Real Estate Statistics Quiz for Oahu, Hawaii's Market

Test your knowledge of Oahu, Hawaii's real estate statistics.

November 2016 Residential Resale Statistics Released by the Honolulu Board of Realtors

The Honolulu Board of Realtors released the residential resale statistics for November 2016.
Median sales price for Single Family Homes is up 4.8% to $750,000 and Condos is up 13.7% to $395,000. There is 2.7 months of remaining inventory for both categories. The median days on market for SFH was 17 days down 19% and for Condos 15 days down 31.8%.

If you would like more specific statistics relative to your interests, please ask me.

Honolulu Board of Realtors Local Market Update for August 2016

Which emoji applies to you?

The HBR released the statistics for local neighborhoods. Click the link to view the report and see what your neighborhood's activity was like.

August 2016 Local Real Estate Market Statistics

August 2016 Residential Resale Statistics Released by the Honolulu Board of Realtors

The Honolulu Board of Realtors released the residential resale statistics for August 2016 and the median prices for housing saw large jumps in the single-family home sales and condo sales.

The median price of a single-family home was $747,500, up by 6.9% compared to last August. The median price of a condo was $398,000, up by 12.4% compared to last August. The days on market for a SFH dropped to 16 days and condos dropped to 15 days.

There is a serious lack of inventory of homes for sale and this will continue to drive prices up if the mortgage rates remain steady.

Here is the link to the full report with all the graphs: August 2016 Real Estate Statistics

The National Association of Realtors published this list of "This Month's 20 Hottest Housing Markets" for August and Honolulu is not on that list. I can't imagine how difficult it must be to compete to buy a home in one of those markets. If you are looking for investment property in one of those cities, perhaps you may want to consider what might be available in Honolulu.

 HomeSpotter App

Easily chat with me about interesting
listings in the HomeSpotter App.

Also released this month by the Honolulu Board of Realtors is the HomeSpotter App. <-- Click the link to download the app for iOS of Android and test it out. It enables easy chatting with me about properties that you are curious about and it's also the most accurate and up to date source as it is the official home search app licensed by the Honolulu Board of Realtors. Trying to memorize addresses or MLS numbers to ask more information about listings is not necessary with this app. Just use the various search methods (filter, map, A/R parameters) to see what is available, click on the listing, browse photos and information and share the listing with your agent by a chat option within the app or just share it by text, email or one of the other methods the app takes advantage of. It also searches rental listings that are managed by a Realtor!

June 2016 Local Market Neighborhood Update - Ewa and Mililani

The Honolulu Board of Realtors released the Local Market Update Report for June 2016. I have been working a lot in the Ewa and Mililani areas for the last year so I will focus on some information about those statistics.

Ewa Plain TMK 1-9-1

The Ewa Plain is a large area that has many types of properties, but most are relatively newer construction in planned development communities. In the last year, the median price of single family homes has seen an increase of 6% to $628,250 while the median price of a condo/townhouse has seen an increase of 8% to $447,500. The median sales price of single family homes in the area in June of 2006 was $552,500, about a $75,750 increase over the 10 year period. The median price of condo/townhouses in the area in June of 2006 was $295,000, about a $152,500 increase over the 10 year period. The current median price of a 3 bedroom 2 bath single family home in the area is $570,000 and a condo/townhouse is $445,000.

Mililani TMK 1-9-4 to 1-9-5

The Mililani area also is very large and comprises of older developments and a lot of newer homes in planned community developments. In the last year, the median price of a single family home has increased to $825,500, an increase of 19%. The median price of a condo/townhouse increased to $365,000, up 9%. The median price of single family homes in the area in June of 2006 was $600,000, about a $225,500 increase over the last 10 years. The median price of condo/townhouses in the area in June 2006 was $305,000, about a $60,000 over the last 10 years. The current median price of a 3 bedroom 2 bath home in the area is $608,000 and a condo/townhouse is $463,000.

If you would like statistics relating to an area of your interest, please let me know.

Honolulu Board of Realtors Released Residential Real Estate Resale Statistics for June 2016

The Honolulu Board of Realtors released the statistics for June 2016 last week. I am delayed in blogging a summary of the statistics due to a personal unexpected situation that occurred last week and we, as a family, needed time to adjust. Anyway, since the statistics have been summarized by dozens of other sources by now, I decided to do something different with them this month. Let me know what you think.

