Home Sales Stats

We ended up the month with a median sales price 3.8% to $770,000. We also had a decrease in the number of sales with 302 sales and that's 7.6% down from June of 2019. Days on market also saw an increase of 11.1%. So, the market has been slowing due to COVID and that went from 18 Days last year to 20 Days on Market, which is still relatively good for Sellers.

Since last year, we've seen a 25.8% drop in active listings. There's not as much on the market, so those that are considering selling it can be good because there is not as much competition.

David is on site at his beautiful Harcourts Auctions mid century modern home. We've received a bunch of offers on it, however it is still available. Feel free to reach out if you have any questions on this property.

Condo Sales Stats

After more than 3 months in the COVID market environment, the number of condos that sold in June of this year was still 34% below the number that sold in June last year. Although, that is an improvement compared to the number of sales in May which was down by more than 50%. The condo market does not appear to be regaining momentum as well as the single family home market.

Condo prices are holding pretty steady with the median price of almost for $428,000 year to date which was about 2% higher than the median price in June of last year. So far, the smaller number of sales hasn't resulted in price cutting.

Looking ahead, both new listings and pending sales are both down by more than 20% compared with June, 2019. The slower pace of sales has resulted in 4.1 months of inventory currently on the market, the highest number we've seen in many years. We will be keeping an eye on inventory and transactions in the months ahead.

If you'd like to talk to us about what current market conditions mean for you, we'd love to hear from you. In the meantime, be safe, take of each other and keep washing your hands. Aloha!

Single Family Home Neighborhood Report

We saw the largest increase in the number of sales in Wahiawa, which were actually up 200%. Hawaii Kai was up 100% and Kailua-Waimanalo was up 6%. Other than that, every other neighborhood on the island was actually down for the month as far as sales go for this Corona Virus situation. On the inverse relationship of that, we had just about every neighborhood had a bump up in the median sales price on Oahu. Only 3 were down and of those 3 that were down, they were only down single digits.

We saw the largest increase take place on the North Shore, which was 80% from where it was last year! It went from $800,000 in May of 2019 to $1,440,000 in May of this year. That's some encouraging signs for the North Shore!

Condo Neighborhood Report

Overall, condo sales may be showing signs of bouncing back in May after a couple of terribly slow months. But, the path to recovery is tentative. Of the 21 neighborhoods we track, only 2 posted higher sales in May, 2020 than in the same month last year. Can you guess which neighborhoods these are?

Sales were up by 8% in Makaha-Nanakuli in May and the median sales price there was $160,000 (which was down 18% compared to a year ago). If you're a big wave fan, this could be a fabulous time to find an opportunity on the Leeward Side. The other neighborhood that posted a tiny uptick in sales was Waialae-Kahala, where there was 1 more sale in May of this year compared to last year. The median sales price for condos that sold in Waialae-Kahala was $480,000 (which was 23% below the median price from May of last year).

As we explained in our last video, the drop in median sales price probably reflects the larger number of sales at the lower priced end of the spectrum. Looking ahead, 2 neighborhoods reported an increase in new listings in May. The number of condo listings on the North Shore is up by 50% and the number of new listings in Kailua-Waimanalo is up 13%. New listings in all other neighborhoods are below listings in May, 2019.

Every home is different, every market is unique. To find out what the current market can mean for you, contact us anytime. In the meantime, be safe, take care of each other and don't forget to keep washing your hands. Aloha!

Single Family Home Stats

David is on location at his auction listing at the base of Diamond Head at 3748 Kepa St. It's a beautiful home with an auction coming up next week on June 18th. As far as the single family home sales went for the month of May, we ended up with a median sales price of $797,000, which was up 3.5% from May of last year.

The numbers of sales were down 22% from last year with 248 sales. Meanwhile, the median days on market was just 13 days. So, it's tight on inventory and tight on sales. However, it's a great opportunity for Buyers amid this Corona Virus.

Condo Stats

As we expected, condo sales took a hit in May, 2020 with only 254 sales. The number of closed sales is down by more than 50% compared with May in 2019. Sales were particularly hard hit for condos priced above $1 million, where the number of sales was down by more than 85%.

Partly because there were fewer sales at the top end of the market, the median sales price in May of $399,000 was off by about 4% compared with last year. The number of new listings was down by about 30% in May, which led to a big reduction in inventory. But, properties that are listed have been selling quickly. The median days on market was down by almost 15% to 23 days. So, this is an excellent time to list if you've been thinking about selling a condominium.

Looking forward, the number of pending sales at the end of May is down by more than 44% - suggesting that these market conditions may continue into June. Interest rates remain at enticing lows and the demand for market priced condos seems to be outpacing the supply.

