Hawaii Life Real Estate Brokers » Wahiawa

Oahu Needs Listings – November Housing Report

David E. Buck, R, BIC — Sun, 18 Dec 2011 22:30:54 +0000

When you look at the November Honolulu Board of Realtors statistics at a glance, it appears our market is relatively flat.

This Aiea Heights home (MLS# 1114521) is priced at November’s median sale price of $580,000

Home sales were up 1.2% from last year and condo sales were up 5.4%. The median price of homes was up 1% to $580,000 and the median condo price was down 5.4% to $295,000. That is where most publications stop. If you look closer at the numbers, Oahu is now becoming a seller’s market. If you own a home or condo on Oahu, now may be the time to consider selling.

Here is why:

New Listing Inventory for homes are down 14%
New Listing Inventory for condos are down 10.3%
Pending Home Sales were up 20% in November
Pending Condo Sales were up 18.3% in November
Average Days on Market for Home Sales dropped 12.5% to 35 Days
Average Days on Market for Condo Sales dropped 7.8% to 42 Days

These three factors of decreasing inventory, more sales, and shorter time to sell are all great signs if you’re considering putting your property on the market.

This Honolulu condo (MLS# 1110651) is available for November’s median price of $295,000

What neighborhoods were ‘hot’ for sellers in November?

Home sales in Moanalua-Salt Lake were up 1,200%! (13 sales compared to just 1 last year)
Home prices in Aina Haina-Kuliouou were up 32.3%
Condo sales in Kailua-Waimanalo were up 125%
Condo prices in Waialae-Kahala were up 80.5%

What neighborhoods were ‘hot’ for buyers in November?

Home sales in Kalihi-Palama were down 42.9%
Home prices on the Windward Coast were down 34.4%
Condo sales in Wahiawa were down 100%
Condo prices in Wahiawa were down 100%

As always, all real estate is local. To find out what is happening in your neighborhood, contact one of our great Realtors on Oahu to see what is going on in your market, and if now is the time to buy or sell. Merry Christmas!

Oahu Home and Condo Sales Statistics For October (2011)

David E. Buck, R, BIC — Wed, 23 Nov 2011 00:13:26 +0000

After two months of increased sales volume on Oahu, single family home sales dropped by 9% in October. Meanwhile, condo sales were up 0.6%. The median sales price of a single family home on Oahu was down 2.3% from last year and the median condo price was up 1.7% to $305,000. Unfortunately, both are down from September’s median prices.

This home in Wailuna (MLS# 1109197) is listed for October’s median sales price of $579,000

The reason for the drop in single family sales is twofold. First, we are in what is traditionally a slower season, and second, there is less and less single family inventory. New single family listings were down 11.9%, which is the 7th out of 10 months this year where we have less inventory coming on market than the previous year.

This Salt Lake condo (MLS# 1113516) is listed for October’s median sales price of $305,000

Concern with Days on Market?

The days on market (DOM) for homes and condos (that have sold) jumped dramatically, up 28.6% for homes and up 18.8% for condos. Should we be concerned? My answer is “not yet.” The DOM for homes are now at 45 days, while condos are at 38 days. This is still a healthy market for sellers. Anything under 60 days is considered a “seller’s market” according to the National Association of Realtors. Although less inventory, it is taking longer for things to sell. This is a stat we will continue to monitor.

Homes that are selling are continuing to get great prices! Single family homes got 94.8% of asking price and condos that sold got 94.7% of asking price. The saying holds true that “well priced properties do sell.”

What neighborhoods were ‘hot’ for sellers in October?

Home sales in Kapahulu-Diamond Head were up 122%
Home prices in Waialae-Kahala were up 33.1%
Condo sales in Kalihi-Palama, Kapahulu-Diamond Head and the North Shore were each up 100%
Condo prices on the North Shore were up 165.7%

What neighborhoods were ‘hot’ for buyers in October?

