Oahu home sales soar in January as median price sets new record

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Home sales on Oahu began 2016 with sales increases in the double digits in January, as the median price for a single-family home reached a new all-time high of $733,500, according to statistics from the Honolulu Board of Realtors.

The number of single-family homes rose 10.5 percent to 232 homes sold from 210 sold in January 2015. The median price increased by 8.7 percent from $675,000 in January 2015 to reach a new single-month high, the board said. The previous record high median price was $730,000 in September.

“January was an extremely strong month for home resales on Oahu,” said Kalama Kim, president of the Honolulu Board of Realtors. “Both single-family and condominium sales were up by double digits over January 2015, an indication that demand for all forms of housing remains high.

Condominium sales soared last month, increasing 18.2 percent to 338 units sold, from 286 units sold in January 2015. The median condo price, however, declined by 1.8 percent to $374,500, from $381,500 last year.

“The primary drivers of rising housing prices are shortages of inventory and new development,” Kim said. “We’re seeing especially heavy activity in single-family homes priced in the $600,000 to $800,000 range, and condominiums in the $200,000 to $400,000 range.”

Median home prices on Oahu increased by less than 5 percent for all of 2015, to $700,000 for single-family homes, an increase of 4 percent, and to $360,000 for condos, an increase of 2.9 percent.

“More inventory in these ranges is needed to meet demand,” he said. “The Leeward area, Central Oahu plain, and Pearl City showed big gains in January 2016 and lead the market in home sales.”

Janis L. Magin
Managing Editor
Pacific Business News

Oahu single-family home price shatters record in September

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The median sales price of a single-family home on Oahu rose by more than 7 percent in September to hit a record-shattering $730,000 on a 3.5 percent jump in sales, according to Multiple Listing Service data compiled by the Honolulu Board of Realtors.

September’s median price tops the previous record of $719,500 reached in November 2014 and is 6.7 percent higher than the $684,000 median price of a single-family home in November 2013.

“While single-family homes set a new record in September with a median price of $730,000, about 12 percent were sold below $500,000, demonstrating that there are options at all price points in the market – it just takes some looking,” Honolulu Board of Realtors President Jack Legal said in a prepared statement. “We are hopeful that the inventory of homes on the lower end of the spectrum will continue to grow to meet demand. In fact, the nearly 16 percent increase in condo sales over last year proves that more inventory is coming online for prospective homebuyers to consider.”

The $730,000 median sales price of a single-family home reached last month is 7.6 percent higher than the $678,500 price reached in September 2014. The number of single-family homes sold last month rose by 3.5 percent to 329, from the 318 sold during the same time last year.

Meanwhile, condominium unit sales were up 15.7 percent in September, with 480 sold, compared to the 415 that changed hands during the same time last year. The median sales price of those condominium units also increased by 5.5 percent to $366,000 last month, from $347,000 in September 2014.

Darin Moriki
Reporter
Pacific Business News

Oahu home prices rise 7.5% in August on 6.5% increase in sales

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The median price of a single-family home on Oahu rose by 7.5 percent last month to $699,000, while August also saw a 6.5 percent bump in sales compared to the same time last year, according to statistics from the Honolulu Board of Realtors.

There were 344 single-family homes sold last month, a 6.5 percent jump from the 323 that were sold in August 2014. Meanwhile, the median sales price of single-family homes rose last month by 7.5 percent to $699,000, from $650,000 during the same month last year.

That’s still lower than this year’s record $710,000 median sales price that was reached in July.

“August single-family home sales showed healthy gains over last year,” Honolulu Board of Realtors President Jack Legal said in a statement. “We were pleased to see the inventory of homes increasing, and pending sales are up almost 9 percent, which indicates a strong trend heading into September.”

Although the number of condominium sales fell by 3.6 percent last month to 428, compared to the 444 that sold in August 2014, the median sales price of those condo units rose slightly to $354,000. That was an increase of 1.1 percent from the $350,000 median sales price for condo units sales during the same time last year.

