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Home Sales Heating Up on O’ahu

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Homes Selling Fast on O’ahu for higher pricesHome Sales Heating Up on O'ahu

According to a recent article in Honolulu magazine, homes on the island are being snapped up in just 17 days on the market. This is a sign of the strong demand and aggressive buying on the island.

This 17 DOM is down from 20 days in May 2014 and the lowest since it hit just 15 days on August 2014. This days on the market is the amount of time it takes from when a home is listed to when it receives an accepted offer. Condominiums also are doing well at just 23 days on the market for the median DOM. The median price of a single-family home rose in May, 2015 2.3% to $698,000. The median price for condominiums increased nearly 6% to $375,000.

As our peak season approaches, there were over 300 single-family homes that closed across the island in April, which was up nearly 22% from just a year ago. There were 454 existing condo units that exchange hands in the month, which is up about 5%.

This strong demand for homes is greatly attributed to many buyers taking advantage of the continued low interest rates before the government starts to raise rates. Also, buyers want to get in before the summer rush.

Single-family homes are expected to reach about $709,000 and condominiums up to $365,000 by the end of the peak season.

What is this mean for sellers?

Sellers should now take advantage of the greater demand than there is supply. Homes are selling at higher prices and with more offers on the table in a shorter amount of time.

For more information or to find out what your home is currently worth or to look at homes in your price range please call our office at any time. We have numerous agents that specialize in helping buyers and sellers get the result they’re looking for.

Images by ArmchairBuilder.com Flickr

Single-family Drop in Price on Oahu

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Single-Family and Condo Median Drop in Price on OahuSingle-family Drop in Price on Oahu

According to a recent article by the Honolulu Board Of Realtors this last week shows that the median price of a single-family home on Oahu has dropped since February compared to just a year ago. There’s been an increase in the number of sales but those figures also show that the median price of condominiums as well as single-family homes have drop substantially in February. The medium home prices currently $648,000 compared to $679,000 in February 2014. This equates to a nearly 5% drop. There have been more homes sold February 2015 then February 2014 with the increase of 6% this year. Condominiums dropped a little over 9% from $359,000-$326,000. There’s been a drop of 2% of condominiums purchased last year than this year which is not a significant number.

The Board of Realtors also stated that single-family homes were on the market for an average of 25 days and condos about 29 days. February is usually one of the slowest months of the year so this isn’t surprising that numbers are a little skewed from the more popular months out of the year.

So what is all this mean? Home buyers should be encouraged that if they’ve been on the fence about buying, now would be a great time. Because there is an increase in inventory with a lower median price, homebuyers should be able to get a better deal with a choice of more options.

What is this mean for sellers? Well, there is quite a bit of inventory out there so if you plan on selling but couldn’t wait another month, it might actually getting you more profit. You might consider holding off Intel April or May when school starts to wrap up and more homebuyers are considering buying or selling. Yes, there will be more inventory out there but you might be able to get a better price for your condominium or house.

If you’re interested in purchasing a home or condominium anywhere on the island, please give me a call. I want to stay up-to-date with the current market trends, local inventory, and provide you with the best possible real estate service out there. Give our agents or our office a call today.

Mililani HI Real Estate Market

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Well it’s been over a year since we’ve last on a real estate market report from Mililani Hawaii so let’s discuss the home prices, the current real estate market and any trends happening over the last several months.

In Mililani in general there are roughly 150 homes for sale at any given time. Currently the average list price is about $550,000 and the median sales price is $424,000. This figure is up nearly 20% over last year at this time or $68,000. The average price per square foot is actually about the same at $373 but the number of sales is down from last year.Mililani HI Real Estate Market Report

Read more: Mililani is the Best Place to Live on Oahu

The total inventory according to Movoto.com shows the median list price is $439,000. Days on the market is remarkably low at just 38 with the median house size of being around 1350 ft.². For condominiums and townhomes the median list price is $330,000 with just 8% of these being distressed, foreclosed or bank owned homes. The days on the market for condominiums is extremely similar to single-family homes at 37 days. The median condominium size is currently 950 ft.² or $324 per square foot.

Since the peak in 2006 we seen ups and downs over the market over the last eight years but in 2014 we hit one of the highest median sales prices and nearly $500,000. Through summer and fall of 2014 we dropped below $400,000 for a median sales price and as we head into 2015 we are on track for a profitable year of up to $500,000 to the median sales price. The number of sales is one of the most surprising things that have dropped over the last few years. The lowest over the last 15 years was in 2009 until 2014. This is primarily due to the lack of new subdivisions and developments throughout the Mililani region. Most homes are existing and there are just not that many homes for sale at any given time which naturally drives up the median and average listing prices.

Read more: Parks of Mililani

According to Trulia.com, a one-bedroom have an average price of $211,000, a two bedroom is priced at about $275,000 and a three bedroom at $520,000, and incredible jump from the two-bedroom.

If you’d like to know more about the homes and real estate currently for sale in Mililani Hawaii or surrounding communities, towns and villages feel free to give me a call at any time. If you’d like to know what your Mililani home is currently worth to free to contact me via my website with some basic information and I would be happy to get back with you as soon as possible.

