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 median home price rises 4% to $710k as sales jump 12%

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july_harThe median sales price of a single-family home on Oahu rose 4 percent in July to a year-to-date high of $710,000 amid a 12 percent rise in sales, compared to the same time last year, according to a monthly report released Friday by the Honolulu Board of Realtors.

In all, single-family home sales rose by 12.3 percent last month to 337 homes sold, compared to 300 homes that were sold in July 2014. The median sales price of those homes rose by 3.9 percent to $710,000 last month, from $683,500 during the same time last year.

The median price was a high for 2015, topping the $700,000 median price set in June, but falling short of the record all-time high of $719,500 set in November.

“July continued the healthy trend in housing sales that we saw in the previous month,” Honolulu Board of Realtors President Jack Legal said in a statement.

Condominium sales rose 12.8 percent last month to 501 units sold, from 444 units sold during the same time last year. The median sales price of those units, however, dipped slightly by 0.5 percent to $350,000 last month, from $351,750 in July 2014.

Still, the decline in condo prices is a positive development, said Legal, who noted that there was a 16 percent jump in the number of condominium units sold that were priced below $350,000.

A total of 256 units were sold in that price range last month. That’s nearly 15.8 percent more than the 221 that were sold in July 2014.

“About a third of these condos were found in four neighborhoods: Makaha and Makakilo in West Oahu, and Makiki and Ala Moana,” Legal said. “It’s encouraging to see more sales of affordable condos, particularly those close in the urban core.”

Year-to-date, the number of single-family homes sold between January and July totaled1,926, a 4.8 percent increase from the 1,837 that were sold in the same seven-month period last year. Meanwhile, the year-to-date median sales price of those homes also rose slightly by 2.3 percent to $690,000, from $674,700 during the same seven-month period last year.

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

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

Oahu condo prices hit another new record in January

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Home prices on Oahu soared in January, a traditionally slow month for sales, as the median price of a condominium hit a record $381,500, according to statistics released Saturday by the Honolulu Board of Realtors.

The median Oahu condo price was 19.2 percent higher than the median price set in January 2014, which was $320,000, and was 5.6 percent higher than the previous record median price of $361,250, set in December.

The median price of a single-family home rose to $675,000, a 7.2 percent increase from $629,500 in January 2014.

Sales of single-family homes, however, fell 14.6 percent ot 210 homes sold in January, from 246 homes sold in January 2014. Sales of condos fell 7.7 percent to 286 units sold, from 310 units sold in January 2014.

“This is traditionally one of the slowest months of the year, so the sluggish sales of single-family homes and, to a lesser extent, condos, is not too surprising,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement. “However, what’s notable is the jump in median sales price, including a new record set for condominiums.

“This indicates demand for housing is still very high, and the one factor that is putting a damper on the market is, as usual, the lack of inventory, especially for single-family homes,” Legal said.

There were 1,077 active listings for single-family homes in January, a 7.1 percent decrease from 1,159 listings in January 2014. Condo listings totalled 1,630 in January, a 4.2 percent increase from 1,564 listings during the same month a year ago.

The months of inventory remaining for single-family homes — the time it would take to sell every home on the market — fell 7.1 percent in January to 2.6 months, from 2.8 months in January 2014. The inventory for condos, however, rose 3.4 percent to three months of inventory, from 2.9 months in January 2014.

Homes also spent more time on the market before selling in January. Single-family homes were on the market for a median of 26 days in January, compared to a median of 22 days in January 2014, an increase of 18.22 percent. The median days on market for condos rose 28.6 percent to 27 days, from 21 days a year ago.

Janis L. Magin Managing Editor – Pacific Business News

Condominium prices on Oahu hit new record in December

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decThe median price of a condominium on Oahu reached a record $361,250 in December, a 9.5 percent increase from the same month a year ago, according to figures released Tuesday by the Honolulu Board of Realtors.

The December median price for condos tops a previous record set in June, when the median price of a condominium hit $360,000.The median price of a condo in December 2013 was $330,000.

The median price of a single-family home on Oahu in December rose just 0.7 percent to $690,000, from $685,000 in December 2013. In November, the median price of a single-family home set a new record of $719,500.

Sales of single-family homes remained flat in December at 284 sales, compared to 283 home sales in December 2013.

Sales of condos were flat, with 290 units sold in both December 2014 and December 2013.

“This month’s sales figures basically stuck to historical norms except for one aspect,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement, referring to the record median price for condos. “One positive is that the inventory of condos was up in December as compared to the previous year.”

Bill Cresenzo Reporter – 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.”

