|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 - November 21, 2017: Three's a Charm for Oahu Homebuyers, Locations Says
Pacific Business News - November 20, 2017: Waipahu Sees Single-family Home Sales Jump, Condo Prices Rise Across Oahu
Pacific Business News - November 8, 2017: Maui Home Sales Jump 35% in October as Prices Rise
Pacific Business News - November 6, 2017: Oahu Condominium Sales Rise 14% in October, Honolulu Board of Realtors says
Pacific Business News - November 6, 2017: October Home Sales Soar on Hawaii's Big Island
Pacific Business News - November 5, 2017: Oahu Home Sales, Prices See 'Healthy Uptick' in October
Pacific Business News - October 20, 2017: Home Sales Soar in Windward Oahu's Kaneohe
Pacific Business News - October 13, 2017: Maui Condo Sales, Prices Rise by Double Digits in September
Pacific Business News - October 6, 2017: Oahu Condos Back Up to Record Prices, family Home Sales Take Off
Pacific Business News - October 5, 2017: Home Sales on Hawaii's Big Island Rise as Prices Flatten
Pacific Business News - October 5, 2017: Single-family Home Prices on Kauai Rise on Fewer Sales
As we kick off the fourth quarter, 2017 promises to be another banner year for Oahu real estate. Year-to-date stats reported by the Honolulu Board of Realtors report single-family home prices up 3% at the end of October — condo are up 4.4% — and closed sales for the first 10 months of 2017 is up 5.1% for single-family homes, and up 6.6% in the condo segment, outpacing stats from a year ago.
Pending sales for both single-family and condos are up significantly, year-over-year — the number of single-family homes in escrow but not yet closed are up 20.8% in October, as compared to the same period in 2016. Likewise, condo sales in escrow have increased 18.6%.
“We continue to see multiple offers on a large percentage of listings, which is attractive to sellers because competition leads to negotiating leverage in favor of the seller,” says Kalama Kim, principal broker at Coldwell Banker Pacific Properties.
“Buyers may want to choose to negotiate to be in a back-up position on a property they want to purchase,” adds Kim. “Sometimes the first-position buyer changes their mind, allowing the back-up buyer to purchase the house.”
October showed a spike in new listings — both in single-family homes (up 13.8%) and condos (up 10.7%) — yet the months of remaining inventory remains low due to the increase in sales.
“The lack of inventory over the past few years has put buyers at a disadvantage and limited buying choices,” says Kim. “But, the end of the year is sometimes the slowest time of the year, which could allow buyers more time and more options.”
Sales of Single Family Homes and Condos as of October, 2017
The number of sales closed reflects Oahu real estate is still sizzling hot, even into the fall season when historically, activity slows down. Single-family closed sales saw a 6% increase, from 335 closings in October 2016 to 355 a month ago. Condo sales volume was up a hefty 14.3%, from 428 a year ago to 489 last month.
In comparison, sales of SF and condos are currently closing at a pace similar to stats from 2002 and again in 2007, falling short of 30-year highs recorded in 2005, when volume peaked and more than 800 condo sales were recorded in a single month and more than 400 SF sales as well. Incidentally, 30-year lows in sales volume were recorded in 1995 for SF (fewer than 100 sales in a month) and 1997 for condos (slightly more than 100 sales).
“Sales volume continues to be robust,” says Kim. “The combination of increasing unit sales and rising prices fuels sales volume and illustrates how healthy our current real estate market has become.”
Median Sales Price of Single Family Homes and Condos as of October, 2017
Median prices of single-family homes and condos continue to trend upward.
In October, the median sales price of a single-family home inched up 1.3% from $742,000 in October 2016 to $752,000 last month — a sustainable increase. Year-to-date prices increased 3%, from $733,000 (October 2016) to $755,000 (October 2017).
Condo prices too, have risen at a slow, steady pace — up 0.4% from October 2016 to October 2017, with the year-to-date tally up 4.4%.
The percent of original list price received was slightly down roughly 1.5% in October to 97.7% and 97.4% for single-family homes and condos. The percent of list price received is typically highest in the summer, a time when competition is the highest. The price range where sellers typically receive the largest percentage of the list price, is $550,000 to $650,000 (SF), and $300,000 to $375,000 and $475,000 to $700,000 range for condos.
is month’s hot neighborhoods were selected based on record-setting or near record-setting sales volume. For the following neighborhoods, the number of homes that closed in September was the highest or second highest number of closings in two years.
Ewa: 92 homes closed
Kaneohe: 31 homes closed
Makiki – Moiliili : 13 homes closed
Mililani: 45 condos closed
Wahiawa: 12 homes closed
Windward Coast: 5 condos closed
Source: Honolulu Board of REALTORS®, compiled from MLS data. October 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
If you're planning to sell your home in the next few months, this FREE service is designed to help establish your home's current market value. Simply choose Market Analysis and fill out the requested information. I will use comparable sold listings to help you calculate the fair market value of your home.
Automatically receive personalized MLS listings by e-mail. Early each morning I will search the local MLS and find the homes that match your criteria and notify you immediately with the latest listing information!! Simply choose Dream Home Finder and fill in the requested information. Or, search for yourself at Search MLS.
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.
Real Estate Websites by iHOUSEweb, Inc. ®