Single Family Home Stats

Well, $1,050,000 seems to be the "new norm" for single family homes here on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the market update for January of 2022. Like I said, $1,050,000 is the new ceilings and it's kind of been plateauing there now for the 5th time for tying the record of $1,050,000. That's up 18.9% from January of 2021. The market's been on fire and we've now hit that record five times.

Sales were up 12% from a year ago in January of 2021. That's a significant increase in sales volume for single family homes, but it's taking a little bit longer for them to sell. It's still a phenomenal seller's market, but a year ago we were at just 9 Days on Market. Now we're at 12. That's a 33.3% increase, but overall anything defined as a "Seller's Market" by the National Association of Realtors is anything less than 60 Days. So, take a look at the infographic here and then we'll jump into the condo report. Mahalo.

Condo Stats

Well, if you thought the single family home market was crazy, wait until we dive into the condos here. There's now a new record high for condos on Oahu at $510,000. That's up a whopping 12.8% from January of 2021. It was $452,000 just a year ago and now we're at $510,000 so we've surpassed the previous record of $500,000. On top of that, sales were robust. Numbers of transactions were up 40.8% and that was going from 392 sales in January of 2021 to 552 sales this year. 

Days on market were also down 22.8%, going from 18 days to just 14 days. So, it's taking a little bit longer for condos to sell than houses, but overall across the board the condo market is very robust because a lot of people are getting priced out of homes and jumping into condos, so we'll see what February holds and we hope you had a great Groundhogs Day. I know I did and look forward to seeing you out there. Aloha!

Terraces at Launani Valley H-102

Here we are at Terraces at Launani Valley. This is a ground floor unit that you're going to really love. It's unit H-102 in building H. The parking is directly up the stairs behind and it comes with one uncovered stall and one covered stall in the carport.

Entry

Once inside, you get a better shot of the stairs near the entry way and you come into a great room with 10' ceilings. There's 9' doors and it's a really nice space.

Main Living Area

There's a window AC unit, laminate flooring and a great private yard (which we'll come back to). Taking a look back, you have a nice open kitchen concept with quartz countertops, stainless steel appliances and a nice open space towards the back, which gives you an option for a breakfast nook. If you look out the window you'll see the covered stall there and across the driveway is the 2nd stall.

Master Suite

What I love about this is the master suite. You can really get an appreciation for it because you have the double doors, then you have a gigantic king (bed) that fits in there with plenty of room leftover. There's another door that goes to the covered lanai. It's very tranquil out the back. What I love about this is you have three full closets in the master suite with additional storage. 

In the master bathroom, you have a quartz countertop and an oversized master tub.

2nd Bedroom and Bath

You have front load Samsung washer/dryers, recently installed in the last few months. There's also a nice tub, that's pretty standard size. There's also more quartz counters and storage (space for linens). 

In the 2nd bedroom you also have nice high ceilings, double closet doors with extra space and also you have the 9' doors. There's a nice separation of space between the two bedrooms.

Private Yard

As you go outside, not only do you have your own private yard, there's storage and then a door to the master suite. In the grassy yard, you have nice ti leaves, Norfolk Pines out the back and a common area swimming pool (view) at the Terraces at Launani Valley.

It's a beautiful day today. I'm out on the road showing property and I'm going to give you a quick local market report for single family homes and condos on Oahu for December, 2021.

Local Single Family Home Report

Here we are in Nuuanu with the backdrop of Downtown Honolulu. Nuuanu-Downtown Honolulu saw the largest increase in sales of single family homes from December of 2020 to December of 2021. That went from 7 sales to 14 sales, so Downtown-Nuuanu saw the largest increase in sales volume. We'll be up here shortly to see what neighborhood on Oahu saw the largest appreciation (for homes).

Waialae-Kahala saw the largest increase in median sales price, going from $1,815,000 in December of 2020 to $2,740,000! What's driving that you might ask? It's the lack of inventory. Not too far behind me you can see in the distance Waialae Golf Course. We just finished up the Sony Open last week. It's the first time (I've been tracking the real estate there over the past 10 years) and every year you'll see 3-4 listings for sale along the golf course and this year there is none. There's only been 1 sale in the past 6 months. There's just nothing for sale along Waialae Golf Course and Kahala (proper) behind me has seen some crazy sales recently. That was a 51% increase by the way for the single family home product in Waialae-Kahala and that was by far the highest increase here on Oahu. Of the 21 neighborhoods HBR tracks for stats, 11 of them were actually down. It was a strong month for Waialae-Kahala!

Local Condo Report

As we jump into the condo market, Makiki-Moiliili saw the largest increase in the number of sale, which was up 97% from December of 2020 through December of 2021. That was an increase of going from 38 sales to 75 sales year over year. A lot of confidence and strength is coming back in the Metro Honolulu market between Makiki to Moiliili. 