Home sales in Hawaii Kai were down 52.4%
Home prices in Aina Haina-Kuliouou were down 60.6%
Condo sales in Wahiawa and the Windward Coast were each down 100%
Condo prices in Wahiawa and the Windward Coast were each down 100%

Oahu Home and Condo Sales Remained Hot in September

David E. Buck, R, BIC — Mon, 31 Oct 2011 01:16:17 +0000

After 5 months of downward sales of homes and condos on Oahu, the market finally started to heat up in August. September remained hot as year-over-year sales were up 4% for homes and 19% for condos! That’s the good news for buyers, sellers, and Realtors alike—deals are getting done. The bad news is prices were down by 8.1% for homes and 4.1% for condos.

This Waikele home (MLS# 1110700) is listed for the same amount as September’s median sales price

The median sales price for a single family home on Oahu in September was $570,000. Meanwhile, the median price for a condo was $316,500. Although that was down from last year, it was up from August’s price of $300,000.

If there’s something that can be said about the mood of the market lately, it’s that we are now getting short on inventory. New listings were down 13.9% for homes and 6.5% for condos compared to last year. I’ve also noticed this trend on a personal level, as I’ve sold many of my listings and I’m looking for more product to sell.

This Waikele condo (MLS# 1112258) is priced just over September’s median price

The average days on market (DOM) for homes to sell in September was 31 and 39 DOM for condos. In theory, this is a seller’s market!. Although prices aren’t as high as they were in the peak of the market, low inventory, low DOM, and low interest rates have all created the perfect storm for strong September sales on Oahu.

What neighborhoods were ‘hot’ for sellers in September?

Home sales in Kapahulu-Diamond Head were up 86.7%
Home prices in Wahiawa were up 63%
Condo sales on the North Shore were up 500%
Condo prices in Kapahulu-Diamond Head were up 317%

What neighborhoods were ‘hot’ for buyers in September?

Home sales Aina Haina-Kuliouou were down 44.4%
Home prices in Moanalua-Salt Lake were down 29.4%
Condo sales in Downtown-Nuuanu were down 48.6%
Condo prices in Ala Moana to Kakaako were down 47.5%

Check back soon, as October’s stats should be released in about a week and a half. Aloha!

Strong Finish for Oahu Home Sales as August Heated Up

David E. Buck, R, BIC — Sat, 10 Sep 2011 02:50:14 +0000

After June and July ended up being a slower home buying season compared to summers past, August finished strong. Home sales were up 20.8% and condos sales up 15% from 2010!

This Westloch Estates home (MLS# 1108942) is priced just under August’s median price of $557,500

We were holding our breaths the last few months as there were so little sales, however, it was apparent with the uptick in pending sales that led me to believe we were bound for a jump in sales volume. That’s the good news. That bad news is the median price of home sales was down 13.1%. Meanwhile, condo prices were down just slightly to a $300,000 median, or a 1% drop from 2010.

This Ala Moana Hotel Condo (MLS# 1110106) is available for August’s median price of $300,000

Although prices are down from 2010, we may start to see some slight upward pressure as sales volume was up and new listing inventory was down 12% for single family homes, and also down 8.9% for condos. Pending sales also took a major bump up as they were up 17.8% for homes and up 26.5% for condos! This should make for some strong September and October stats.

What neighborhoods were ‘hot’ for sellers in August?

Home sales in Makakilo were up 125%
Home prices in Mililani were up 25.3%
Condo sales in Makaha-Nanakuli were up 200%
Condo prices in Wahiawa were up 30.4%

What neighborhoods were ‘hot’ for buyers in August?

Home sales in Moanalua-Salt Lake were down 75%
Home prices on the North Shore were down 44.6%
Condo sales on the Windward Coast were down 100%
Condo prices on the Windward Coast were down 100%

July Home Sales and Prices on Oahu Down From 2010

David E. Buck, R, BIC — Fri, 12 Aug 2011 04:05:40 +0000

Although sales of single family homes on Oahu in July were down 7% from 2010, Realtors on Oahu closed as many transactions as June with 251 sales. Prices were also down 2.2% from last year. On a brighter note, they took a tick up from June’s median price of $575,000. It also took homes that sell* an average of 34 days on market.

This Waialua home (MLS# 1107210) is listed near July’s median sales price of $591,000

*Homes that don’t sell aren’t factored into the 34 days on market stats. There are many homes that do not sell and are either withdrawn from the market and/or re-listed at a later date. If you attempted to sell your property without success and it is no longer on the market, feel free to contact me for more information about our smart marketing and solid representation.

