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.)

Hawaii real estate outlook for 2014: Sunny with a chance of rain

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Jan 22, 2014, 2:21pm HST
Duane Shimogawa Reporter – Pacific Business News

Some 700 people from Hawaii's real estate industry turned out for a 2014 forecast that was mostly positive.

Some 700 people from Hawaii’s real estate industry turned out for a 2014 forecast that was mostly positive.

The 2014 Hawaii Real Estate Forecast on Wednesday at the Hawaii Convention Center saw the return of the “wizard,” some amazing photos of a Japan ski trip and mostly positive predictions for this year’s industry outlook.

On hand were some of the biggest names in Hawaii’s real estate industry, including panelists from Jones Lang LaSalle, Colliers International Hawaii, Ambard & Co. Commercial Real Estate, Prudential Locations and Bishop Street Commercial.

Wendel Brooks III, who recently left CBRE Hawaii to head up rival Jones Lang LaSalle’s retail operation, kicked the event off with a retail forecast that looks mostly sunny with a possibility of rain in 2014.

“Plan on delays,” he said in his presentation. “Construction will cripple parts of Oahu [and] rents will continue a slow upward trend. We have seen the bottom.”

Brooks also said that retailers and restaurants Hawaii should soon expect to see include Sonic Drive-In, Olive Garden, H&M, Bloomingdale’s, Ulta Beauty, Urban Outfitters, Sport Chalet, Dick’s Sporting Goods, DSW Inc. and Uniqlo.

Additionally, he pointed out that Hawaii should expect the expansion of retailers and grocery stores such as Safeway, Target and T.J. Maxx.

Bishop Street Commercial’s Matt Bittick took to the podium next but not before taking a “selfie” with Hawaii News Now’s Howard Dicus, who also was the moderator for the event, attended by some 700 people.

Bittick predicted that by the end of this year, the office market vacancy rate in Honolulu will hover around 13 percent, which is slightly lower than what CBRE Hawaii reported in the fourth quarter of 2013.

A year ago, nearly 15 percent of Honolulu’s office space sat empty, CBRE Hawaii said.

Whatever the case, Bittick noted that office space in Honolulu is still cheaper when compared to other markets such as San Francisco.

For Mark Ambard of Ambard & Co. Commercial Real Estate, who made sure to show the audience some of his recent Japan ski trip photos during his presentation, the industrial market will require lots of patience.

“Space is available, but not abundant [and] business growth is still relatively slow [with] current spaces often not matching current users,” he said in his presentation. “Develop now if you can find land. Rents will go up [so] tenants should lock in now. Land is gold, get now, develop now.”

From one colorful presentation to the next, Mike Hamasu of Colliers International Hawaii didn’t forget to bring his popular wizard hat to the podium.

His investment report encompassed some positive numbers for 2013 with $3.9 billion in sales, a 78 percent jump from the $2.1 billion recorded in 2012.

Led by hotel and apartment sales, the investment market is as active as it has been since the Great Recession.

And Hamasu, who jokingly mentioned that he is accepting donations for a new wizard hat, said he projects to see more of the same in the investment market in 2014.