Kaneohe saw the largest increase in median sales price for condos on Oahu in December of 2020. It was up 37%, going from $557,500 to $775,000 over the course of the year. Here I am at Hale Anaole at a new listing I've got, which is actually under that median price. Right behind me it's got great views (if you were to go in there) of Kaneohe Bay, but what a backdrop here of the Koolau Mountains and some of the other condo projects here within Kaneohe. 

If there's anything else we can help with, give us a call at 808-371-3509. Mahalo.

Thank you for our success in Real Estate. We could not have done it without you!

The photos above represent each one of the properties we were able to help our clients buy or sell in 2021. THANK YOU..

Intro/Entry

Aloha, this is David Buck. I'm here to give you a quick tour of Ocean Ridge at Makakilo, unit 204. This is at the end of a cul de sac. We are having an open today I'm just wrapping up here shortly. It's an "end unit" and there's a ton of guest parking that you'll see at the end of the cul de sac here.

Here we are at unit 204. There's a nice private walkway here and you enter through a security screen door, then front door. This is the primo unit in the development. It was the original showcase developer's unit when DR Horton was developing the project.

Kitchen

Check out the tiled backsplash, stainless steel appliances, you have a nice pantry here on the left and on the right you have what could be a nice little breakfast nook, depending on how you have it set up. By being an end unit, you have a window bank along the side, which you don't get in the interior units.

Garage

You have a 2 car garage and this is where your washer/dryer is. You've got a ton of room of storage. What you see along the wall there are the guts for the solor PV that's up on the roof.

Solar PV

With that PV, it's part of he NEM (Net Energy Metering) program with HECO. It's a leased system, but your electric bills after your lease payments (of $150/mo.) are only $16/month. So, it's an incredible feature that's grandfathered in.

Downstairs Half Bath

You do have a half bath downstairs, like most of the units here do. There's storage underneath the stairwell, but what's fun about this set up here is they do have cats and there's a little kitty door. It's a great/clever little way to hide the kitty litter. There's wall paper throughout and it's a great little hidden guest bath for entertaining.

Upstairs Bedrooms and Bathrooms

As you go up the stairs, there's nice high vaulted ceilings. In the master bedroom suite there are dual vanity sinks, sunken tub and a great view out the window towards the ocean, a nice walk in closet. Check out the high vaulted ceilings again, plantation shutters throughout. You've also got a lot of privacy between the master and the other bedrooms.

There's a display area with storage as you come out of the master bedroom and more storage along the hallway. There's a full bath off of the hallway to service the two other bedrooms. There's a full shower tub and hard countertop surfaces.

Once again, check out the high ceilings in the hallway. You have your second bedroom. What my clients have done is something clever where they've removed the closet door to make a home office. It gives you a lot of options of what could be done here.

In bedroom three, check out the plantation shutters, mirrored closet and we'll wrap up back downstairs with the view.

Downstairs Living Area and Outdoor Lanai

Check out the open concept on the kitchen (from another angle). Here's the great room, with dining area, plantation shutters as well. As we walk outside, this is what we're talking about! We're on a nice calm winter day (with drop dead ocean views). These are some beautiful upgrades my clients have done with the stone features throughout this enclosed yard space. It's a little more eastern facing, so you will not get that hot afternoon sun, which a lot of other places in Makakilo get (out towards the right). Check out that view!

Today's open house is about to wrap up and this is going to go quick. Call me at 808-371-3509 if you have any questions. Mahalo.

Aloha, this is David Buck with Harcourts Island Real Estate. I hope you're having a great 2022 so far! I'm going to take a little step back and report on the sales stats for December of 2021.

Single Family Home Stats

The year finished off strong for single family homes once again with a record tie for median sales price of $1,050,000. That was up 20.7% from a year ago where it was at $870,000 in December of 2020. Now, the numbers of sales are slowing down a little bit for the single family product. It's 10% drop going from 420 sales in December of 2020 to 378 sales just this past month. So, there's a little bit of a slowdown in sales volume, however the prices are still strong.

Days on Market are taking 1 day longer or 10% longer now, but it's still a great Seller's Market. It's going from a median of 10 Days on Market to 11 Days. Stay tuned, take a look at the infographic and I'll be right back up with the condo market. Mahalo.

Condo Stats

Well, the condo market was a little more robust. It was up 15.4% from December of 2020. That was going from 514 sales then, to 593 sales in December of 2021. That's a good bump up in transaction volume on the condo front. We're starting to see more velocity in the condo product. The median price was also up a little bit at 6.6%. In December of 2020, we had a median condo price of $455,000. Now it's a bump up of another $30,000 to $485,000. However that's still shy of the record price, which was around $500,000. We're really close there.

