Can you believe that the median sales price for a home on Oahu was up 8.9% from a year ago? This is David Buck with Harcourts Island Real Estate, here to report on the home and condo stats on the island of Oahu for February of 2024. 

Home Stats

First off, we're going to dive into the home sales and there we saw a 3.5% increase in transactions from February of '23. There were 173 homes that sold last year and this past month we saw 179 transactions take place. As we talked about in the intro, the median sales price was up 8.9%. It was under $1 million bucks a year ago. It was at $987,000. This past month, we saw it up at $1,075,000.

So, things are starting to gain steam regarding the market here. Median days on market have actually dropped 36.2%. A year ago, it was taking homes 47 days to sell and now they're at 30. Once again, it's a Seller's Market, but for you buyers out there, active inventory is actually up 9.5% from a year ago. So, there is a lot more to look at. That's exciting news for buyers as are the interest rates are probably lower than they were the same time last year.

Condo Stats

Regarding the condo sales on Oahu, they didn't see as much an increase as we did on the homes, but they were still up 2.8%. A year ago, there were 325 condo sales that took place in February and this past month we saw 334. Meanwhile, we also saw an increase in the median sales price for condos, which was up 6.8%. A year ago, that median sales price was $480,000 and this past month it was at $512,500.

However, unlike the single family homes where we saw a drop in median days on market, we saw an increase on the condo front. So, it is taking condos a little bit longer to sell than homes. That was up 39%, going from 28 days a year ago to 39. It's taking things a little bit longer to sell, but it's still technically a Seller's Market for condos as well. 

That's just an overall broad stroke of the island on Oahu for February of '24. Stay tuned later this month as we'll be diving into more of the local market updates and as we talk about every building and every neighborhood is different. If there's something specific to you, feel free to reach out and give us a shout at 808-371-3509. Mahalo!

Aloha! It's another Wednesday and we're going to cover another episode of We Need Inventory. Today, we're going to be discussing Portlock in Hawaii Kai. This past Monday, I did a little market update, which was a short video talking about the stats in Portlock. It was intriguing to find that there was only 1 home for sale in Portlock and it was listed for $8,500,000, which sounds a little bit shocking. However, it shouldn't be too surprising as that market has been heating up in Portlock. There's been 2 sales over the past 6 months that are north of $8 million. There was a also a couple trades on the lower end in the $2-3 million range, but those ($8 million ones) were beautiful homes on the water. 

For those of you that don't know, Portlock is probably one of the higher end sleeper neighborhoods on the island. Often times Lanikai or Beachside in Kailua have gotten all the claim in the last several years. You've got Diamond Head and Kahala as well in town. But, not many people know that the highest residential sale ever on Oahu was here in Portlock back in 1990 at the old Kaiser Estate. 

Portlock's been on the rebound and we're seeing a lot of strength there. For those that don't know (even for locals), when I first got into the business well over 20 years ago I considered everything on the mauka (mountain) side of the ocean up to Koko Head (which is basically the backside of Hanauma Bay) as Portlock. But, Portlock itself is just an enclave of homes along Portlock Road in Hawaii Kai. There are 2 other neighborhoods in that area, which are Triangle and Koko Kai. But, today we're specifically only going to talk about Portlock, in that there's just over 150 parcels along Portlock Road. Today, there's only 1 for sale. So, it is it's own stand alone MLS neighborhood and there's only 1 home for sale.

Portlock Homes in Demand

I can imagine there's a lot of buyers out there that want to be on this desirable street. So, if you have a home in Portlock and you're thinking about selling, now might not be a bad time. Feel free to reach out and give us a shout at 808-371-3509. Mahalo!

Today, we're going to talk about Sans Souci. Is it this Sans Souci?

