HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING

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HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING
INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING

INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of

August 2014. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During August, sales of single-family homes decreased by 11.7 percent, while condominium sales decreased by 3.5 percent from August 2013. The median price paid for single-family homes in Augustdecreased slightly by 2.3 percent from the same month last year to $650,000. The median price for condominiums remained the same as that of August 2013 at $350,000. According to the Days on Marketindicator, single-family homes were on the market for an average of only 15 days, while condominiums were on the market for an average of 23 days.

“August was an interesting month for the Oahu housing market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month – the high point of sales for the year. It would have been very difficult to duplicate that this year. Still, this remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold. Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”

Oahu Real Estate Market Update

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August_2014The median price of a single-family home on Oahu fell last month, two months after hitting a new record price, as sales in August dropped by 12 percent when compared to last year, according to statistics released Sunday by the Honolulu Board of Realtors.

The median price of a single-family home in August was $650,000, which was 2.3 percent below the median price of $665,000 in August 2013. The median price in June set at record at $700,000.

Sales of single-family homes on Oahu fell 11.7 percent to 323 homes sold, from 366 homes sold in August 2013.

Condominium sales in August declined by 3.5 percent to 444 units sold, from 460 units sold during the same month last year. The median price of a condo on Oahu was unchanged at $350,000.

“August was an interesting month for the Oahu housing market, Julie Meier, president of the Honolulu Board of Realtors, said in a statement. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month – the high point of sales for the year. It would have been very difficult to duplicate that this year.”

The number of sales in August 2013 was 25 percent higher than August 2012, when 293 homes sold. Last month’s sales were 10 percent higher than the 2012 level. The median price a year ago was 9 percent higher than the median price set in August 2012, which was $609,000. Last month’s median price of $650,000 was nearly 7 percent higher than the price from two years ago.

“Still, this remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold,” Meier noted. “Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”

Staff Pacific Business News

Brewbaker says median price of an Oahu single-family home may hit $1M by 2018

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Paul Brewbaker

Paul Brewbaker

Paul Brewbaker is the go-to economist for several Realtors’ organizations in Hawaii, and five years ago, he predicted that the median price of a home on Oahu would hit $1 million by 2017.

His prediction was based on the projection that homes prices would appreciate by 15 percent each year.

Instead, he said, home prices have appreciated by 5-10 percent year-over-year, so now, his current timetable for hitting the $1 million mark is between 2018 to 2022.

In June, the median price of a single-family home on Oahu hit a record $700,000.

“We’re not getting as strong a signal from home-price appreciation, and that is part of the reason why new home production is less robust than I anticipated a few years ago,” he said. “Still, I think that supply constraints are more of an issue than lack of housing demand.

“Either way there is less energy in the housing market today than I imagined would be characteristic of the housing market at the end of the recession five years ago,” he said.

Brewbaker made the comments in a Q&A with PBN in which he calls out the state of Hawaii for making bad business decisions, such as obstructing development. He also says the state’s energy policies have led to high electricity rates and calls the state of Hawaii an “idiot” for providing equity to film and television shows without getting residuals in return.

Read more about what Brewbaker has to say about the Hawaii economy here and in Friday’s print edition of Pacific Business News.

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

HOME SALES ON OAHU SEE HEALTHY RISE IN MAY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

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CaptureSales of single-family homes rose by 14.7 percent in May 2014, while condominium sales rose by 1.1 percent from May 2013. The median price paid for single-family homes in May increased by 8.3 percent from the same month last year to $682,000. The median price for condominiums increased by 12.7 percent from May of last year to $355,000. According to the Days on Market indicator, single-family homes were on the market for an average of 20 days, while condominiums were on the market for an average of 21 days.

“These robust numbers point to a very active market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “Even though inventory has been increasing, it’s been outpaced by demand. People are snapping up properties as soon as they hit the market creating more demand and competition among buyers, which in turn raises prices. With median prices at a near all-time high and strong demand, we may see more homeowners putting their properties on the market.”

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.)

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.

Oahu Real Estate Market Update – APRIL SALES AND MEDIAN PRICES INCREASE FOR SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS

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APRIL SALES AND MEDIAN PRICES INCREASE FOR SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of April. 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
April 2013280$625,000
April 2012217+29.0%$600,000+4.2%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
April 2013
457$335,000
April 2012343+33.2%$319,000+5.0%

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

 

During April, sales of single-family homes and condominiums increased by 29 percent and 33.2 percent, respectively, from April 2012. The median price paid in April was $625,000 for single-family homes and $335,000 for condominiums, increases of 4.2 percent and 5.0 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums sold faster last month compared to a year ago. Single-family homes were on the market for 23 days and condominiums for 19 days.

“Compared to this time last year, the tremendous jump in total number of sales and a rise in median price for both single-family homes and condominiums shows the market is poised to make a strong comeback.” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “Our members are excited about April’s strong showing, and look forward to building on this momentum as we head into the summer 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.)

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

Oahu Real Estate Market Update – MARCH SALES AND MEDIAN PRICE INCREASE FOR BOTH SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS

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MARCH SALES AND MEDIAN PRICE INCREASE FOR BOTH SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of March. 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 2013231$640,000
March 2012222+4.1%$625,000+2.4%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
March 2013
585$346,700
March 2012338+73.1%$311,750+11.2%

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

 

During March, sales of single-family homes and condominiums increased by 4.1 percent and 73.1 percent, respectively, from March 2012. The median price paid in March was $640,000 for single-family homes and $346,700 for condominiums, increases of 2.4 percent and 11.2 percent, respectively, 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 22 days and condominiums for 15 days.

“Momentum is strong in the Honolulu market, with sales and median prices increasing for both singlefamily homes and condominiums,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “The March resale figures for condominiums were impacted by the presale of 174 units at Holomua – the majority of which listed between $299,000 and $400,000, indicating great demand for affordable housing. But even without those closed sales, the number of condo sales increased by an impressive 21.6% percent over last 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.)

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