Single-Family Homes and Condos set a record median price in June 2016. That is an 8.6% increase to $760,000 for SFH and 19.8% increase to $405,500 for Condos.

Today, Sunday, June 10, there are 81 SFH open houses scheduled for open house in the MLS that fall under the median price of $760,000. These are 5 on the schedule that have a list price between $755,000 and $765,000; of those 5, 2 are already in escrow according to their MLS statuses. [Link to list]

For Condos under the median price of $405,500 that are scheduled for an open house today, the MLS shows there are 77 scheduled. These are 4 on the schedule today that have a list price between $400,000 and $410,000. All 4 are currently showing active statuses in the MLS.

To help see what buyers were able to purchase in the past 180 days at the median price, here are two lists. There were 11 SFH sales that closed at exactly $760,000 during the period and this is the link to the list. There were 18 Condo sales that closed at exactly $405,000 ($405,500 is an unusual number and there weren't any sales at that exact number) and this is the link to the list. By analyzing these lists, you are able to sort of see a variety of differences in the types/sizes of homes or apartments that can be sold or purchased at last month's median prices. You can see the asking list price versus the sold price, days on market, location and other useful details. Reports can be customized and prepared using many parameters to suite the task and if you would like assistance with a customized report, please let me know.

These maps lay out the locations of the 11 SFH sales and 18 Condo sales
that show up as having sold in the last 180 days at $760,000 for SFH and
$405,000 for Condos. Click hyper links for list details. 

HBR Residential Real Estate Resale Statistics for May 2016

The Honolulu Board of REALTORS® released the MLS residential resale statistics for May 2016. Single-family home median sales price is at $719,000, a 3% increase from 2015. Condominium median sales price has decreased by 0.5% to $373,000.

The median days on market for SFH was 17, unchanged. Condo days on market was 15, a decrease of 34.8% compared to 2015. There was 2.9 months of remaining inventory in the SFH market and 3.1 months remaining inventory for condominiums.

SFH priced in the $550,001-$650,000 range had the least median days on market at 13. Condos priced in the $300,001-$475,000 range had the least median days on market, at 16. SFH sales received an average of 98.5% of their list price and condominiums received 99.5%.

There were 319 SFH sales and 477 condo sales in May while 426 SFH listings and 623 condominium listings entered the market.

Data source: HBR Monthly Housing Statistics

Please request statistical analysis or charts for your specific needs.

HBR Residential Resale Statistics for April 2016

The Honolulu Board of REALTORS® released the MLS residential resale statistics for April 2016. Single-family home sales median sales price is at $720,000, a 6.7% increase from 2015. Condominium median sales price has increased by 5.1% to $389,500; a new record high.

The median days on market for SFH was 15, down by 31.8%. Condo days on market was 19, unchanged compared to 2015. There was 2.8 months of remaining inventory in the SFH market and 3.1 months remaining inventory for condominiums.

SFH priced in the $475,001-$650,000 range had the least days on market at 14. Condos priced in the $300,001-$375,000 range had the least days on market, at 16. SFH sales received an average of 98.6% of their list price and condominiums received 98.7%.

There were 301 SFH sales and 460 condo sales in April while 445 SFH listings and 629 condominium listings entered the market.

Data source: HBR Monthly Housing Statistics

Please request statistical analysis or charts for your specific property.

HBR Residential Real Estate Statistics for February 2016

Summary of Honolulu Board of Realtors Residential Real Estate Statistics for February 2016#RealtyRickSees
Posted by Rick Nakama, Realtor on Tuesday, March 8, 2016

The Honolulu Board of REALTORS® released the MLS residential resale statistics for February 2016. Single-family home sales median sales price is at $700,000, an 8.0% increase from 2015. Condominium median sales price has increased by 16.1% to $378,444.

The median days on market for SFH and condo sales was 23, down by 8% and 20.7%, respectively, compared to 2015. There was 2.7 months of remaining inventory in the SFH market and 2.9 months remaining inventory for condominiums. 

SFH priced in the $475,001-$650,000 range had the least days on market at 15. Condos priced in the $375,001-$475,000 ranges has the least days on market, at 16. SFH sales received an average of 99.6% of their list price and condominiums received 97.8%.