Sans Souci in Boulder, CO

Or is it this Sans Souci? Sans Souci on the Gold Coast. It's been a hot topic over this past month as the land lease was set to expire this past month, in January of 2024

Sans Souci in Honolulu, HI

What's exciting about that for the owners is the lease has been extended for another 65 years. They did not have to turn over the keys and walk away, which could have been the worse case scenario, when owning leasehold property in Hawaii. What's awesome about Sans Souci now is these owners have a chance to renew their lease for another 65 years. This creates some instant equity, versus not having anything left.

Current Inventory at Sans Souci

Today, there were 4 Brokers Opens - 2 Studios, a 1 Bedroom and a 2 Bedroom. There's actually 8 listings for sale. So, it's going to be interesting to see how these things start trading and setting a new market tone or value with the extended land lease.

Extended Lease Opens Door to Financing

What's awesome about it is they can now be financed. Banks want to see at least 35 years remaining to give you a 30 year mortgage. So, with 65 years remaining, that's an awesome future ahead for those that are looking to live here on the Gold Coast at Diamond Head.

Diamond Head Seen from Sans Souci (10th Floor)

Looking to Make a Move to or from Sans Souci?

If you're thinking about buying at Sans Souci here on the Gold Coast or if you currently own a unit at Sans Souci, feel free to reach out to us. Mahalo!

Aloha! This is David Buck with Harcourts Island Real Estate and today we're going to talk about the local market update for single family homes and condos on Oahu for the month of January, 2024.

Local Neighborhood Update for Homes

First, we're going to start off with the single family homes and there we saw an increase of 500% from sales year over year. A year ago in Waialae-Kahala, there was only 1 transaction that took place and this past month we saw 6 sales. 

While we're on the neighborhood of Waialae-Kahala, we also saw the 2nd highest increase in median sales price. That was up 58% from a year ago. A year ago, the median sales price in Waialae-Kahala was $1,085,000 and this past month it was all the way up at $1,716,500. However, that was not the #1 neighborhood for increase year over year. Moanalua-Salt Lake was slightly up higher at 60%. A year ago, the median sales price there was $953,888 and this past month it was at $1,525,000.

Local Neighborhood Update for Condos

First off, we're going to talk about condo sales on Oahu and Kalihi-Palama saw the largest increase year over year, which was up 175%. In January of last year there were 4 deals that took place in Kalihi-Palama and this past month there were 11. So, that's 175% increase.

Now we're going to jump into median condo price. There was a tie between 2 of the major neighborhoods on Oahu, which were both up 66% year over year,. Diamond Head-Kapahulu saw an increase from $365,000 a year ago to $607,000 this past month. Meanwhile, Waialae-Kahala (that we were talking about earlier) also saw a 66% increase year over year and that was going from $395,000 to $655,000 this past month.

As we talk about every month, every neighborhood is local and specific and there's always prices going up and prices going down. There's stagnation in some neighborhoods. What we are seeing across the board and have been seeing a lack of inventory and we have a segment called We Need Inventory. In the meantime, I hope you're having a great February of 2024 and had an awesome Valentine's this past week as we head into President's Day Weekend. Mahalo!

I can't believe we're already in February. This is David Buck with Harcourts Island Real Estate and I'm here to report on the market stats for January of 2024 here on Oahu.

Oahu Home Stats

First off, we're going to dive into the single family homes and there the biggest stat that stood out at me was sales for single family homes (year over year) were up 22.7%. In January of '23, we saw an anemic only 150 home sales on Oahu. This past month we saw 184. That's a nice bump up in sales and that's by far the largest outlier for transactions in stats that we've seen, year over year. So, that's promising for the market here on Oahu. Condos weren't as robust, but we'll dive into those after. Meanwhile, while we're covering the single family homes, the median sales price was up 5.3%. A year ago it was at $970,000. This past month, we were at $1,021,016 to be exact for that median sales price.

Median days on market are increasing. They've gone up 20.8% from 24 days a year ago to 29 days. It's taking homes a little bit longer to sell. Months of active inventory is also up 40%. It was 2 months a year ago and now it's 2.8 months, which is good for buyers because there's a little bit more to chose from. 