So, get in touch with us if you'd like to take advantage of the current market. Take care of each other, be safe and don't forget to keep washing your hands. Aloha!

I just wanted today to share with you the process for all the animals that come through Hawaii from the mainland. They either need to get shots ahead of time and if not they go through this quarantine facility in Halawa.

State of Hawaii Animal Quarantine Station

Another thing I learned today (because I'm here to pick up a pet for some clients that just arrived here during the COVID situation) is if your flight comes in later in the day and have all the shots you need to have your animals spend 1 night here. Otherwise, if your pet gets all the shots and get an earlier arrival flight you won't have to come through the Hawaii Quarantine facility here. Once again if you don't get the shots, your pet is going to be here for sometime.

Dog Cages at Hawaii Quarantine Facility

Let's plan ahead and make that relocation back to Hawaii a smooth one. Mahalo

More Information

For more information on the relocating your pets back to Hawaii, please visit the Hawaii Department of Agriculture Animal Division website.

We're excited about a newer listing we have in Kahala on Aukai Ave. It checks a lot of boxes as it's on the Historic Registry, designed by Vladimir Ossipoff and is located on one of the best streets on Oahu.

Historic Residence

Historic Residence by Vladimir Ossipoff

The home is recognized by the City and County of Honolulu as a Historic Residence. The original owners were Dr. Gardner and Esther Black. Outside of the architectural significance, one of the beauties is the annual taxes are only $300/year.

Historic Kahala Home on Aukai Ave.

Ossipoff Design

Japanese Window Pattern Indicative of Ossipoff

Unlike most of Ossipoff's "mid century" designs, this was one of his earlier works before World War II. It has the feel of a typical older home in Kahala, however you can see some of his signatures such as the built in cabinets and windows with Japanese style patterns.

Built Ins also Indicative of Ossipoff

Aukai Avenue Location

Aukai Avenue Home one block inland of Kahala Ave.

The home is located just one block inland from Kahala Ave. and very close to Kahala Beach Park, Waialae Country Club and the Kahala Hotel. The home directly across the street from our listing (4816 Aukai Ave.) sold for $4,750,000 just 2.5 years ago!

Harcourts Auction

We have an upcoming auction on this treasure with a Bid to Start from Price of only $1,980,000! Feel free to contact David or Dianne for more information.

Why I Love Living in Kapolei by Yolanda Recinos, Realtor-Associate

Kapolei, takes its name from a volcanic cone Pu’u o. Also known as the beloved Kapo. History tells the story of Kapo who was the Goddess of Fertility and also sister of Pele, Goddess of Fire and Nāmaka, Goddess of the Sea. Most of the land was acquired by major developer James Campbell. Before Kapolei’s master plan developed, it was known as the sugar cane and pineapple plantation.

It was not until 10 years ago that Kapolei became an affluent and vibrant city. Also, to be known as the second big city after Honolulu. Part of the reason I chose to move here, was the fact that it’s new and still growing. Many new projects are developing and I feel this will be the next desirable place to be after Waikiki. There pretty much is no reason to have to leave town. We have everything from Water Park, shopping plazas, Costco to the Ka Makana Ali Mall which has a variety of popular stores, restaurants, movie theatre, bars and hotel. Minutes away from Ko Olina and plenty of beautiful beaches. If you enjoy golfing we have several to choose from as well.

To save the best for last, the Honolulu Rail Transit that will be starting at East Kapolei going to Honolulu Ala Moana Center. If you plan on working in Waikiki you won’t have to worry about the dreadful traffic. Feel free to reach out if you are ready to start your new life in Kapolei.

As we come out of nearly two months of quarantine lockdown here in Honolulu due to COVID-19, it's hard to believe it was just two months prior on January 18th that the residents in Diamond Head experienced that Saturday morning tragedy that took place at 3015 Hibiscus Drive. As the community is still healing and recovering, we see our first home hit the market at 3041 Hibiscus Drive.

3041 Hibiscus Drive (MLS # 202011155) in Diamond Head

It's a cute bungalow home, as many are/were in the neighborhood. This historic home was built in 1926, which is quite old for Hawaii standards. There have been many renovations and remodels over the years, however most of the character has been kept from that era in time.

Living and Dining Room with Historic Feel

Although the current owner has a tax bill that goes to the east coast, one of the owners in the chain of history was the late David Puder of Kahala Construction. He was a legendary craftsman known for building and remodeling homes in the Diamond Head and Kahala areas. You can see how well the history is maintained in this nearly 100 year old home, yet providing a modern feel.