There were 240 SFH sales and 324 condo sales in February while 414 SFH listings and 605 condominium listings entered the market. 
Data source: HBR Monthly Housing Statistics

HBR Residential Resale Statistics for January 2016 - SFH Median Price at $733,500

The Honolulu Board of REALTORS® released the MLS residential resale statistics for January 2016. Single-family home sales median sales price sets a new record high at $733,500, an 8.7% increase from 2015. Condominium median sales price has decreased by 1.8% to $374,500. 

The median days on market for SFH and condo sales was 20, down by over 20% compared to 2015. There was 2.6 months of remaining inventory in the SFH market and 2.9 months remaining inventory for condominiums.

SFH priced in the $475,001-$650,000 range had the least days on market at 17. Condos priced in the $375,001-$475,000 ranges has the least days on market, at 17. SFH sales received an average of 98.2% of their list price and condominiums received 98.6%.

There were 232 SFH sales and 338 condo sales in January while 420 SFH listings and 437 condominium listings entered the market. 

Data source: HBR Monthly Housing Statistics

Successful Purchase for Buyer in High Demand Building

The recent sales activity in the Punahou Gardens Apts building has shown a tremendous demand by buyers in the marketplace. Low maintenance fees, convenient location and a well maintained building are draws to the investor buyer or someone looking to step into home ownership with a starter studio.

When representing a buyer client on a property that is proven to be high in demand, it can be challenging for everyone to make decisions that will get the buyer client into the property that they desire. Lower priced properties are especially difficult because they are already difficult to come by on the entire island and when they are located in a highly desirable area and the property is in good condition, it makes it even more attractive to a broader audience.

Punahou Gardens Apts has its location putting it on many investors' radars because it is relatively near the University area while also being convenient to the Beretania and Keeaumoku areas. The building is comprised of studio units of approximately 360 square feet and they feel spacious with a roomy bathroom. The common areas of the building are well maintained, secured lobby and laundry area, pool and onsite rental parking that is available through the building's association are what make the attractive.

When it comes to affordability, Punahou Gardens Apts' maintenance fee is what makes this building stand out. Currently at about $286 per month, the fee covers the apartment's electricity, gas, water and sewer fees. This monthly fee is significantly lower than most other building's fees while also covering those utility costs. It makes it simple for an investor to see how their return will be once considering what the market rent should be. It also makes it easy for a potential owner-occupant buyer to figure out their budget.

Makiki-Moiliili Area Statistics from December 2015 

Located in an area where the median price of condominium real estate reached $340,000 in December 2015, up 14% from 2014 when it was $299,500, Fee Simple units around $200,000 will be difficult to come by. This is what has been driving the price for the studios at Punahou Gardens Apts upward. 

My client was able to acquire the latest unit that came on the market at Punahou Gardens Apts. There were 6 competing offers of which 3, I am told, were all cash. The unit was nicely renovated with granite counter tops, wooden cabinetry and new appliances, making it stand out from previous recent listings in the building. Our experience and knowledge of how many interested buyers were in the market for the previously listed units there helped judge the competition we would be facing and in the end allowed my client to successfully purchase this renovated unit in the building that was desired.

With the median price of condos on Oahu up to $386,250 in December of 2015, I am sure we will continue to see high competition for buyers, especially for units priced well under that median price. It is always a pleasure for me to be able to help a client acquire the property that they desire, especially when it is one so high in demand!

HBR Residential Resale Statistics for December 2015 Shows Rise in Median Prices

The Honolulu Board of REALTORS® released the MLS residential resale statistics for December 2015. Single-family home sales median sales price of $700,000, a 4.6% increase from 2014. Condominium median sales price has decreased by 8.7% to $386,250. 

The median days on market for SFH sales was a day lower, at 20 days. The condo market was slightly higher, at 24 days on market, compared to 2014. There was 2.6 months of remaining inventory in the SFH market and 2.9 months remaining inventory for condominiums.

SFH priced in the $475,001-$650,000 range had the least days on market at 18. Condos priced in the $375,001-$475,000 ranges has the least days on market, at 18. 

SFH sales received an average of 98.6% of their list price and condominiums received 99.1%.

There were 297 SFH sales and 424 condo sales in June while 255 SFH listings and 437 condominium listings entered the market. 

Data source: HBR Monthly Housing Statistics