|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 - January 18, 2018: Home Sales in This Part of Oahu Rose 16% Last Year
Pacific Business News - January 10, 2018: Maui Home Prices Rise by More Than 7% in 2017
Pacific Business News - January 8, 2018: Oahu Home Sales Rise 6% in 2017 as Prices Gain 3%
Pacific Business News - January 5, 2018: Oahu Home Prices May Reach Just Under $800K in 2018, Locations Says
Pacific Business News - January 5, 2018: Home Sales on Kauai Dip in 2017 as Condo Sales Take Off
Pacific Business News - January 5, 2018: Condo Sales on Hawaii's Big Island Jump 20% in 2017, Single-family Sees Single-digit Gains
Pacific Business News - December 19, 2017: Median Price of Luxury Homes on Oahu Declines as Sales Take Off
Pacific Business News - December 18, 2017: Kaneohe Home Sales Jump, Hawaii Kai Prices Rise in November
Pacific Business News - December 12, 2017: Maui Single Family Home Sales in November See Prices Rise, Sales Drop
Pacific Business News - December 6, 2017: Oahu Home Sales Post Double-digit Increases as Prices Rise
Pacific Business News - December 5, 2017: Kauai Home Prices Rise on Lower Sales in November
Pacific Business News - December 5, 2017: Condo Sales, Prices Rise on Hawaii's Big Island in November
Only a month into 2018, Oahu’s hot housing market continues to show no sign of cooling down.
Prices are up. The number of single-family home sales is up. Days-on-the-market is shorter and months-of-inventory-remaining is scant.
“January sales numbers reflect continued strong demand by buyers,” says Kalama Kim, principal broker at Coldwell Banker Pacific Properties. “The months of remaining inventory dropped to 1.9 months. That means at the current rate of sales, if no other homes came on the market for sale, homes would be sold out in 58 days. That’s a hot market.”
With the new year often comes a flurry of new listings. Yet, despite a modest increase in inventory last month, robust sales momentum is depleting the inventory at such a rate that new listings aren’t keeping pace. Indeed, the 1.9 months of remaining inventory marks the lowest single-family inventory level in more than two years — particularly scarce are homes in the $550,000 to $800,000 price range.
“The first months of a new year are traditionally a slower time for housing sales on Oahu, so it’s encouraging to see a slight increase in January sales for single-family homes,” says the president of Honolulu Board of Realtors. HBR also reports another record high median sales price for condominiums of $430,000.
Demand remains high, despite concerns about a step-up in mortgage interest rates. If anything, buyers are moved to lock in a loan in case rates do continue to move higher.
“Even though we have seen a slow increase in mortgage interest, those interest rates have not influenced our real estate market as of yet,” says Kim.
Sellers are motivated by circumstances.
“The vast majority of sellers are selling due to life changes like a new job, moving to the mainland or just right-sizing to a more appropriate home for their family. We rarely see sellers simply selling to cash out on their home.”
Sales of Single Family Homes and Condos as of January, 2018
When comparing sales volume — January 2017 to January 2018 — the number of closed sales was up slightly from last year. There were 252 single-family homes sold in January — a 2% increase from the 247 sales a year ago.
Condominium sales volume was down 1.1% — from 378 a year ago to 374 last month.
During the month of January, 426 new single-family homes and 730 new condos came on the market. So for buyers, there was plenty of new product to look at. But buyers need to act fast if they expect to score, as the typical single-family home was on the market for 21 days, and condos, only 19 days. The more appealing listings will be snatched up even faster.
Median Sales Price of Single Family Homes and Condos as of January, 2018
The January 2018 median price of a condominium — $430,000 — sets a new high, surpassing the previous record of $419,000 set in August of 2017. This January price bounce up tallied up a stunning 13.2% increase from January 2017, when the MSP was $380,000.
Single-family home prices were up as well. In January the MSP of a single-family home was a reported $772,000, up 5.8% from a year ago, when homes were selling at an MSP of $730,000 — just shy of the all-time high of $795,000 set in June 2017.
This month’s statistics highlight the fact that folks who purchased a year ago are already realizing equity.
In general, the hottest markets in 2017 were condominiums. When comparing 2016 to 2017 year-over-year price gains from neighborhood to neighborhood, the highest gain in a single-family neighborhood was 3.9% posted in both the Leeward Region and the Ewa Plain. While 3.9% is a respectable increase, condominiums appreciated at a much more dramatic rate. Here is a list of the condo markets on Oahu posting year-over-year gains of greater than 10%.
Condos selling in:
Central Region (Launani Valley, Mililani, Mililani Mauka, Wahiawa, Whitmore Village, Wilkina, Waipio, Waikalani Wood.): 19.6%
Kailua Region: 10.7%
Hawaii Kai Region: 40.3%
Leeward Region (Maili, Waianae, Makaha): 10.3%
North Shore Region (Kuilima, Waialua): 210.7%
Waipahu Region (Waipahu, Waikele, Royal Kunia, Village Park, Waipio Gentry): 18.3%
Source: Honolulu Board of REALTORS®, compiled from MLS data. January 2018
Preparing Your Home for Sale is Easy as 1, 2, 3
Home selling season is in full swing and thoughts of putting your home on the market may have breezed through your mind. Industry experts say this is the ideal time to list your home. Those considering listing their homes should consult with a real estate sales professional and have a checklist ready – and that checklist is easy as 1, 2, 3.
First, a real estate sales professional will provide you with a sales marketing plan that includes a pricing strategy that takes into consideration competing homes, current inventory levels and time on market. That plan should also outline the online marketing approach and the initiatives you need to complete as a homeowner to ensure success.
Second, sellers should clean everything! Ensure that your home has optimal curb appeal, particularly during the hot summer months since gardens need a little extra attention. Ensure that lawns are mowed, clutter is removed, trash bins are hidden from view, exterior paint is fresh and no roof tiles are missing. It is also important to make sure your driveway is free of cracks and oil stains. First impressions are important and potential buyers do judge a house by its exterior, so be sure to invest a little time and elbow grease to win over buyers before they even walk through your door.
The inside counts too. Cleanliness is king when it comes to showing your property to prospective buyers. Make sure to clean your windows inside and out, vacuum carpets, mop floors and clear all the dust that accumulates in exhaust fans and lighting fixtures. If deep cleaning is not your forte, you can hire a professional cleaning service to scrub down your home. This may cost a few hundred dollars, but it’s well worth it.
Equally important is to declutter as minimalist interiors tend to show best. Buyers walk in and try to imagine their ideal or actual furniture in various spaces. There is nothing worse for house hunters than walking into a cluttered space and being so overwhelmed with stuff that they decide against it on the spot. Be sure to minimize extra furniture and objects by renting a small storage space while you are in the process of showing your home. The small cost is worth the large return.
Third, comfort is key. Particularly during the warmer months, so be sure to have your AC running at a comfortable temperature. If your home is not equipped with AC, then make sure the windows are open and fans are running in the extra warm spaces. It is also a good idea to ensure that shutters and blinds are drawn until just before the open house to help keep out the heat.
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.
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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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