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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: hbradmin@hicentral.com

© 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.

Honolulu median home price could reach $774k by 2015

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The median price of a condominium unit on Oahu could reach $376,300, according to a recent forecast from the University of Hawaii Economic Research Organization.

The median price of a condominium unit on Oahu could reach $376,300, according to a recent forecast from the University of Hawaii Economic Research Organization.

Honolulu median home price could reach $774k by 2015
Bill Cresenzo Reporter – Pacific Business News

The median price of single-family home in Honolulu could rise 9.8 percent this year to surpass the $700,000 mark, according to a recent forecast from the University of Hawaii Economic Research Organization.

And by 2015, the Hawaii construction forecast by UHERO predicts a single-family home on Oahu will have a median price of $773,800.

The median price of a single-family home for all of 2013 was $647,000, while the current record for the median price of a single-family home on Oahu is $685,000, set in December and July of last year, according to data from the Honolulu Board of Realtors.

The report forecasts the median price of a condominium this year will rise 6.2 percent to $354,400, and that by 2015, the median price of a condo is forecast to hit $376,300. Oahu condo prices hit a record high in February, when the median price of a unit was $359,450, according to the Honolulu Board of Realtors.

“Moderate interest rates and further strengthening of economic fundamentals will stimulate demand for homes and drive prices upward,” the UHERO report says. “While Neighbor Islands are still waiting for a decisive upturn in residential permits, the Kakaako condo boom is leading a strong pick up in Honolulu.”

Oahu housing market continues its hot pace as single-family home and condo prices rise in March

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Oahu housing market continues its hot pace as single-family home and condo prices rise in March
Bill Cresenzo Reporter – Pacific Business News

Oahu’s housing market continued on a hot pace in March, with both sales volume and prices of single-family homes up over a year ago.

Condominium prices climbed year over year, but sales volume dropped off.

The median price of a single-family home on Oahu rose to $657,000 in March, an increase of 2.7 percent from $640,000 in March 2013, according to figures released Monday by the Honolulu Board of Realtors.

The number of sales rose 6.5 percent to 246 in March from 231 in March 2013.

The median price of a condominium rose 2.9 percent in March to $350,000 from $340,000 in March 2013, but the number of sales declined 5.8 percent to 387 from 411.

“The Hawaii housing market is showing a great deal of resilience,” Julie Meier, president of the Honolulu Board of Realtors, said in a statement.

She noted that single-family homes, on average, were on the market for only 17 days, compared to 22 days a year earlier. Condos were on the market an average of 25 days.

The March numbers are consistent with findings by the University of Hawaii Economic Research Organization, which predicts that the median price for a single-family home on Oahu will hit $700,000 later this year and reach $774,000 by 2015.

HONOLULU HOME AND CONDOMINIUM SALES SEE HEALTHY JUMP IN YEAR-OVER-YEAR FIGURES

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HONOLULU HOME AND CONDOMINIUM SALES SEE HEALTHY JUMP IN
YEAR-OVER-YEAR FIGURES, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

Download the full report MPR-January2014

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

Jan2014

 

 

 

 

 

 

 

During January, sales of single-family homes and condominiums both increased by 8.4 percent from January 2013. The median price paid for single-family homes in January increased 5.8 percent from the same month last year to $629,500. The median price for condominiums increased 1.6 percent from January of last year to $320,000. According to the Days on Market indicator, single-family homes were on the market for an average of 22 days and condominiums for 21 days.

“January was a good month for the industry, with a healthy increase in the number of homes and condominiums sold compared to January of last year,” said Julie Meier, president of the Honolulu Board of REALTORS®. “There was a substantial drop in the single-family home median price from December 2013, but that’s not unusual and can be attributed to the seasonality of the market. Median sales prices of both single-family homes and condominiums were up year over year.”

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.)

Sales of apartment buildings in Hawaii top $100M so far this year

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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.”

Oahu Real Estate Market Update – January 2013 – SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY

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FOR IMMEDIATE RELEASE
February 7, 2013MEDIA CONTACT:
Caroline Witherspoon
Becker Communications, Inc.
(808) 533-4165

SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of January. 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
January 2013227$595,000
January 2012175+29.7%$618,900-3.9%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
January 2013
286$315,000
January 2012270+5.9%$305,000+3.3%

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

Download January 2013 Press Release
Download January_Local Market Update_2013
Download January_Market Historical Stats_2013

During January, sales of single-family homes and condominiums increased by 29.7 percent and by 5.9 percent, respectively, from January 2012. The median price paid in January was $595,000 for singlefamily homes and $315,000 for condominiums, a decrease of 3.9 percent and an increase of 3.3 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 23 days and condominiums listing for 36 days.

“Overall, January’s numbers are good with sales of single-family homes and condominiums continuing to be strong,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “The median sales price for single-family homes dropped due to the higher volume of sales this year over last in the lower price ranges. This means there were fewer high priced homes sold compared to the mid- and low-priced, which bumped the median price down, due to the high number of first time homebuyers getting into the market. There is a lot of activity in the market and we’re optimistic low interest rates and reasonable prices will continue to fuel the positive trend we’ve been seeing these past few months.”

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.)

October 2010 Residential Resales Statistics * * The days on market are a very good sign of velocity

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NewMSRFormat The board said Tuesday that 241 single-family homes were sold on Oahu last month, down 16.9 percent from the 290 sold in October 2009. At the same time, the 310 condominiums sold represented a 21.3 percent drop from the 394 that traded hands a year ago.

The median sales price for homes was $595,750 in October, 1.4 percent lower than the $604,500 posted in October of last year, HBR said. October 2010's figure is down about $25,000 from last month. The HBR said the median sales price for condos remained unchanged at $300,000 from October to October, but down $34,000 compared to September 2010.

“These numbers are not surprising when you consider that last year at this time we were at the height of
the first-time homebuyer tax credit frenzy, which stimulated real estate sales in what is typically a slower period in the market,” said Brian Benton, president of the Board. “The days on market are a very good sign of velocity. In fact, we haven’t seen days on market or inventory this low since 2005, which was the
peak of the market.”

Download October2010_HBR_MarketReport


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1888 Kalakaua Ave., C312
Honolulu, HI 96815
Phone 808-791-2923