Aloha! Well March was another month to shatter some records - both for single family homes and condos here on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the market report for March of 2022.

Single Family Home Stats

The single family homes shattered that record again. So, $1,150,000 is now the new record price for the median home on Oahu. That was an uptick of $25,000 from the previous record of $1,125,000. It's also up 21.1% from a year ago, which is just crazy! The median sales price for a home on Oahu in March of '21 was just $950,000. Fast forward to today and that's a 21.1% increase.

The number of sales, however are down. There's not as much inventory out there. The numbers of trades on the single family home front were down 11.1%. That was going from 361 sales a year ago to 321 sales this year. Days on Market was flat. It was a Seller's market last year with just 9 Days on Market. We're still at 9 Days on Market a year later for March of '22. Stay tuned and I'll be right up to give you an on the condo report. Mahalo.

Condo Stats

As I mentioned earlier, the condos also crushed the previous record here on Oahu. So, the new record for condos here on Oahu is at $515,000 for that median price. That was not as much an increase (year over year) as the single family home front, but that was up 14.3%. In March of '21 the median price for a condo on Oahu was $451,000 and now it's $515,000. That's a great bump, going up 14.3%.

Days on Market was similar to single family homes at just 9 Days. It's a phenomenal Seller's Market. A year ago, it was 14 Days on Market. It has gotten even better (for Sellers) which is down 35.7% for Days on Market. I skipped over the sales, but the number of condo trades were up 7.3%. So, the number of transactions were higher for condos vs. the single family homes where the sales slowed down a little bit due to inventory. Those trades were going from 626 sales a year ago to 672 sales this year. 

David's 2021 Sales

Speaking of sales, I opened up a box from Harcourts North America and unfortunately, I couldn't make the awards program. They had the North American Annual Conference in Scottsdale, AZ and I was pleasantly surprised that I ended up in the Top 10 for Harcourts North America and they sent me some goodies over here, so I just wanted to say thank you to the team at Harcourts North America.

If there's anything we can help with in this market, every segment is different. In general, most places prices are up, Days on Market are down. There's still some good bargains out there, but the market is doing its typical softening going into April, which we're now in. With tax season, we'll see how things will continue into the rest of the spring and into the summer. Mahalo!

Kalama Kuu in Hawaii Kai

I'm here at Kalama Kuu in Hawaii Kai. I want to give you a tour of my new listing here in Kalama Valley. It's a beautiful detached single family home, which you can see behind me. It's got a nice outdoor porch and I'll take you in through the front door in a second.

Entry and Great Room

As we approach the front door, I wish you could feel this, but it's got beautiful central air going on here. There's a nice great room and vaulted ceilings. This was originally a Schuler build, which later got acquired by DR Horton (which is a national home builder). It's just over 1800 sq. ft under roof with 3 bedrooms, 2.5 baths.

Downstairs Office/Den

There's a downstairs office, which could be a flex space. You do see a bed in here. You'll notice there's plantation shutters throughout the home. There is no closet in this room, however when you take a step backward, you'll see that there's a closet here off of the half bath, which you have downstairs.

Living Room, Dining and Kitchen

There's lots of flex space and options here.You kind of have a nice great room with dining off to the side. Then as you walk into here, you have your kitchen, which was remodeled in 2014. There's plantation shutters once again to your outdoor yard space. It's not a bad view to look at while doing dishes.

As I mentioned, there's central air conditioning, which was redone 2 years ago and there's 2 compressors out the back. There's dual systems with thermostats for upstairs and downstairs. There's a pantry of the kitchen, with a built in microwave next to it.

As I take a step back, you can see you have a nice outdoor area for entertaining. You'll see the yard and off to the right are those newer (AC) compressors. It's amazing how quiet it is in here. Like I said, it's a great flex space, with a formal den and area to watch TV.

Upstairs

As we go upstairs, we'll see 3 bedrooms and 2 baths. As you go up the stairs, you see these nice displays off to the left here, which I've seen in some of the DR Horton homes over the years. It's a nice feature to display artwork. As you get to the top of the stairs, the master suite will be here on the left. There's another carve out display (to the left of the master entry) and you have your upstairs thermostat there, then you have bedroom #2, bedroom #3 and a full bath, which we'll come back to in a second.