Year-to-date, a total of 2,270 single-family homes on Oahu were sold between January and August, an increase of 5.1 percent compared to the same eight-month period last year, when 2,160 single-family homes were sold. The median price of a single-family home for the first eight months of the year was $693,000, which was 4.2 percent higher than the median price for the first eight months of 2014, which was $665,000.

Year-to-date condominium sales also rose, with 3,312 sold between January and August, an increase of 3.7 percent compared to the 3,194 condo units that were sold on the resale market during the same eight-month period last year. The median condo price for that time period rose 2.4 percent to $358,250, from $350,000.

Darin Moriki
Reporter
Pacific Business News

Oahu condo sales jump by 22%, home sales rise 7% in June

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A view of the Kakaako skyline on March 9, 2015

A view of the Kakaako skyline on March 9, 2015

The number of condominiums sold on Oahu in June jumped by 22 percent even as the median sales price fell 6 percent compared to the same time last year, while the median price of a single-family home remained flat as the number of sales rose 7 percent, the Honolulu Board of Realtors said Tuesday.

The median price of a single-family home on Oahu in June was $700,000, unchanged from June 2014, while the number of sales rose to 324 homes sold, a 6.9 percent increase from 303 homes sold during the same month a year ago.

The number of condominium units sold on Oahu last month rose to 500 units sold, a 21.7 percent increase from the 411 that were sold in June 2014. The median price of condos, meanwhile, fell by 6 percent to $338,500 last month, from $360,000 during the same time last year.

“June saw a very high volume start to what is traditionally a busy season for housing sales,” Honolulu Board of Realtors President Jack Legal said in a statement.

Legal said the significant jump in condo sales represented “the highest number of sales in a single month since June 2007.”

“The drop in median price is the result of many of this month’s condo sales being in the lower price ranges, and is in line with our staunch belief that Honolulu’s market needs housing at all price points of the spectrum to remain healthy,” Legal said. “It is unclear whether the median price for condos will remain at that level. What is clear is that demand will continue to outstrip supply for the foreseeable future.”

In all, 1,589 single-family homes were sold on Oahu during the first six months of the year — a 3.4 percent increase when compared to the 1,537 that were sold during the first half of last year. By comparison, condominium sales for the first six months of this year rose 3.3 percent from the same period last year to 2,383 sold, from 2,306 homes sold between January and June 2014.

Darin Moriki
Reporter
Pacific Business News

Oahu condo sales jump by 22%, home sales rise 7% in June

Homes prices on Oahu rise on flat sales in May

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MayHBRUpdateHome prices on Oahu increased in May, with the median price of a single-family house rising 2.3 percent, compared to a year ago, and condominium prices rising 5.6 percent, both on relatively flat sales, according to statistics released Sunday by the Honolulu Board of Realtors.

The median price of a single-family house on Oahu in May was $698,000, compared to $682,000 in May 2014. May’s median price was based on sales of 309 houses, which was just 1.3 percent more than the 305 houses sold during the same month last year.

For condos, the median price in May was $375,000, compared to $355,000 in May 2014. Sales slipped to 450 units sold in May, which was 1.5 percent fewer units than the 457 that sold in May 2014.

“This past May saw median prices for single family homes and condominiums rise,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement. “The statistics are very similar to those of May 2014. We’re seeing improvement in the inventory of homes and condos, but demand remains high for housing at all points of the pricing spectrum.”

Year-to-date, sales followed a similar trend as in May, with the number of single-family homes sold during the first five months of the year rising by 1.9 percent to 1,265, from 1,241 during the same period in 2014, and the number of condos sold decreasing by 1.9 percent to 1,883 units sold from January through May, from 1,920 units sold during the same period.

Year-to-date prices for both categories were 4.3 percent higher for the first five months of the year, with the median price of a single-family home at $683,000 through May, compared to $655,000 at the same time last year, and the median price of a condo at $365,000

Oahu home prices drop in February after months of gains

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Construction cranes are signs of economic prosperity in Honolulu.

