!

Condo Neighborhood Report

The post pandemic recovery in the condo market continues. 100% of the 21 neighborhoods we follow posted substantially more sales in March , compared with March of last year. Waikiki leads all the other neighborhoods with 120 closed sales in March of this year, an 88% increase from last March. This is Dianne Willoughby with a look at condo sales by neighborhood for March, 2021. Year to date, Waikiki has closed over 240 sales taking the top spot for the most active neighborhood market, an increase of 21% year to date. Other neighborhoods with high numbers for the first quarter are Makiki-Moiliili with 149 sales (up 31%), Ewa Plain with 142 sales (39% increase) and Ala Moana-Kakaako with 128 sales (a 12% increase).

Year to date prices are mixed. In Waikiki, the median price of $395,000 is 2% above last year. In Makiki the median price is stable compared to last year. In Ewa, the median price increase 6% to $546,000 this year. But, the median price in Ala Moana at $560,000 is 16% below last year.

There are opportunities for buyers and sellers in today's condo market. We look forward to talking to you about what these current market conditions might mean for you. Aloha!

Single Family Home Stats

Well, Deja Vu or Hana Hou, whatever you want to call it, we have another record for the median sales price of a single family home here on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the monthly market report for single family homes for the month of March, 2021. As I said, we hit another record at $950,000! That is up 17.3% from just a year ago, where we were at $810,000 right in the middle of COVID lockdown. So, homeowners have seen a nice bump up in their equity and taking advantage in this market. We're also seeing homes sell really briskly at just 9 days on market. That's a trend we've noticed (that 9 Days on Market) over the last several months, which is down 40% from a year ago, where it was at 15 Days on Market.

New listings have creeped up just over 12%, so the word is kind of getting out to Sellers that it is a Seller's Market because there's only 1.3 months of remaining inventory. According to the National Association of Realtors, what's defined as a "Seller's Market" is 6 months or less and we're now at 1.3 months. We're also just about at an all time low as far as inventory goes with just 752 homes on the market. That's down 38.7% from a year ago. So, it's once again a great market for Sellers of single family homes. On the Buyer's side it is very competitive, but buyers are getting good deals. However it is competitive and I don't want to sugarcoat it. 

Condo Stats

Here's an exciting headline for our March condo market report "50% more condos sold on Oahu in March compared with the number that sold in March last year". Wow! The market momentum continues. This is Dianne Willoughby with your monthly update on condo sales. In March, there were 626 condos sold on Oahu, about 53% more than in March last year. Year to date for the first quarter the number of condo sales is by more than 32%. And, year to date the median price of sold condos at $455,000 is running 5.6% ahead of last year. Sales velocity is picking up too with half of the condos selling in 14 days or less!

There were 715 new condo listings coming on the market in March, but sales are extremely strong and despite the number of new listings, the total number of listings is down 17% from the same time last year. It looks as if the strong Seller's Market we've been following for the past few months will continue into the 2nd quarter. This may be an excellent time to list a condominium on Oahu, especially if you've tried to sell in the past but were not able to attract a price that met your expectations. Contact us to get a quick idea of what your property may be worth. We look forward to hearing from you. Aloha!

Single Family Home Local Report

Well, guess what everyone - Metro Oahu is back! It's probably one of the neighborhoods that's suffered the most during COVID. If you can just imagine just a year ago we were in the height of all the lockdowns. Well, fast forward to today and it's showing the strongest strength or rebound in the residential single family home market here on Oahu. I'm David Buck with Harcourts Island Real Estate to give you the local market report for February, 2021.

I started off saying that Metro Oahu showed the largest strength. Well, there are 2 sectors. First off, Downtown-Nuuanu saw an 800% increase in the number of sales. A year ago there was only 1 transaction that took place. Fast forward to today and there were 9. That's a significant bump up and that was the 1 neighborhood that saw by far the highest amount of sales volume increase. 

Taking the step step further, when we go into appreciation (year over year) from February of 2020 to February of this year, we saw almost the #1 appreciation take place in another metro Oahu neighborhood, which was Makiki-Moiliili. There we saw prices shoot up 75% from $985,000 a year ago to now $1,725,000. They almost took at the #1 spot as I'd mentioned with a 75% increase, however the neighborhood that slightly outdid them at a 76% increase was the Windward Coast. The areas are still showing strength. There the median sales price went from $625,000 all the way up to $1.1 million. That's a significant increase and we'll see what happens as we roll into spring. 

Condo Local Report

Only 1 neighborhood on Oahu failed to recorded more sales in February of this year compared with February of last year. Of the 21 neighborhoods on Oahu (that the Honolulu Board of Realtors reports on), can you guess which neighborhood on Oahu had fewer sales this year? This is Dianne Willoughby bringing you the neighborhood update for condominium sales on Oahu in February of 2021.

The answer to my question my surprise you unless you've been following our recent reports. Although Waikiki is Oahu's most condo centric neighborhood, recovery in the Waikiki market is lagging compared with other neighborhoods. In February there were 61 closed condo sales in Waikiki, 14% fewer than February of last year. The median price however was stable at $380,000.