2nd Full Bath

There's a nice storage off the landing area. As I walk in to the full bath, you have vinyl windows, a nice long countertop, a nice sized tub, shower and linen storage off to the right.

Bedroom #3

What we're referring to as bedroom #3 has a generous space, once again beautiful plantation shutters and also a formal walk in closet.

Bedroom #2

As I step out around the corner, we come in to what I call bedroom #2, which also has a lot of natural light through the plantation shutters here. This is a generous sized bed, end table and desk, and then a closet here off to the left.

Master Suite

As we step into the master suite, it's got the double doors. It is quite grand and also has a vaulted ceiling up here with a ceiling fan. This looks like a king sized bed with plenty of room on either side. You have a desk, storage, end tables and there's still plenty of room. There's a sitting area and dressers. It's a very generous (sized) master suite.

As I step into the master bathroom, we have dual vanity sinks, "office" off to the left, walk in closet, You have a separate tub as well as a stand alone shower, which gives you lots of options. Once again, there's beautiful scenery out the back into the yard.

Contact for More Info.

To learn more about this beautiful Kalama Kuu home in Hawaii Kai, or other properties here in Hawaii Kai, feel free to contact me for more information. Mahalo.

Local Neighborhood Report for Single Family Homes

Here I am in Makakilo just wrapping up a final walk through for some clients and it's ironic because Makakilo took the #1 spot for the number of transactions increased here on Oahu from February of 2021. This is David Buck with Harcourts Island Real Estate here to give you the local market update for February of 2022. Makakilo saw the largest increase that went up 120% going from 5 to 11 sales. There's a lot of excitement here in the neighborhood and lots of transitions taking place. 

Here we are in Salt Lake. Salt Lake to Moanalua (which is basically inland from here) saw the largest appreciation for single family homes in the month of February. It was up 45% going from $988,000 a year ago to $1,430,000 this year. What's also incredible is every single neighborhood that we track for the Honolulu Board of Realtors was up for median sales price, but one (neighborhood) in February. That neighborhood that was not up was Makiki-Moiliili in town, which was down 9%. Salt Lake to Moanalua took the cake for the most appreciation with 45% year over year. We'll jump into the condo segment shortly. Mahalo.

Local Neighborhood Report for Condos

As far as the condo market goes in February of '22, Waikiki saw the largest increase in the number of sales. It was up 64%, going from 61 sales in February of '21 to 100 sales just this past month. Here I am at the Allure in Waikiki for an inspection of a new purchase. It's a great building and you can see Waikiki in the background. Similar to the single family home market, half of the neighborhoods did not see an increase in number of sales. It's due to that lack of inventory. 

Regarding the median condo price here in February, Ala Moana-Kakaako, which is directly behind me (I'm still here at the Allure by the way) was up 70%. That went from $440,000 to $750,000. That doesn't sound like much because that's considered a luxury neighborhood for condos, but there were much smaller (price) trades that happened in February of '21. It might be an indication that there might be more upside in the condo market vs. the single family home market here on Oahu.

What was interesting is 43% of the condo neighborhoods we track on Oahu were down for median sales price compared to February of '21. I'm not sure what that is saying, however my prediction is there will be a little more upside in Ala Moana-Kakaako once more travel opens back up from Asia. If you have any more questions, feel free to reach out. We can be reached at 808-777-4880. Mahalo

Single Family Home Stats

Well, we hit another record for single family homes here on Oahu. Previously, we were at $1,050,000 and stuck in that number for many, many months. Now, for February of 2022 the new record price is $1,125,000! That's up 22.6% from February of 2021, where the median sales price was $917,500. 

As far as the number of sales go for single family homes, there was actually a drop in transaction volume, going from 260 sales a year ago to 241 now. That's a 7.3% decrease. There's just less homes for sale, hence the record sales price. Days on Market are also creeping up. They were just at 7 Days a year ago and now they're about 13 Days for single family homes. Stay tuned, we'll drop into the condo market shortly.