This Kakaako condo (MLS# 1107389) is listed near July’s median sales price of $277,000

The condo market on Oahu also followed the single family trend as sales were down 8.3% and the median sales price was also down 7.7% from last year to $277,000. This is the lowest median price for condos this whole year! This may be a sign of a buyer’s market brewing for condos…

What neighborhoods were ‘hot’ for sellers in July?

Home sales in Moanalua-Salt Lake were up 150%
Home prices in Moanalua-Salt Lake were up 79.3%
Condo sales on the north shore were up 50%
Condo prices on the north shore were up 15.3%

What neighborhoods were ‘hot’ for buyers in July?

Home sales in Kaneohe were down 51.7%
Home prices in Makaha-Nanakuli were down 25.8%
Condo sales in Aina Haina-Kuliouou, Wahiawa and the Windward Coast were down 100%**
Condo prices in Aina Haina-Kuliouou, Wahiawa, and the Windward Coast were down 100%**

**There were no sales in either of these 3 neighborhoods. This is also the most neighborhoods I’ve seen without any sales in a very long time.

As always, all real estate is local. To find out what’s happening in your neighborhood, contact one of our great Realtors on Oahu to see what’s going on in your market, and if now is the time to buy or sell.

Oahu Homes Sales Down While Prices Remain Stable

David E. Buck, R, BIC — Wed, 11 May 2011 00:51:59 +0000

In April, we experienced one of the largest dips in home sales on Oahu in awhile.

This Honolulu home (MLS# 1014958) is priced at April’s median price of $585,000

Existing home sales were down 19.6% from the previous year. Condo sales were also down 6.7%. On a brighter note, prices were stable as the median sales price on Oahu was up 3.5% for homes to $585,000 and down just 0.7%Â to $305,000 for condos.

Although the dip in home sales may be alarming, April is typically a slower month as people are preparing their taxes. This was also the first bump up in prices this year.

What neighborhoods were great for sellers in April?

Home sales on the Pearl City-Aiea were up 220%
Home prices in Aina Haina-Kuliouou were up 109.2%
Condo sales on the Windward Coast were up 300%
Condo pricesÂ on the Windward Coast were up 74.1%

What neighborhoods were great for buyers in April?

Home sales in Kalihi-Palama were down 61.5%
Home pricesÂ on the Moanalua-Salt Lake were down 18.7%
Condo sales in Wahiawa were down 100%
Condo prices on the Wahiawa were down 100%

As always, all real estate is local. To find out whatâ€™s happening in your neighborhood, contact one of ourÂ great Realtors on Oahu to see whatâ€™s going on in your market, and if now is the time to buy or sell.

Condo Sales Surged on Oahu in February

David E. Buck, R, BIC — Tue, 08 Mar 2011 23:30:32 +0000

The Honolulu Board of Realtors has released the latest stats for February.

Condo sales were up from 244 to 295 resales, which represents a whopping 20.9% increase from the previous year! The median sales price of condos on Oahu also increased 7% over the same period from $299,000 to $320,000. Single family home sales were relatively flat with a 2.3% increase in sales volume from 177 to 181 homes sold. Prices were also flat as they were down 1% from $575,000 to a new median price of $570,000.

58 was the magic number in February for the amount of time needed to sell. Both condos and homes were also selling at a slower rate than last year as condos were taking 58 days to sell compared to 51, and the average days on market for homes was up to 58 from 38 in 2010 (and condos).

What neighborhoods were hot in February?

Home sales on the Windward Coast were up 500%
Home prices in Waialae-Kahala were up 48.7%
Condo sales in Mililani were up 142.9%
Condo prices in Kapahulu-Diamond Head were up 44.6%

What neighborhoods were not hot in February?

Home sales in Kalihi-Palama were down 57.1%
Home prices in Aina Haina-Kuliouou were down 57%
Condo sales in Makakilo were down 60%
Condo prices in Wahiawa were down 40%

As always, all real estate is local. To find out what’s happening in your neighborhood, contact one of our great Realtors on Oahu to see what’s going on in the market, and if now is the time to buy or sell.

