|Hawaii Real Estate|
Results Matter! With over 25 years of experience representing home buyers & sellers, I am your proven asset in our ever-changing real estate market.
|Coldwell Banker Pacific Properties|
Society of Excellence
1314 S. King Street, 2nd Floor
Honolulu, HI 96814
(808)593-6449 Office/(808)748-8170 Fax
|Current Hawaii Real Estate News
Pacific Business News - June 21, 2017: Oahu luxury sales up 80 percent in May
Pacific Business News - June 19, 2017: Aina Haina sees jump in sales, prices last month
Pacific Business News - June 12, 2017: Maui housing prices saw double-digit growth in May, bolstered by strong demand
Pacific Business News - June 6, 2017: Condo sales soar on Hawaii's Big Island as prices fall
Pacific Business News - June 6, 2017: Oahu single-family home sales reach near-record in May
Pacific Business News - June 6, 2017: Kauai home prices, sales jump by 50% in May
Pacific Business News - June 5, 2017: More homes sold on Oahu in May - and faster, Locations says
Pacific Business News - June 5, 2017: Coldwell Banker Pacific Properties tops in 2016 volume, Locations tops in sides
Pacific Business News - May 25, 2017: Sales, prices of Oahu luxury properties decreased in April
Pacific Business News - May 19, 2017: Condo sales surge 75 percent in the downtown area last month
Pacific Business News - May 10, 2017: Maui condominium prices surge 10 percent in April
Pacific Business News - May 7, 2017: Oahu single-family home prices slip as median condo price jumps 7%
Pacific Business News - May 7, 2017: Kauai single-family hoe prices jump 18% as sales drop
Pacific Business News - May 7, 2017: Big Island single-family home sales rise as prices decline
Summer is here. Indicators point to it being a scorcher. Sales volume for May was the highest in four years. Prices are up. Days on the market are down. And pending sales are up — way up.
“I would characterize the current market as very fast moving,” says Kalama Kim, principal broker at Coldwell Banker Pacific Properties. “The average days on the market for closed sales in May was 14 days — from the time a property was listed for sale to the time an offer on the property was accepted. Pending sales for homes increased by a whopping 37.7% in May, which means closings over the next few months will also see significant increases.”
Homes are flying off the market in Kailua, Waianae, the Ewa Plain and Makakilo, according to Kim, where listings are selling in less than two weeks.
Bidding wars are the new normal. With a fleeting now-you-see-it-now-you-don’t inventory, the market conditions can be intimidating. Kim says being prepared has everything to do with being successful.
“First-time homebuyers need to invest a significant amount of time determining exactly what they are looking for in a home and neighborhood so they can be decisive once they see the right home,” Kim says. “Indecision in this market leads to losing out to another buyer.
“Sellers too need to plan ahead, allowing time to prepare the home to be presented in its best light and to implement a grand launch to generate multiple offers.”
Call me or send me an email, and I can walk you through the sales process and give you the jump on the competition you need to succeed.
Sales of Single Family Homes and Condos as of May, 2017
Single family home sales volume was strong in May, kicking off the summer buying season, which typically peaks in June.
May stats, as reported by the Honolulu Board of Realtors, show the number of single-family homes sold were up 13.5%, from 319 one year ago, to 362 last month — the highest volume since August 2013.
Condo sales volume also was up dramatically. Last month, 540 condo units closed escrow, as compared to 477 closed during the same period in 2016 — an increase of 13.2%.
The ongoing demand for housing combined with limited inventory, along with the number of sales that remained in escrow at the close of May, signal a high number of closings will occur in the upcoming weeks. Pending single-family home sales are up by 37.7% and condo sales are 25.3% higher than last May.
Median Sales Price of Single Family Homes and Condos as of May, 2017
Bidding competition between multiple buyers can result in sales prices exceeding asking prices. But regardless of how many offers are made, most Oahu sellers in May ended up netting between 95% and 100% or more of their asking price.
The median price for single-family houses was $745,000, a 3.6% increase from May 2016. Condo prices increased by 9% to $406,500.
As we approach mid year, the year-to-date price of a single-family home is up 2.8% from this time last year to $740,000 from $720,000. Year-to-end data for condo prices are up 5% to $399,000 from $380,000 at the end of May 2016.
With median prices inching closer to the million-dollar mark, this month’s hottest markets are those neighborhoods where the MSP met or broke the million dollar price tag in HBR’s most current year-to-date 2017 data.
Single-family homes in:
Aina Haina – Kuliouou: $1,175,000
Hawaii Kai: $1,070,000
Kailua – Waimanalo: $1,031,000
Makiki – Moiliili: $1,050,000
Waialae – Kahala: $1,848,556
Condo neighborhood with a MSP closest to $1 million:
Hawaii Kai: $675,000
Source: Honolulu Board of REALTORS®, compiled from MLS data. May 2017
Doing it Right the First Time
Purchasing your first home can be an intimidating task, but it doesn’t need to be. Understanding every step of the process and planning ahead to make sure there are no hiccups are essential to having a successful experience.
Are your finances in order? Do you understand escrow? Are you aware of closing and insurance costs? What about property taxes? Do you know about Home Owners Association (HOA) fees? Do you know how much real estate you can afford to buy?
Making the transition to first-time homeownership may seem daunting as you learn various terms, provide proper documentation for financing, and learn how the many pieces need to fall into place for the home purchase to be approved and completed. While it’s tempting to look to the internet for answers, some issues will not be easily resolved with an online search.
In its most recent 2016 Profile of Home Buyers and Sellers, the National Association of REALTORS® (NAR) reported that out of the close to six million homes sold, 35 percent were purchased by first-time buyers, a 3 percent increase over 2015. Additionally, 88 percent of buyers purchased their home with the assistance of a real estate professional.
If you are considering purchasing your first home, here are a few points you may want to keep in mind throughout the process:
1.) It is important to understand the financial aspects involved in buying a home especially the first time. For example, you will need to set a realistic budget for an affordable mortgage payment. Compile all the necessary financial documents, save up for a down payment and improve your credit if it is not already rated very good to excellent. According to the 2016 Profile of Home Buyers and Sellers, NAR reports that the majority of buyers paid 10 percent of the purchase price as a down payment and obtained financing for the remaining 90 percent of the purchase price. If you don’t know where to start, a mortgage advisor should be able to help.
2.) Consider all the costs involved in buying and then owning a home, including principal and interest on the loan, taxes, insurance, and inspection costs. Also remember to think about future costs like utilities, maintenance, commuting, HOA fees and any possible upgrades.
3.) If you do not understand a term or do not know what to do next, always consult an expert. As a real estate professional, I can help you find a property, negotiate the deal, and guide you through every step of the home buying process.
To learn more about how to start planning for your first home purchase, visit www.ColdwellBankerHomes.com.
Hawaii Real Estate
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I enjoy assisting in the sales and purchase of income property and single family homes within the areas of Honolulu, Kailua, Diamond Head, Kahala, Hawaii Loa Ridge, Hawaii Kai, and Portlock. I also specialize in oceanfront and beachfront property as well as new construction projects.
For the past 20 years, I have consistently been one of the company's top producers and have had the opportunity to service clients with properties ranging in price from $50,000 to $15,000,000. My clientele includes an extensive list of high-profile and influential individuals, most of whom are referrals from others who appreciate high-quality and reliable customer service.
2009 Coldwell Banker Real Estate Corporation. Coldwell Banker is a registered trademark licensed to Coldwell Banker Corporation. An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated By NRT LLC. All square footages are approximate. The information contained herein, while not guaranteed, has been obtained from sources believed to be reliable.
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