Oahu Condo Stats

Regarding the condo stats on Oahu, we haven't seen as much an increase in sales year over year as we have the single family homes. However, condo sales were up 6.2% from a year ago. A year ago, we had 275 condo sales in January and this past month we saw 292. We also saw a little tick up in median condo price, which was up 1.5%. That was going from $495,000 to $502,500.

The median days on market are also increasing, going from 24 days to 29 days. That's a 20.8% increase, which is identical to the increase in median days on market for homes. Meanwhile, months of remaining inventory are also up quite a bit, 45.8%, going from 2.4 months to 3.5 months. Once again, that's a good sign for home buyers that are out there. However it is still considered a Seller's Market with the tight inventory that we have, in that anything less than 6 months of remaining inventory is considered a Seller's Market according to the National Association of Realtors.

So, that's it for the overall market stats. I'll be up later later on in the month to cover the local market report here on Oahu and in the meantime, I hope you all have an awesome Valentine's Day this coming week and we'll catch up soon. Aloha!

Aloha! It's another Wednesday and we're going to cover another episode of We Need Inventory. This past week, we started working with a buyer that's specifically looking for a home in Ewa Gentry Cypress Point. In doing a little bit of research, this is a neighborhood where nobody wants to sell. Because, going back over the past 2 years, there only been 1 sale and that was for $1,835,000, and that took place in March of 2023.

It's a tight neighborhood. This was a quality product done by Gentry. This is the very end of Kuanoo Street in Ewa Beach, for those that aren't familiar. Some of the homes do back up to the golf course there in Ewa Beach. It's a hot product, however nobody at this point is looking to sell. But, if you know anyone that does own at Ewa Gentry Cypress Point, we are working with a buyer. We'd love to help get you a nice price for your home as well. 

You can contact us at 808-371-3509 and this is another episode of We Need Inventory, here on Oahu. Mahalo!

Aloha! I can't believe it's been 5 years now since Ae'o was released in late 2018 and early 2019 when owners were handed over the keys. Behind me is Ae'o and Whole Foods. It's the flagship Whole Foods store in Honolulu. It's 60,000 sq. ft. interior. It was 5 years ago that owners got their keys to their units at Ae'o and what I'd like to do is a quick report on what has happened to prices over the past 5 years.

Ae'o Pricing Over the Past 5 Years

I broke out every single category - for studios, 1, 2 and 3 bedrooms for sales on average for each year. There, you'll be able to see what's been taking place with prices. Where do you think prices have gone? Have they gone up? Have they gone down? 

Well, for instance on the studios, the average sales price was $625,000 at the end of 2019 and fast forward to this past year (2023) and now it's at $605,000. So, actually over the course of the past 5 years, prices have gone down on the studios. On 1 bedrooms, they've gone from $910,800 on average to $847,000 (also down).

Now, the 2 bedrooms are a completely different story. They 2 bedrooms are actually the one category that have gone up in value here at Ae'o over the last 5 years. The average price in 2019 was $1,280,000. Now, it's at $1,321,143 at the end of 2023. The 3 bedrooms have also gone down. They spiked up a little bit in 2021. However, in 2019 it was at $1,975,000 for the average sales price of a 3 bedroom unit at Ae'o and now they're down to $1,963,500. So, it's down around $12,000 over the course of 5 years. 

Options Going Forward

There's several ways to look at this. One of which is (I'm always an optimist) you can buy in Ae'o today and have this Whole Foods right behind me. You can come right down the elevator and you can go to Whole Foods and you can buy today for cheaper than you could 5 years ago from the developer. 

That's a great thing to keep in mind. Because, I'm going to do a segment later (in the future) of when to time the market on these new construction condos and it's honestly hit and miss. There's been some big home runs and there's been some where people did not come out ahead. Some buildings for instance - Waiea around the corner here, there's still some owners that are not able to sell their units for what they paid originally back in 2016.