Remodeled Kitchen with Historic Feel

Modern Bathroom with 1920's Feel

The Puders owned the home from 2007-2010 at which they put in the swimming pool.

Swimming Pool that was added in 2007

That January morning was such a hard experience for everyone to go through. I've got a bunch of friends that live in the neighborhood. As everyone goes through their healing process, I'm glad to see that the majority of homes such as this gem have been saved.

Waterfront Canal Living in Kailua by Matthew Dubrule, Realtor-Associate

Morning Paddle on the Oneawa canal in Kailua

Since moving to and living in Kailua for the last five years I’ve been very thankful and appreciative to be able to start my days with an ocean paddle at sunrise. It’s enhanced even more so with the ability to launch from and return to my home on the Oneawa Canal. With property access to one of the few ocean going canals in all of Oahu out your back door it is indeed a blessing to have such access.

Sunrise paddle in Kailua

There’s lots of SUP paddling, canoe paddling, fishing and boating taking place in the canal and during the six man season there’s lots of teams training throughout the protected waters of the canal. It really is an ocean enthusiast heaven on earth to have such immediate access to our ocean playground that nourishes us, affords us to gather or find solitude, and exercise where nature exists with its peace and tranquility.

If you're looking for something on the water in Kailua, feel free to contact me for more information.

Some History of Waialae-Kahala by Mark E. Buck, Realtor

Historic Home in Kahala (MLS # 202010716) Built in 1939

Waialae Kahala today encompasses what once was old Kahala, the makai area of Kahala Avenue up to Farmer’s Road and bordered by Kealaolu Ave, Hunakai Street, and Black Point.  The older homes there were built mostly in the 20s and 30s.  The newer area called Waialae Kahala was farms, forests, and dairies above Farmer’s Road (hence the name)  After the War and into the 1950s the farms made way to the newer subdivisions.  They were built is phases over about 15 years.

A more contemporary home (MLS # 201935405) on Farmers Road

It is interesting to note that all of Kahala and Waialae Kahala were Leasehold properties at the time.  The remained Leasehold until Bishop Estate was forced to sell under the Leasehold Condemnation Law.  Most of the properties converted gradually to where it is now a fee simple neighborhood.

There is a variance in lot sizes from the larger 1 acre plus waterfront estates to interior lots that range from 7,500 to a little over 10,000 square feet.  The prices vary even more, as many of the older homes were sold and made way for much larger and modern homes.

Sales in the last year have ranged from $1,300,000 to $7,200,000 with available listings ranging from $1,595,000 to $25,000,000.

Single Family Home Stats

We saw the largest increase in the number of sale in Moanalua-Salt Lake, which was up 150% from April of last year with just 2 sales to 5 sales this year. Hawaii Kai saw the largest drop in the number of sales, where we had 22 sales in April of 2019 and just 6 this year.

The median sales price saw the largest bump on the North Shore which was up 44%. Right here in Waialae Kahala saw almost as high a gain with a 41% increase, where the median sales price went from $1,250,000 to $1,761,250. That's quite a significant increase. We're coming to you today from our latest Harcourts Auctions listing at 4817 Aukai Ave.

This Aukai Ave. home is an incredible location at a quarter of an acre and a block and a half from the beach in some of the most prime real estate here on Oahu.

The inventory was down in almost every neighborhood we track on Oahu. The only exception of that was Wahiawa, which was up just 9%. The irony of that is right next door in Mililani, they saw the largest decrease of new listings hit the market. We saw a 67% drop in new homes coming online. Whereas, in April of last year there were 83 new listings and this year there were only 27 new listings coming to market. That's a significant drop due to Corona Virus. Mililani is a major demographic for military families moving going into summer. We'll see if that inventory ticks up in May going into the summer.

Condo Stats

Although condo market activity overall was down across Oahu in April, a few neighborhoods had stronger activity in April this year compared with a year ago. For example, the number of condo sales in Hawaii Kai was up by 64% to 18 sales; and the median price in Hawaii Kai was up by 12% to $673,000.

In Makiki - Moiliili the number of sales was up by 34% to 43 sales and the median price was 19% higher than in April last year at $410,000. For the most part, despite reduced inventory, condo prices are holding steady. Aina Haina - Kuliouou posted the highest median condo price at $911,000

As we look toward the future, the number of new listings in April was down in 19 of the 21 neighborhoods we follow, an indication that condo buyers will have fewer properties to choose from in coming months in almost every neighborhood. With the opening this week of the beaches and some shopping malls, the economy seems to be slowly gaining momentum. If you’d like to talk with us further about market conditions and the opportunities the market presents, please get in touch with us. In the meantime, be safe and don’t forget to keep washing your hands.