Construction cranes are signs of economic prosperity in Honolulu.

The median price of a single-family home on Oahu fell in February to $648,000, while the median price of a condominium dropped 9 percent, after months of increasing prices, the Honolulu Board of Realtors said Saturday.

The median price of a condo on Oahu last month was $326,000, a 9.3 percent drop from $359,450 in February 2014. The median condo price had hit a new record of $381,500 in January after hitting another record in December.

Sales of condos were also sluggish in February, with 290 units sold, 2 percent fewer than the 296 units that were sold in February 2014.

Sales of single-family homes, however, rose 5.8 percent to 201 homes sold last month, compared to 190 homes sold in February 2014. The median price of $648,000 for a single-family home in February was 4.6 percent lower than the ,edian price of $679,000 in February 2014.

“February is traditionally one of the slowest months of the year for real estate sales,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement. “Of particular interest in this report is the growth of inventory over last year, especially the number of condos that have come onto the market.”

Legal noted that the condo inventory on Oahu grew by 14 percent when compared with February 2014, and the inventory of single-family homes grew 6.4 percent.

“With the increased inventory, as well as continued record low mortgage rates, we encourage potential homebuyers who have been on the fence to look at the various options now available,” he said.

Janis L. Magin Managing Editor – Pacific Business News

MEDIAN SINGLE FAMILY HOME PRICES HIT RECORD ON OAHU, ACCORDING TO HONOLULU BOARD OF REALTORS®

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MarketStates_Nov2014During November, sales of single-family homes decreased by 24 percent, while condominium sales decreased by 10.8 percent from November 2013. The median price paid for single-family homes in November increased by 5.2 percent from the same month last year to $719,500. The median price for condominiums increased by 3.9 percent from November 2013 to $343,000. According to the Days on Market indicator, both single-family homes and condominiums were on the market for an average of 27 days.

“While the median price for a single-family home reached another record high this year, there were mitigating factors that caused it to hit $719,500,” said Julie Meier, president of the Honolulu Board of REALTORS®. “Unfortunately, the inventory of homes selling for $550,000 or less has dwindled drastically. For example, 171 of the 225 properties sold in November were priced above $550,000, and 56 of those went for $1 million or more. As a result of the large number of relatively high-end sales, the median price rose.

“The demand for homes continues to outpace current inventory levels,” added Meier. “Simply put, there aren’t as many properties at the moderate end of the spectrum for potential homeowners to consider at the moment. However, the condominium market remains within reach of first-time homebuyers, and the median price for a condo in Honolulu reflects that. We’re encouraged that developers have been mindful of this as they move forward with new projects, especially in Honolulu’s urban core. As we’ve said in the past, Oahu needs new inventory of homes and condos at all price levels to meet demand.”

As Oahu home prices rise, so does the need for affordable housing

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Julie Meier, the president of the Honolulu Board of Realtors, said Monday that while she isn’t surprised the median price for a single-family home on Oahu hit a record-breaking $700,000 in June, she is somewhat surprised that it has happened so fast.

A lack of inventory coupled with high demand sent home prices through the roof in June, according to the board.

Oahu has 2.8 months worth of single-family homes on the market and a condo inventory of 3.3 months, meaning that’s how long it would take to sell every property if no new listings were to come on the market.

Those numbers mean it’s a seller’s market, because a balanced market has about six month’s worth of inventory, said Meier, who’s also a Realtor with Prudential Locations.

Inventory increased by 4 percent in June, to 1,200 active single-family home listings, from 1,153 in June 2013. Condominiums fared better, with the inventory increasing 19 percent to 1,749 listings from 1,473 units listed during the same month last year.

“We do have projects in the works, but most are a long way from completion and they cater to a more affluent [clientele],” she said.

The latest figures confirm Oahu’s need for housing at the other economic spectrum, Meier said.

And Meier said that the rising home and condo prices will have a ripple effect, so expect rents to rise, too.

Julie Meier, president of the Honolulu Board of Realtors.