Which neighborhood posted the largest year over year increase in sales? With the exception of Waikiki, the condo market was strong across the entire island in February. 8 Neighborhoods had more than doubled the number of sales in February of this year compared with last February. In Salt Lake-Moanalua, the number of sales tripled and the median price jumped by 26% to $476,000. Like the single family market, the number of new condo listings doesn't appear to be keeping pace with the number of sales. 

Inventory is down across the island, except in 3 neighborhoods. In Kalihi-Palama, inventory is up by 10%, Kapahulu-Diamond Head up by 2% and Waialae-Kahala up by 21%. This is a great time to be a Seller. If you own a condominium, let us help you explore your options. In the meantime, be well, take care of each other and keep washing your hands a little longer. Aloha!

Single Family Home Report

I can't believe it! The median sales price here on Oahu was up nearly 20% from a year ago. This is David Buck with Harcourts Island Real Estate here to give you the monthly stat report for February of 2021. Well, believe it or not, we saw an increase of 19.9% from February of last year. And, now the median sales price here on Oahu is a whopping $917,500 and median Days on Market took nearly a 75% drop from 35 Days a year ago to just 9 Days it's taking homes to sell now.

The market has been on fire. Because of that, we had to fly in a special guest this month. COVID Test and all, we got our Aussie-Californian Ben Brady here. He's going to share a little bit of what's been happening on a national level in California, Oregon, etc.

National Real Estate Trends

Dave, our business as you know is based on the west coast of North America from a predominant perspective and those marketplaces from California all the way up into British Columbia, Canada. Obviously, out here in Hawaii as well have been just so consistent with what you just said. You know, the average sales price is dramatically up. You've got average days on market dramatically down.

The only marketplaces that are seeing any struggle in any shape or form, being those high density populations. So, for example San Francisco. We're also doing some business with our non-distressed auction platform in New York, Maine and over the East Coast and you're seeing a lot of people transition out of say Manhattan, you're seeing a lot of people moving to Maine and getting a little more into those (open) space communities so to speak.

It is a big fuel, fueled by those low rates that are starting to just creep up a little bit. A lot of people are taking action as they think the rates are going to go up and really put the gas peddle down when it comes to them buying. So, as far as I'm concerned, the entirety of North America is absolutely hot at the moment when it comes to real estate, outside of those highly populated densely populated areas where you're seeing more people move out into the communities where they can have Zoom Meetings and everything where they can work from home now.

Oahu Trends

We're seeing that trend here on Oahu too. We're getting a lot of work from home, "techies" from the west coast, some from the east coast, where they have that opportunity to work from home and our single family product is on fire. What's been feeling a little bit of the hurt (Dianne will be up shortly to talk about the condo market) is areas of 2nd homes such as Waikiki, heigh rises, etc. and we're finally starting to see a rebound in that market here as well. 

FOMO - Fear of Missing Out

I think one of the things we're seeing from a final statement is there's a lot of regret and remorse around buyers at the moment saying "Why didn't I make the decision earlier", "Why didn't I just get it done now" because you know in a month or two's time, the escalation of the average sales price is going up so quickly, like you said almost 20% it's just unbelievable, it's an unprecedented push for growth. Don't wait. Just thinking that you might be able to take advantage of the market. It might never come, it might keep being ok for a long period of time because people are appreciating their primary residence now more than ever. Dianne will be up shortly for the condo report for February of 2021. Mahalo

Condo Report

The condo market on Oahu finished February with a roar! Year to date the number of sales in February were up by 20% compared with the first two months of last year. This is Dianne Willoughby bringing you a market update on the condominium market on Oahu. Throughout most of last year, David reported on the amazing strength of the single family market, month after month. And, by comparison my report on the condo market often seemed lackluster.

Well everyone, condos are back. The number of condo sales in February was up for more than 41% compared with February of last year. And, remember last February was pre-pandemic and sales at that time were bumbling along at a steady sustainable pace. So, a 41% increase in February is an indication that there may be some pent up demand for condos that we'll see unfolding in the coming months. 

The median condo price in February at $457,500 is up by more than 6% in the same month last year, and condos are selling fast. The median Days on Market dropped by almost 50% with half the sales taking place within 3 weeks after listing. Do you think the momentum will continue? The number of pending sales at the end of February is up by 46%, suggesting that the rally in the condo market could be with us for the next few months.

If you've been thinking about selling a condominium, we'd be happy to talk to you about your options. In the meantime, be well and take care of each other. Aloha!

Single Family Home Neighborhood Report

Aloha! Can you guess which 3 neighborhoods here on Oahu saw the largest increase in median sales prices last month? This is David Buck with Harcourts Island Real Estate and I'm here to give you the local market report for single family homes on Oahu for the month of January, 2021.