Days on Market are dropping quite a bit on the condo front. That's a 31.6% drop going from 19 Days to 13 Days. December once again was a great month and I hope you had a wonderful Holidays and a great 2022 so far and we'll be up in a week or so to report on the local stats. Mahalo.

Aloha, this is David Buck with Harcourts Island Real Estate. I'm here to give you the local market update for November, 2021. 

Single Family Home Stats

Well, as far the number of sales went here on Oahu, Makiki-Moiliili saw the largest increase in the numbers of sales. Check out the backdrop behind me (from Tantalus) that covers everything from Moiliili, Manoa, Makiki, etc. right there in the hub of Metro Honolulu. Those sales of single family homes were up 120% from a year ago. That's gone from 10 sales in November of 2020 to 22 sales now in November of 2021. 

Now we'll jump into the median sales price for local neighborhoods here on Oahu. Believe it or not, they were up in every single neighborhood except for 3. It's showing how robust the single family home market is on Oahu. Waialae-Kahala had the largest year over year appreciation as far as the median sales price goes. That was up 74% from $1,620,000 last year to $2,825,000. The next neighborhood behind that was in the 30 odd percentile increase. That was a significant bump there in Waialae-Kahala, which you can kind of see behind me in the Waialae Golf Course Neighborhood and Waialae Iki out the back. 

Condo Sales Stats

As far as the condos go here on Oahu, Makakilo saw the largest increase in the number of sales that crushed every other neighborhood. Sales in Makakilo were up 190% from November of 2020. That was going from just 10 sales a year ago to 29 sales this year. There's a lot of velocity in the marketplace out there. You're seeing multiple bids and prices just kind of going through the roof. This photo here in the backdrop is in Upper Makakilo and this is a town home listing that I've got coming on market in early January.

The last segment we're going to cover is the median sales price for condominiums on Oahu. Similar to the single family home market, we saw appreciation in just about every neighborhood that's covered by the Honolulu Board of Realtors. There were only 4 neighborhoods that were not up year over year. Kailua-Waimanalo saw the largest increase in median sales price. That was up 43% from a year ago where condos were trading for $499,500 and now in November of 2021 they are at $715,000. That's quite a spike for year over year on the condo market. This photo behind me would be Bluestone, which is a great project there in Kailua.

In any event, it's been a phenomenal year for real estate here on Oahu and as we head into Christmas this coming week, just want to wish you and your Ohana the best and look forward to helping you all out in 2022. Mahalo!

Well, third time is a charm. We've tied the record for homes and condos on Oahu for the third time. This is David Buck with Harcourts Island Real Estate here to give you the market update for November, 2021. As you can see in the background, we're in the Holiday swing right now. It's early December and we've got the Christmas wreath up on the building.

Single Family Home Stats

For the third time, we struck a record for the median sales price for a home on Oahu, which was $1,050,000. We hit that mark both in August and September and then October it went down a little bit and popped back up. Like I said, it's $1,050,000 and that's up 20.3% from November of 2020. Back then, a year ago we were at $872,500. That's quite a significant jump year over year. Days on Market were up slightly by 10%. Homes were selling in 10 Days a year ago. Now it's taking 11 Days.

It's still a great market overall, but like a traditional market we are slowing down a little bit as we head into the Holidays. I hope you had a great Thanksgiving and I'm going to jump into the condo market here shortly. Mahalo.

Condo Stats

As we dive into the condo market, once again third time is a charm. We hit a median record sales price, which was tied for the third time at $500,000. That was a mark that was achieved in both August and October. It popped down a little in September, but that seems to be the mark now. High water mark is now $500,000, homes $1,050,000. Just a year ago in November of last year, that number was $420,000. That's a 19% increase. 

Meanwhile Days on Market were trading quite a bit faster. Days on Market were down 43.8%. A year ago it was taking about 16 Days. Now we're down to about 9 Days. We're seeing a lot more velocity in the condo market because they were affected a lot more by COVID. Now as Buyers get priced out of single family homes, the next alternative that people are felling comfortable with is that condo product. A lot of the amenities and common areas are being opened up at the buildings in town.

Once again, I hope you're having a great Holiday Season so far. We're now in early December, with lots of fun and festivities in the weeks ahead and wishing the best to you and your Ohana! Mahalo.

Did you know that North Shore home prices and sales have dropped? This is David Buck with Harcourts Island Real Estate here to give you the local market report for October, 2021. Well, don't worry. Not everything is doom and gloom. I'm going to start off with some good news and then we'll get into some of that North Shore housing and there's also some good news on the North Shore as well.

