Jan 14, 2014, 2:47pm HST
Bill Cresenzo Reporter – Pacific Business News
Julie Meier, the president of the Honolulu Board of Realtors, said she doesn’t like making predictions about how the real estate market will fare on Oahu in 2014.
Last week, the board announced that the median price for a single family home hit $685,000 in December. The last time the island saw prices that high was in June 2007. That figure is also $85,000, or about 14 percent, higher than the median price of a single-family home just a year ago.
Interest rates are now ranging from around 2.25 percent to 4.5 percent, which is a good thing.
But inventory on Oahu remains low, which is not a good thing. Right now, there is around 2.7 months’ worth of inventory of single-family homes and around 2.6 months’ worth of condo inventory, Meier said.
“It’s a good time to bring your house on the market,” Meier said.
There were 283 single family homes sold during the month of December, compared to 291 in 2012, a 2.7 percent decrease. The median price of a condo on Oahu was $330,000, a 1.5 percent decrease from 2012, when a condo sold for 330,000. There were 390 condos sold in December 2013, a 2.7-percent decrease from the 401 units sold in 2012.
Meier said homes in the $1.1 million to $1.9 million range are moving the fastest into escrow and the lack of inventory is felt most in the $475,000 and lower range.
“What we are really hoping for is new construction,” she said. “We are really watching for that.”
The board plans to release the full-year numbers for Honolulu later this month.
Bill Cresenzo Reporter – Pacific Business News
The median price of a single-family home in Honolulu in December tied its previous record of $685,000 set in July 2007, according to figures released Tuesday by the Honolulu Board of Realtors.
The figure represents a 14.2-percent increase from the $600,000 median price tag that home buyers paid in December 2012.
December also saw a dip in sales to 293 single-family homes sold, from 291 in December 2012.
“That is pretty typical for this time of the year,” said Julie Meier, president of the board of realtors. “We want to keep our eyes on the median sales price, especially for single-family homes, given that this month’s medianprice ties the market’s highest peak at $685,000.”
The median price of a condominium was $330,000, a 1.5 percent decline from $335,000 during the same month last year.
Single family homes, on average, were on the market for 22 days, while condos were on the market for 27 days.
For all of 2013, condo sales increased 11.8 percent to 4,874 units sold, from 4,361 units sold during all of 2012. The median price of a condo rose 4.6 percent to $332,000 in 2013 from $317,500 in 2012.
The median price of a single-family home for all of 2013 rose 4.8 percent in 2013 to $650,000 from $620,000 in 2012. Sales of single-family homes rose 4.6 percent to 3,312 homes sold, from 3,166 homes sold in 2012.
HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of October. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
|Number of |
|This Month |
|Number of |
|This Month |
*Median price means half the prices were above and half below the given price.
During October, sales of single-family homes increased by 2.4 percent and condominiums decreased by 1.4 percent from October 2012. The median price paid for single-family homes in October increased 2.4 percent from the same month last year to $640,000. The median price for condominiums was flat from October of last year at $325,000. According to the Days on Market indicator, single-family homes were on the market for an average of 22 days and condominiums for 19 days.
“October was relatively flat for both sales and the median price of single-family homes and condominiums, which is typical of this time of year,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “Of note, median days on market have flattened out the past five months, and the number of new listings is increasing, so we’re slowly adding into inventory.”
The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,300 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)
Nov 5, 2013, 6:45am HST
Duane Shimogawa | Reporter- Pacific Business News
Driven by low inventory, investor confidence and favorable interest rates, sales of apartment buildings in Hawaii posted strong results in the third quarter of this year with more than $34 million in sales, according to a new report.
The report by Apartment Advisors LLC said the total sales volume of multifamily properties for 2013 has now eclipsed the $100 million mark and is expected to continue to climb throughout the fourth quarter.
The median price of apartment buildings jumped to $1.85 million, a $400,000 increase from last quarter, with the average price-per-unit also increasing to an estimated $194,000 for a one-bedroom, one-bathroom apartment unit, the report said.
Small- to mid-sized apartment properties continue to dominate the market and account for more than 87 percent of apartment sales under $3 million, the report said.
The average number of days that properties have stayed on the market spiked to 124 days per transaction but this was due to investors buying properties that had been on the market for longer periods due to the lack of new inventory, the report said.
Jared Ikeda, owner of Apartment Advisors, said in the report that he’s been tracking apartment sales since the early 1990s and that prices per unit for multifamily properties are at the highest they’ve ever been in the past 20 years.
He pointed out that the current level of pricing won’t continue much longer. He noted that as rents for properties increase and interest rates for loans decrease, it creates a larger surplus or cash flow for investors, thus allowing them to pay higher prices.
“If you factor in the low inventory of apartments with no new supply being built, we have a perfect environment for an owner wanting to sell,” Ikeda said. “However, we have already seen signs of this trend changing.”
For example, although interest rates are still comparatively low, they have already risen more than 100-plus basis points since the beginning of last quarter and they will likely continue to rise moving forward, he said.
“Furthermore, apartment rents have also been slowly reaching a tipping point and won’t continue without significant upgrades to properties to justify the increase,” Ikeda said. “For apartment owners who are thinking about selling at the peak, the window of opportunity is closing and coming to an end.”
Oct 7, 2013, 7:25am HST Updated: Oct 9, 2013, 1:48pm HST
Janis L. Magin | Managing Editor- Pacific Business News
Home prices on Oahu rose last month, as the median price for single-family homes and condominiums moved within striking distance of breaking previous records, according to statistics released Monday by the Honolulu Board of Realtors.
The median price of a single-family home in September was $675,000, a 6 percent increase from $637,000 in September of last year, and closer to the record, for any month, of $685,000 set in June 2007. That price was based on sales of 303 homes, which was virtually unchanged from the 304 home sold during the same month.
The number of condo units sold, however, jumped 20 percent to 421 units sold last month, compared to 350 units sold in September 2012.
The median price of a condominium on Oahu in September was $348,000, which was 8.9 percent higher than the median price of $319,500 set during the same month last year. It was also very close to the record $350,000 set in August, and 4 percent higher than the record of $334,000 set in June 2007.
“While it was a relatively positive month for Honolulu’s residential market, we are seeing the effects of low inventory,” said Kevin Miyama, president of the Honolulu Board of Realtors. “Potential sellers interested in listing their properties should consider taking advantage of current market conditions, especially if they are interested in buying-up before interest rates rise, which is expected to happen in 2014.”
Posted: Wednesday, September 4, 2013
|Lender||Term/Type||Interest Rate||% Points||% *APR|
|Akamai Financial Services|
|Aloha Happy Mortgage LLC|
|American Family Lending|
|American Home Finance|
|American Savings Bank|
|Bank of Hawaii|
|Castle & Cooke Mortgage|
|Central Pacific HomeLoans|
|CUSO of Hawaii|
|First Hawaiian Bank|
|Hawaii Mortgage Resources, LLC|
|House of Finance|
|Lau, Donald Mortgage|
|Miranda, Violet Mortgage|
|Savvy Realty & Loans|
|Wells Fargo Home Mortgage|