Well, Hawaii Kai saw the largest increase which is up 36% from a year ago in January of 2020 (pre pandemic). Back then, homes were trading at just $1,056,250 and now they are at $1,434,000. Following shortly thereafter Waialae-Kahala which was up 32% going from $1,925,000 to $2,532,500. Following in 3rd place was Kailua-Waimanalo where we saw homes shoot up 28% going from $1,025,000 a year ago to now $1,310,000 in Kailua-Waimanalo.

A lot of East Oahu's suburbs have been strong with those that I have mentioned (above). Another in particular is Diamond Head-Kapahulu neighborhood, where we saw a 200% increase in the number of sales. That was the strongest regarding transactions here on Oahu. That went from 7 sales a year ago to 21 sales this past month. 

Following along that same trend for an East Oahu neighborhood Aina Haina-Kuliouou saw the briskest sales with Median Days on Market trading in only 5 days! We touched upon it a few weeks back where the Median Days on Market was just 9 days island wide, so there are a lot of neighborhoods where we saw single digits. I personally sold a couple of homes in Ewa Beach recently where they got bidding wars and they went in just 4 days on both of those.

It's a great time for home sellers. All of my listings are under contract and closing here shortly. I've got one beautiful one left on the hillside of Diamond Head. It's 4 beds, 4 baths on a 15,000 sq. ft. lot  It's a beautiful home! Outside of that, Dianne Willoughby will be up shortly for the local condo report here on Oahu. Mahalo!

Condo Neighborhood Report

You've probably heard that the condo market is strengthening on Oahu. Can you guess which neighborhoods had the largest gains in January? Aloha! This is Dianne Willoughby with the neighborhood market report for condos on Oahu in January, 2021. The Ewa Plain had a strong performance in January 2021 with 45 sales, an 18% increase compared to January of last year and the median price for condos in Ewa rose by 15% to $590,000. Two neighborhoods report a doubling in the number of closed sales. Both Hawaii Kai and Waipahu closed 23 sales in January, more than twice as many as in January of last year. The median price in Waipahu rose by 20% to $435,000, but the median price in Hawaii Kai fell by 3% to $665,000.

Waikiki had the largest number of closed sales for any neighborhood, but the number of sales in January of this year was down by 6% compared with last January. The median price was off by 10% to $368,000. Inventory remains tight across all neighborhoods. Of the 21 neighborhoods we follow, only 4 had an increase in the number properties for sale now compared to January of last year.

If you're thinking of selling a condominium, this could be a great time to test the market. If you're thinking of buying, we can help find the opportunity that's right for you in your favorite neighborhood. We hope that this year will be a year of recovery for Hawaii and the rest of the U.S. In the meantime, be well, take care of each other and keep washing your hands. Aloha!

Single Family Home Report

You're not going to believe this, but we just hit another record sales price for single family homes on Oahu. This is David Buck with Harcourts Island Real Estate and I'm here to give you the market report for January of 2021. We hit a record price as I mentioned at $883,000 for the median sales price and that is up 14.7% from just January of 2020 prior to COVID. Back then we were looking at a price of $770,000 and now we're all the way up to $883,000 within the span of a year.

Sales overall were up 9.8% with 291 sales on the island. Days on market are down 74.3% with just 9 Days on Market! A year ago it was 35 Days on Market. So, it's a strong market for Sellers. Active listings on the market are down 34.7% with only 790 homes on market. A year ago, there were 1210 homes on market, so that is a dramatic drop in inventory, which is creating this frenzy for Sellers. The last time I saw inventory this low was back in the '05-'07 "bubble". Whether or not we're in a bubble now, I think there's a lot of strength in the market and only time will tell. It's not that often you see active homes on the market here on Oahu under 800 homes. That's a dramatic drop (like I said) from 1210 from just a year ago. 

If you're thinking about selling, now is a great time. If you're a buyer in the marketplace, it is competitive out there, however there are still some pockets of areas. I just got 2 clients with accepted offers over the weekend. If you're just patient and willing to give it a go.

Condo Report

Aloha, this is Dianne Willoughby with a look at the condominium market in January 2021. Let me just say.. YAY CONDO MARKET! The pace of condos sales we reported in December continued into January and 392 sales closed last month, an increase of 3.4% compared with January of 2020. Remember January of 2020, that was before most of us had heard of the Corona Virus when the market was bubbling along with healthy activity. The fact that we had more sales last month than in January of last year is certainly an indication that the market is bouncing back after nearly a year of sluggish sales and I am optimistic. 

Another bullish indicator is the median condo price in January was up by 5% compared with January of last year to $452,000. The statistics so far for 2021 seem to describe a sustainable rate of sales growth if trends continue into the coming months and interest rates remain as low as they are now.

Maybe it's time to buy a condo? Take a look at this one at 1535 Punahou St. priced at $308,000. You can own this for about the same monthly cost of what you're currently paying for rent. This lovely apartment has 2 bedrooms and it is just right for a first time homebuyer or an investor. If you'd like to see it for yourself, just get in touch with me.

In the meantime, be well, take care of each other and don't forget to keep washing your hands.

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! 

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

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 (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. (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. (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

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!

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..

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!

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!