Local Neighborhood Report for Homes

Single family homes from Downtown-Nuuanu were up 175% in regards to the number of sales. There were only just 4 sales a year ago in October of 2020 and there were 11 this past month. That central area is showing some strength in town, which we'll get into in the condos in a bit here. Meanwhile, sales of single family homes on the North Shore were down 69% from just a year ago. There were 13 transactions that took place in October of 2020 and this past month we only saw 4 homes trade on the North Shore. I'm not sure what's happening there? Maybe nobody wants to sell, but that's a bit of a drop in volume and we'll get into price here shortly because the North Shore popped again again regarding median sales price.

Well, the Windward Coast took the cake. They, by far saw the largest increase in median sales price from October of last year. If you were shopping for a home last year, you could get in that market for $787,500 (that was the median price). Fast forward to this past month, it was $1,337,500. Once again, that's a 70% increase year over year. So, the Windward Coast (which you can see in this backdrop) is gorgeous, definitely a place for social distancing and it was the strongest segment of the single family home market here on Oahu this past month.

Back to the single family housing market on the North Shore. Unfortunately, outside of seeing the largest decrease in the number of sales, it also saw the largest decrease in median sales price. It was down 10% from last year, where the median sales price was $1,070,000 and now it's $962,000. So, if you're looking to get in on a "correction in the market", maybe the North Shore is the time before the waves pick up this winter.

Local Neighborhood Report for Condos

Now let's jump into the condo market. Ala Moana-Kakaako saw the largest increase year over year, which was up 167%. That went from just 24 sales a year ago to 64 sales this year. To put things into perspective, in 2020 there was a lot of fear in the market with COVID. International travel has now opened back up, so I anticipate we'll see a lot more strength coming. back into the Ala Moana-Kakaako condo market.

Well, it's not all doom and gloom on the North Shore. The median sales price for condos there was up 237% from a year ago. That was at just $255,000 in October of last year and this past month we saw it at $860,000. Once again a 237% increase in median sales price, which is just kind of unheard of. My speculation behind that is we probably had a lot of lowers ended trades out in Waialua, or what they call "cement city" out there. Whereas more recently we've seen some crazy, record sales taking place at the Ocean Villas at Turtle Bay, which I'm sure helped bring up the price. The demand for condo product on the North Shore has really spiked this past year like no other neighborhood here on Oahu. 

To find out more about what's on in your neighborhood, because all real estate is local, feel free to give us a call. Mahalo.

Single Family Home Stats

David: Can you believe the median sales price here on Oahu is now one million dollars for a single family home? Just a year ago in October of 2020, the median was $865,000. That's over a 15% increase from last year. I've got Ben Brady out here from Harcourts North America to give him a tour of some of the real estate we have here on Oahu. 

Ben: It's absolutely beautiful real estate we've got here Dave. Not to mention we've got Diamond Head in the background here and a beautiful view of Waikiki and some of the beautiful mountains out there as well. It's a phenomenal place and you can absolutely see why people fall in love with quality real estate like the one we're sitting in here today.

David: Absolutely, absolutely! It's a been a great market for Sellers. Days on Market were actually flat though. They were 10 Days a year ago and 10 Days this year, which is just phenomenal because NAR (The National Association of Realtors) says 60 days is the break even. Anything less than that is a Seller's Market.

Ben: Interesting to see though with the average sale price going up 15.6% and your average Days on Market staying the same, it's just showing the demand for the single family housing market is just still there regardless of that appreciation of over 15%.

David: Absolutely, and you will see an even more significant difference in the condo market, which we'll segment into here shortly.

Ben: I'm looking forward to hearing about that.

Condo Stats

David: Can you believe from this time last year we're up over 38% in the condo market? 

Ben: That's amazing considering that the volume of that is absolutely significant in any type of marketplace to have a 38% increase from the number of sales.

David: What a great place to be shooting this (video) here. We've got Waikiki right behind us and during COVID, there was a lot of fear and Buyers were not around. Fast forward a year and they're all back in the marketplace. International travel just opened back up and now that median sales price is now half a million bucks. 

Ben: That's unbelievable.

David: A round number: Half a million bucks for condos, one million for the single family homes. Last year, it was just $439,500. That's quite a bump! Days on Market actually dropped quite a bit. Unlike the single family homes that went from 10 to 10 days, it went from 19 to 11 (days).

Ben: Well, being a tourist, coming from the mainland so to speak from Harcourts North America over here visiting David at Harcourts Island Real Estate doing an incredible job over the last few months. Certainly having an incredible year, but the interesting part is seeing the difference. I was here in May of last year vs. now being October and the increase of people around. The somewhat normalcy so to speak that is back in just the general environment.

David: Yep, we're back open for business.