Benefits of Owning Newer Construction

It's always a gamble when investing in new construction. But, one good thing about owning in a place like Ae'o with a 2018-2019 build is that is not suffering through the major issues of the older condos in town. With those, first off, cast iron plumbing is going bad with a lot of those built in the 60's and 70's. The 2nd of which is insurance on some of these older buildings because most of these newer buildings (like Ae'o) were not under insured like the some of the older buildings. Last, but not least, is these newer buildings have fire protection. They have the latest bells and whistles and they're obviously sprinklered. So, if life and safety is a concern of yours (as it is most people) it's not a bad product to consider getting into. Ae'o's got some incredible amenities as well. So, if you're in the market, I'll report on what's available here at Ae'o.

Ae'o Inventory Today

Regarding the current inventory at Ae'o in Kakaako, there are 13 listings for sale today. Starting with a studio for $610,000 and that's right around where things have been selling for over the past 5 years. From there, prices run up to a 3 bedroom listed north of $2 million. However, there's one there on the 13th floor. #1301 is available for $1,780,000. That's a pretty good deal, considering the average sales price near $1.9 in general for those 3 bedrooms.

There are some opportunities. There are 13 units for sale in the building. However, in the big scheme of things, there's 466 units. So, that's just a fraction of the available inventory. Even through there's 13 listings, there's not really a lot for sale (considering how many could be available). If you want to get an Ae'o condo, there's existing inventory.

Buying or Selling Ae'o or Another Kakaako Building?

If you're interested in any other buildings in Kakaako or you own a unit at Ae'o or another building in Kakaako and need some help selling it for top dollar, feel free to reach out and give us a shout. Mahalo!

Aloha! It's another Wednesday and here we are going to talk about another episode of We Need Inventory. What we're talking about today is Discovery Bay, here in Waikiki. We have 2 different buyers looking for a 2 bedroom condo here. 

Supply vs. Demand at Discovery Bay

For better or worse, what's been happening at Discovery Bay is now the fee is becoming available. Because of that, demand has shot up and there's a lack of inventory because owners just don't want to sell. For perspective, in the last 6 months, there's only been 1 sale and it took place 3 months ago. It went for $600,000 and it was an '11 stack unit. For instance, if you go back 2 years, there have been 16 sales of 2 bedroom units at Discovery Bay between both towers. It just shows how sales have tapered off.

Once again, demand is increasing because nobody wants to sell because everyone knows things are going to be worth more once that fee is purchased. For perspective, a couple of years back, some of the 2 bedrooms units there would only be going in that $400,000 range. Now, that last one traded at $600,000. In any event, if you know anyone looking to sell a unit at Discovery Bay, in particular a 2 bedroom unit, we do have a couple of buyers. One in particular is looking for an '04 stack. The other one is basically lookinig for an ocean view.  It's the '04s, '11s and '14 off the top of my head that are 2 bedrooms. There's 135 (2 bedroom) units total in both towers. 

As of today, there's nothing for sale, so We Need Inventory! Mahalo.

Can you believe home sales between Diamond Head and Kapahulu were up 78% this past month? This is David Buck with Harcourts Island Real Estate here to report on the local market update for December of 2023. 

Local Market Update for Homes

First off, Diamond Head-Kapahulu saw the largest increase in sales year over year and that was going from 9 transactions in December of 2022 to 16 transactions this past month. Meanwhile, of the 21 major neighborhoods that the Honolulu Board of Realtors reports on, Diamond Head-Kapahulu was only 1 of 6 neighborhoods that saw an increase in sales. 4 of those neighborhoods saw no change whatsoever and meanwhile, 11 neighborhoods were down regarding sales, year over year.

