|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 - September 8, 2017: Maui Condominium Sales, Prices Decline in August
Pacific Business News - September 7, 2017: Oahu Condominium Sales Jump 20% in August to Highest Point Since 2005
Pacific Business News - September 5, 2017: Locations Report Shows Oahu Homes, Condos Continued to Break Records in August
Pacific Business News - September 5, 2017: Kauai Single-family, Condo Units Experience Double-Digit Drop in August Sales
Pacific Business News - September 5, 2017: Big Island Condo Sales Drop 22.7 Percent in August Following Previous Gains
Pacific Business News - August 21, 2017: Oahu Luxury Homes in Escrow Increase 14 Percent in July, While Sales Dropped
Pacific Business News - August 14, 2017: Oahu Big Island Condo Boom Reaches Maui
Pacific Business News - August 7, 2017: Home Prices Drop on Kauai as Sales Increase
Pacific Business News - August 7 2017: Condo Sales Soar on Hawaii's Big Island
Pacific Business News - August 6, 2017: Condo Sales on Oahu Rise 7% as Median Price Hits New High
Pacific Business News - August 3 2017: Median Price for Oahu Condos Reach New Highs in July
Condo sales are up 19.5% in August — an indicator that condos and townhouses remain an attractive alternative to single-family homes for homebuyers desiring a more affordable price point.
While prices continue to rise, the recent easing of loan requirements offers new encouragement to prospective buyers who feel like they may have missed the boat.
“Many lenders have recently announced that recent changes have been made to loan underwriting criteria, which may allow buyers to qualify for a higher loan amount,” says Kalama Kim, principal broker at Coldwell Banker Pacific Properties. “Low mortgage interest rates, along with the relaxation of lending criteria, allows buyers to qualify for home loans they are comfortable with, and otherwise, may not have met the financial requirements for.”
Market indicators continue to point to a strong housing market for Oahu. Days on the market stats — the length of time from listing to escrow — remain low as sales occur with lightening speed. Inventory fell again in August, as compared to this time last year. And pending sales are up 30 percent from figures released by the Honolulu Board of Realtors a year ago. These market conditions are a sure indicator the prevailing buying frenzy will likely continue at least for the next 30 to 60 days.
Sales of Single Family Homes and Condos as of August, 2017
The number of transactions closed in August is the headline news this month. Condominium sales nudged the record high, established in August 2006 (when 580 condos closed) with 575 sales closed last month, up 19.5% from August 2016. That’s also the highest number of closings for any given month in 11 years (the record high — 831 condo closings in one month — took place in August 2005).
Single-family homes sales volume was up 5.2% — 362 homes closed last month, up from 344 during the same time period a year ago. While not a record, the closings show activity remains robust in both segments of the market.
Record-territory sales volume has, in turn, affected pending sales statistics. Currently 602 holdover single-family transactions are waiting to close — up a significant 30.3% from a year ago. And 850 such condo sales are currently in escrow, up 29.8% from a year ago, as well as a two-year high.
Median Sales Price of Single Family Homes and Condos as of August, 2017
In August 2017, the median price for a single-family home was $786,250. While this ranks second in the all-time high MSPs for this category, it is noteworthy that SF homes sales prices only topped the $700,000 mark in 2015. This month’s stat comes in 5.2% higher that the MSP in August 2016.
Condo prices, too, continue to rise. For August, the median sales price for condominiums was $419,000, a gain of 5.3% from last year, when the MSP was $398,000.
It’s also worth noting that the percentage of original list price received, as reported by HBR, was 99.1% for single-family homes, and 98.3% for condos.
“Sellers are being more aggressive with their list prices, knowing that the market is strong,” says Kim. “To this point, buyers are still willing to pay that price or something close to it.”
With homes selling quickly and offers often subject to bidding wars, this month’s hottest markets are those neighborhoods where the percentage of sales-price-to-original-price received by the seller is consistently 100% or more, according to the latest year-to-date stats.
NOTE: The price range where the seller received the highest percentage of original list price received was $550,001 to $650,000 — sellers in that price range received 99.7% of their asking price. The sellers receiving the lowest list-to-sales price ratio were in the $1.9 million and higher category.
Single-family home neighborhood best performers:
Aina Haina – Kuliouou: 100.8%
Kalihi – Palama:107.0%
Condo neighborhood best performers:
Kailua – Waimanalo:100.2%
Source: Honolulu Board of REALTORS®, compiled from MLS data. August 2017
Why Now is a Great Time to Sell Your Home
As the sun sets on the summer season, some homeowners may mistakenly assume that the window of opportunity to sell their home has closed. In this extra hot real estate market, nothing can be further from the truth because there are still opportunities to be had for sellers.
What many people don’t realize is that homes listed during the summer are now off the market leaving little to no inventory in many communities. According to the National Association of Realtors (NAR), 51 percent of homes sold in July were on the market for less than a month.
NAR additionally reported that this summer’s historically low inventory sent record homebuyers into packed open houses and created bidding wars because of the exceptional demand. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some markets are pushing prices higher,” said Lawrence Yun, NAR’s chief economist.
In the month of July, NAR reported that total housing inventory declined 1 percent and is now 9 percent lower than a year ago, and has fallen year-over-year for 26 consecutive months. With so many homebuyers left sitting on the sidelines, it could be the perfect season for home sellers to make their move.
So, is it an opportune time to sell your home? The answer is yes if the time is right for you. However, there is no need to hold off on selling your home just because summer is over. Today, there are buyers looking to move in, just as you are looking to move out.
If you are considering listing your home, call me today or visit my profile page on www.BethChang.com. Whether you’re looking to make a purchase or sell, I can provide guidance and advise you on what you need to know so you can make the best possible decision for your real estate needs.
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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