CoreLogic says Hawaii among states with highest home price appreciation

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Hawaii was among the states that saw the highest home price appreciation in April, compared to a year before, and was No. 1 in the nation when distressed properties were factored out of the equation, according to a new report by CoreLogic.

Excluding distressed sales Hawaii saw home price appreciation of 13 percent, which was more than 1.5 percentage points higher than the No. 2 state, California, which had 11.4 percent appreciation, according to the April Home Price Index from Irvine, Calif.-based CoreLogic (NYSE: CLGX). Nevada was third with 11.1 percent appreciation, followed by New York with 10.3 percent and Florida with 10.2 percent. The national home price appreciation rate, excluding distressed sales, was 8.3 percent in April

When distressed sales were included in the data, Hawaii was ranked third, with 14.1 percent appreciation, behind No. 1 California with 15.6 percent appreciation and No. 2 Nevada with 14.8 percent. Nationally, home prices, including distressed sales, increased 10.5 percent in April, compared to April 2013, according to CoreLogic.

Janis L. Magin Managing Editor – Pacific Business News

Oahu Real Estate Market Update – HONOLULU SINGLE-FAMILY HOME SALES REMAIN BRISK IN MARCH, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

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HONOLULU SINGLE-FAMILY HOME SALES REMAIN BRISK IN MARCH, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of March 2014. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
March 2014246$657,000
March 2013231+6.5%$640,000+2.7%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
March 2014
387$350,000
March 2013411-5.8%$340,000+2.9%

*Median price means half the prices were above and half below the given price.

 

During March, sales of single-family homes increased by 6.5 percent, while condominium sales fell by 5.8 percent from March 2013. The median price paid for single-family homes in March increased 2.7 percent from the same month last year to $657,000. The median price for condominiums increased 2.9 percent from March of last year to $350,000. According to the Days on Market indicator, single-family homes were on the market for an average of only 17 days, while condominiums were on the market for an average of 25 days.

“The Hawaii housing market is showing a great deal of resilience,” said Julie Meier, president of the Honolulu Board of REALTORS®. “Both the number of sales and median prices of single-family homes went up in March. What’s more, homes on average were only on the market for 17 days, compared to 22 days in March 2013. Days on Market (DOM) measures how fast homes sell. DOM of 17 indicates a very active and strong market, with high buyer interest.”

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, it is 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.)

MPR-March2014-ClosedSales-thumbMPR-March2014-MedianSalesPrice-thumbMPR-March2014-AverageSalesPrice-thumb

Click here for a printable pdf version of this report.

Contact Info

  • Honolulu Board of REALTORS
  • 1136 12th Avenue, Suite 200
  • Honolulu, Hawaii 96816
  • Ph: (808) 732-3000
  • Fax: (808) 732-8732
  • Email: [email protected]

© 1995-2012 Honolulu Board of REALTORS®. All rights reserved.
Information herein deemed reliable but not guaranteed.

Note: Honolulu Board of REALTORS® receives inquiries seeking professional advice; however the Honolulu Board of REALTORS® staff is not qualified, nor licensed, by the state of Hawaii to properly address real estate or legal issues. For questions concerning these issues, consult with either the Hawaii Real Estate Commission, your Principal Broker, or an Attorney.

Oahu Real Estate Market Update – February 2013 – CONDOMINIUM SALES AND PRICES INCREASE IN FEBRUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

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CONDOMINIUM SALES AND PRICES INCREASE IN FEBRUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of February. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
February 2013201$600,000
February 2012217-7.4%$625,000-4.0%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
February 2013
279$340,000
February 2012227+22.9%$315,000+7.9%

*Median price means half the prices were above and half below the given price.

 

During February, sales of single-family homes decreased by 7.4 percent and condominiums increased by 22.9 percent from February 2012. The median price paid in February was $600,000 for single-family homes, a decrease of 4.0 percent, and $340,000 for condominiums, an increase of 7.9 percent, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums occurred at a faster pace last month compared to a year ago, single-family homes were on the market for 25 days and condominiums for 34 days.

“These numbers aren’t all that surprising, given that February is typically a down month in Honolulu. We anticipate the numbers wills start to climb from now until July, which is the high point in the market,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “For single-family homes, we’re continuing to see limited inventory and fewer new listings. On the condo side, sales were quite good when you consider our inventory was down about 27 percent. Compared to single-family homes, we have more condos on the market, especially in the mid-price range.”

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.)

MPR February 2013 Closed SalesMPR February 2013 Median Sales PriceMPR February 2013 Average Sales Price