Regarding appreciation on Oahu, Aina Haina-Kuliouou saw the largest increase year over year for single family homes. It was up a whopping 205%! Now, let me explain things here for a second. There were only 3 sales that took place and that median sales price was actually $3,770,000. That was up from the previous year of $1,235,000. The reason for such a huge increase was there were only 3 transactions that took place. The middle of the 3 (which would be the median price) took place on Hawaii Loa Ridge and there was one lower (priced at $1.2 million) and there was actually a sale at $5.5 million that took place on the eastern flank of Waialae Iki. That is by far the highest record sale on Waialae Iki. 

Local Market Update for Condos

Regarding condo sales on Oahu, Wahiawa saw the largest increase. That was up 200%, going from 2 transactions in December of 2022 to 6 transactions this past month. Regarding the rest of the market - of the 21 major neighborhoods on Oahu, they were down in 14. So, 14 of the 21 major neighborhoods on Oahu saw a decrease in condo sales. This doesn't really surprise me because when I reported on the overall market on Oahu earlier this month, condo sales were down 24.4%.

Regarding our final category, we're going to talk about condo appreciation on Oahu. There, we saw the largest appreciation for median sales price take place in Hawaii Kai, which was up 35%. That was going from $900,000 in December of '22 to $1,218,000 this past month.

That's a wrap regarding the local market update for December of '23 and as we all know, every market is different, so if there's something specific to you, feel free to reach out and give us a shout. Mahalo!

We've been really blessed to have some beautiful weather here in Hawaii over the past 2 weeks for 2 of the PGA's tournaments that take place on Maui and Oahu.

Sentry Open in Maui

2024 Sentry Open in Kapalua

This past week over on Maui we had the Sentry PGA Championship there in Kapalua at the Plantation Course. Our very own Michelle Belch on our team volunteered at the event for the 4th year in a row.

Michelle L. Belch, Realtor-Associate Volunteering Kapalua

Once again, Maui was showcased across National Television. The weather was beautiful and traditionally every year that later rolls into the Sony Open here on Oahu. Although we've had gloomy weather earlier in the week, it's really shaped up to be a beautiful week here on Oahu for the Sony on Waialae Golf Course.

Sony Open on Oahu

2024 Sony Open on Waialae Golf Course

Today is Saturday and spectators were all over the place. Just getting off the off ramp into Kahala the traffic was backed up and it's a gorgeous day here on Oahu. However, I am in real estate, so let's jump into the real estate here on Oahu along golf courses and in particular on Waialae Golf Course. Unfortunately, there was just nothing for sale this year, which was an anomaly. Typically, there's always several homes for sale.

I've been reporting on golf course homes on Waialae for well over 10 years in my blog and if you want to see some of those articles, feel free to click on the links below. With that said, there is nothing for sale this year. Last year, there was only 1 home for sale asking $3,250,000 and it ended up selling at $3 million. So, everyone that owns along that golf course doesn't' want to give up their properties. They are trophy properties (no pun intended with the tournament).

With that said, there are other opportunities on Oahu. As of today, there are 8 single family homes that front golf courses on Oahu and they range in price from $860,000 for a home in Ocean Pointe in Ewa Beach and they'll go as high as $7.88 million for a home out in Makaha in Maunaolu Estates.

Maunaolu Estates Golf Course Home (MLS # 202324314)

That is a lofty price for that home and if they get anywhere near there, that will be the highest sale ever in that community. It is a beautiful estate that's on the market. With that said, there's also a couple of other homes listed for sale in Hoakalei, also in Ewa Beach fronting the Ernie Els golf course there. I did a report on that this past summer. There are some golf course opportunities and we'll have the link below.

I hope you're enjoying your weekend so far and you're enjoying the rest of the PGA tournament this weekend here on Oahu. Last, but not least, we do sell real estate here. So, whether you're looking for a golf course frontage home or a home within "walking distance" to golf courses, feel free to give us a shout. We'd love to help. Mahalo!

Golf Course Articles and Oahu Golf Homes for Sale

All Golf Course and Sony Open Articles

Current Golf Course Homes for Sale on Oahu