Condo Stats

Well, the condo market in February had a great run as well. Prices were up 8.6% compared to February of '21, where the median sales price for condos was $457.500 and now they're at $497,000. That's a nice increase, just not as crazy or drastic as the single family home market. It's taking condos longer to catch up, but velocity and speed of sales for condos is actually contrary to the single family home market. Sales increased from 9% from a year ago, going from 446 sales to 486 sales. Days on Market actually dropped 22.2%, going from 18 Days a year ago to 14 Days this year. 

That's the market recap. I'm David Buck with Harcourts Island Real Estate. If there's anything we can help you with, give us a call at 808-777-4880. Mahalo!

Well, there's no joke about February going really fast. With only 28 days, on the last day of the month I'm just now able to catch you up with the local market update for January of 2022.

Local Single Family Home Update

The Windward Coast of Oahu was on fire. Sales were up 100% year over year from January of '21 to '22. Regarding median sales price, the Windward Coast also took out the record here on Oahu, which was up 112% from a year ago. That was going from $982,500 to $2,085,000. That's more than double in price. There weren't a whole lot of trades. That 100% increase was going from 2 sales to 4 sales, but it shows a lot of strength and velocity on the Windward Coast of Oahu, which is basically north of Kaneohe up past Kaaawa, Hauula and into Laie.

Local Condo Update

Waialae-Kahala had the largest increase in numbers of sales. It was up 200%, going from 2 transactions to 6 transactions over the course of January of '21 to January of '22. However, Waialae-Kahala did not take out the top spot for appreciation. Actually appreciation there was somewhat anemic at just 1%.

Last, but not least, Kalihi-Palama took out the #1 spot for the largest % of increase in median sales price for condos on Oahu. That went from $288,000 to $470,000. That is up 63% year over year.

Summary

It's interesting to see that town (Waialae-Kahala and Kalihi) and strength in the condo market and rural areas like the Windward Coast saw the highest increase in sales and appreciation year over year (for homes). To find out what's happening in your own local market, feel free to reach out and give us a call. We can be reached at 808-777-4880. Mahalo!

Intro

We're here at 2465 Kuhio at Waikiki. You've got board storage here on the upper parking deck, you've got all the units with the lanais behind me. I'll take you into the lobby and check out this great unit that straddles between Kuhio Ave. and Prince Edward St. on the backside.

Resort Zoning

What's phenomenal about this property is it is zoned resort. Unlike some of the other properties across the street condemned by either Bill 89 or Bill 41, it is zoned resort so you can legally rent it out short term.

Lobby

Here we are at the entry way to 2465 Kuhio. You've got all the mailboxes on the (right) side here. It's got some older traditional Hawaii rock wall along the side of two elevators, which take you out to the other side once you come up to your desired floor.

Unit #418

Here we are at 2465 Kuhio unit #418. You come in through the entry way into the living area, you have a window AC unit. This owner has replaced all the windows. They are double pane. Because you are in the heart of Waikiki, you can hear a little bit of traffic, but what's beautiful about it is she's spent a lot of money on these upgrades. There's newer windows all along the bank here and a lanai outside. You're maybe only 100 meters or so to Waikiki Beach from here.

There is a fully remodeled kitchen and bathrooms, which we'll get to in a second. There's all new cabinetry, gas cooking (which is kind of hard to find in Honolulu) which is included in the maintenance fees. This is a 2 bedroom, 2 bath which could either be rented or used as such. There's another window AC unit in the bedroom, closet and a full bathroom across the hall, which was completely gutted and redone (as was the plumbing). There's nice hardwood cabinetry, quartz counters and a nice walk in shower.

Flexible Space

What's unique about this building is the options that you've got. There's a door with a walk off to a studio. As I said, you could use it or rent it out as a 2 bedroom, 2 bathroom or 1 bedroom unit (which we just saw) and a separate studio. You once again have a remodeled bathroom in the studio and you also have your own separate lanai, window AC unit, and storage. It's got its own separate unit #417, even though we're marketing it as #418. What's awesome about this is it has its own separate mailbox and electric meter. 

To find out more about 2465 Kuhio at Waikiki, feel free to contact me for more information. Mahalo!

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..