Oahu Home Sales – Not Too Scary this Fall

David E. Buck, R, BIC — Wed, 27 Oct 2010 00:09:27 +0000

With Halloween right around the corner, don’t be scared of Oahu’s home sales.

This year’s most popular adult Halloween costumes

As costume trends come and go, home sales on Oahu in September were steady once again. The volume of single family home sales were up 8.3%, while the median sales price increased 2.9% to $622,450.

Condo sales were a little more ‘scary’ as the volume was down 15.8%, however median sales price was up 8.2% to $335,000. I’m still amazed as to how resilient our market has been relative to the rest of the country. As we’re approaching the end of the year, it will be interesting to see what trends lie store for our future.

While “Lady Gaga” is the hottest new costume this Halloween, here’s what neighborhoods were hot on Oahu:

Waialae-Kahala home sales in September were up 71.4%
Kapahulu-Diamond Head prices in September were up 39.8%

Michael Jackson costumes are the latest craze for “dead people,” surpassing Elvis. Here’s what neighborhoods were dead/slow on Oahu:

Downtown-Nuuanu sales in September were down 85.7%
Wahiawa median prices in September were down 27%

If you’re interested in buying, or selling on Oahu, contact one of us today. That is, if your not too scared…

Oahu Home Sales Down, While Median Price Up to $605,000

David E. Buck, R, BIC — Fri, 20 Aug 2010 02:00:43 +0000

The same ‘ole story has finally changed.Â After almost of year of writing articles on how our sales volume is increasing on Oahu, July was the first month where we didn’t outpace the previous year’s overall numbers. Single family home resales just barely outpaced July of 2009 byÂ two sales, while condo sales were down from 343 to 320.

In addition to the volume working its way up, so were the prices until June when they went flat.Â PricesÂ for single family homesÂ however rebounded with a median sales price of $605,000. Condo prices were down from June and 2.7% off last year’s prices.

What is this trend showing? In my opinion, buyers are realizing there are opportunities out there and the single family home market is where it’s been (as of lately).Â That’s why we’re seeing the volume and prices remaining strong in that segment of the market. With interest rates at an all time low, those that can qualify for a loan are seeking opportunity. If you’re looking for to purchase a home and take advantage of this, contact one of us for more information.

In addition, here is what WAS HOT and WHAT WAS NOT in July:

WhatÂ areas wereÂ Hot in July?

Waialae-Kahala sales were up 350% !
Downtown-Nuuanu saw the median sales price rise 46.5% from $305,000 to $446,900!

What areas were not?

Kaneohe sales were down 50%
Wahiawa sales were down 29.3% from $138,000 to $97,500

More Oahu Homes Selling in Less Time in June

David E. Buck, R, BIC — Thu, 22 Jul 2010 20:27:38 +0000

The first half of 2010 on Oahu has been a “healthy” market to say the least.

Last month I wrote about how more homes were selling faster at higher prices in May of 2010. June continued the trend of increased volume andÂ less days on market, however prices were somewhat flat.

Sales Volume was up 8.4% for Homes and 38% for Condos!

Homes that Sold on Oahu averaged only 32 Days on Market, while Condos averaged 31 Days. This is phenominal when you compare to the rest of the United States!

Prices were relatively flat with Median Sales Prices up .9% for Homes and down 3.2% for Condos

What does this all mean? Buyers are realizing that the market may be bottoming out here after several years and realizing some great opportunities.Â Interest rates are low and this is a great time for buyers to lock into something long term.Â This is also a great opportunity for sellers that have considered selling.Â These rates won’t be around forever and if you’ve considered selling in the last two years, now is the best time in my opinion. Some homes that weren’t able to sell a year or two ago are now selling!

What areas were hot in June?

Wahiawa had the largest increase in the number of sales. Up 200% from 2009!
Downtown to Nuuanu had the largest appreciation. Median SalesÂ Price wasÂ up 60.3% from $549,000 to $880,000!

WhatÂ areasÂ were not?

Moanalua to Salt Lake was down 75% in the number of sales.
The Windward Coast had the largest hit in prices. Median Sales Price was down 59.6% from $1,012,500 to $409,500.

Thinking of Buying or Selling on Oahu? Contact Us