Image by Bill Sodeman Flickr

Low Inventory and High Prices Mean Bittersweet News for Sellers

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Low Inventory and High Prices Mean Bittersweet News for Sellers

In April, 2014, “the number of sales for Oahu homes fell last month and prices edged higher as inventory remains tight.” This is largely due to low inventory so naturally as the inventory falls away those properties that are listed will continue to go making the balance for supply and demand skewed.

The problem with this is that sellers that need to sell and purchase a home on the island are finding themselves a little fearful to sell. What happens if we can’t find a home to buy?Low Inventory and High Prices Mean Bittersweet News for Sellers

Related Post: 3 Buyer Incentives that Work

According to Honolulu Magazine and their real estate report, sales of single-family homes dropped 11.8% last month compared April 2013. Condo sales slipped by 2.6%. There were about 245 homes and 445 condos sold during April compared with 280 homes and 457 in the same month just to year ago.

Prices continue to go upward and the median price in April increased by 3.7% to $648,000. Condominiums increased by 6% from March 2013 to $355,000.

The president of the Honolulu Board of Realtors says that she is optimistic about the direction of the housing market and even though we are one of the highest priced markets in all of the nation, people are still moving this direction or homebuyers are downsizing or upgrading to larger properties.

We are seeing some sellers nervous about selling right now based on the fact that they may not be able to find another home in their price range, so, we are suggesting that they look for homes first and then put their home on the market if they’ve done everything correctly in order to sell, stage the home properly, and priced it right.

Related Post: Where to start in financing a home

The market is stable because both homes and condominiums rose from the previous year and with low number of days on the market is a positive indicator that buyer demand is strong. [Source]

If you’re concerned about finding a home after selling give us a call for the best suggestions and advice. We may recommend certain tactics to get your home sold quickly after finding the right property to buy.

 

Mililani Oahu Real Estate Report April 2014

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Local Market Update For Single Family Homes in Oahu

Mililani – the number of new listings is down 57% over last April, 2013. The current new listing for April was 15 versus last year which was 35. Closed sales were down 24% but the median sales price was up 11% over last year. The current median sales price for Mililani is $665,000. 98% of sales saw the original price received. The current days on market were just 15 which is about 7% higher than it was last year. The inventory is down 17% at about 40 single-family homes on the market.

Condominium sales for Mililani were up 16% over last April and were down 28% for closed sales. The median condominium price was up 26% $385,000 within nearly 100% of original price received. Dave on the market were only nine which is exactly what it was last April. Inventory is up 44% at 69 condos for sale.

For more details on the markets for Mililani and other Oahu towns please view the LMU_Apr2014

Waikiki real estate market report

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Waikiki real estate market report

Waikiki is actually a suburb of Honolulu and considered part of the Honolulu Metro area. The area of Waikiki though is located on the water side of Ala Wai Boulevard and is comprised of mainly condominiums,,  high-rise apartment buildings and hotels. There are some beautiful downtown condos in high-rise apartments for surprisingly affordable prices. Currently there are about 380 properties for sale in Waikiki as of the publishing of this post. These properties are priced from $43,000 to $12,500,000. Price is based on location, size and condition.Waikiki real estate market report

The top price for Waikiki is a nine bedroom and nine full bath, 10,000 ft.² condominium right on the beach. Of course, most people will be looking in more average price ranges.

The average listing price for Waikiki is about $696,000. Surrounding communities such as Hawaii Kai have higher prices of $1.4 million and other communities such as McCully offer average listing prices of about $436,000.

According to Zillow, home values in Waikiki have increased 9.3% over the last year. The median sales price for Waikiki is $343,000 with a median list price of $369,000. The majority of homes, 96.7%, in Waikiki are condominiums and only 3.1% are single-family houses. Across the board, all members have seen an increase either month over month, quarter over quarter or year-over-year in Waikiki. It remains to be one of the top place on the island of Oahu that retains value year after year.

Other demographics include median household incomes of around $45,000, a median age of about 40 and about 27% of homes feature children under the age of 18. The average commute time is between 20 and 30 minutes.

As we head into spring and summer, now would be an ideal time to consider purchasing or investing in real estate in Waikiki. Most homes will increase in value over the next year so by now can result in an increase of equity by dramatically. Whether you’re looking for investment properties in order to rent out along Waikiki beach or as a permanent or vacation home for yourself, consider Waikiki Beach is one of the top vacation spots as well as private residences on the island of Oahu. Image By Alfred Adler (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

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About Hawaii Realty Pro

Hawaii Real Estate SpecialistsOahu real estate agent Maureen Fukumoto

Maureen and her team assists sellers and buyers in coming together over the right home and right price. With up to date listings, current market conditions and local information we are your full service source for all Oahu real estate.

For decades I have been assisting home owners sell their property quickly at economically. With licensed agents and brokers we can provide the same top quality service you would get from a fully commissioned Realtor or agent. We provide access to all the marketing and advertising tools needed to list and sell your Oahu Property.