Market Reports • May 6, 2024

Oahu Real Estate Market Report – April 2024 Home Sale Statistics

by Mary Long

Home Sales Up Month-to-Month, Still Lag Compared to Pandemic Housing Frenzy

Single-family home buyers and sellers enter contract more quickly in April 

According to resale figures released today by the Honolulu Board of REALTORS®, April witnessed an uptick in single-family home and condo sales. Single-family home sales rose by 26.0% year-over-year, totaling 262 transactions, and by 13.9% monthover-month. Similarly, condo sales saw a 2.6% rise compared to the same time last year, totaling 431 units sold and a 25.3% increase month-over-month.

Despite the momentum change, sales remained at softened levels compared to recent years. Based on a 12-month moving average of sales, April’s average was approximately 40% below the peak moving averages observed in 2021 and 2022. Compared to the pre-pandemic moving average in April 2019, this month’s sales average indicates a decline of about 26% for singlefamily homes and 18% for condos.

Month-over-month, the median price of a single-family home remained steady at $1,100,000, though this marks a 10% year-over-year increase. Compared to April 2023, single-family homes within the $1,100,000 and above range surged 50%, with 132 sales compared to 88 in April 2023.

The condo median sales price grew 5.6% year-over-year and month-over-month, reaching $528,000 compared to $500,000 in April 2023. This upswing is driven by a change in sales activity, with a 35.1% decrease in condos sold within the $300,000 to $399,999 range and a 23.1% increase for condos priced at $600,000 and above.

“Though home sales haven’t reached pre-pandemic levels or the peak activity we noticed in 2021 and 2022, we’re seeing positive recovery signs for O‘ahu’s housing market,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “The month-over-month rise in sales indicates buyers are active in the market despite higher mortgage rates.”

Buyers and sellers moved quickly on single-family homes in April, with the median days on the market decreasing to 17 from 24 in April 2023. Additionally, one in three single-family home sales, or 33%, closed above the original asking price, compared to 25% in April 2023, suggesting increased competition. In contrast, condos took longer to sell, with the median days on the market rising to 29 from 20 last April.

Additionally, only 15% of condo sales closed above the original asking price this April, down from 22% in April 2023. Pending sales remained stable, with a slight year-over-year decline of 0.7% for single-family homes and a slight 1.1% increase for condos.

New listings observed positive growth, with 349 new single-family home listings and 656 new condo listings, up 19.5% and 23.3%, respectively. However, compared to 2019, new listing volume stayed below the 12-month moving average, dipping 36% for single-family homes and 20% for condos.

Active inventory gained a modest 6.4% for single-family homes and 5.6% for condos compared to the previous month. Year-over-year, single-family home inventory grew by 15.5%, while condo inventory surged by 37.8%. Single-family homes priced $1,000,000 and above rose 21.0% from last year, comprising 68% of the active single-family home inventory. Condo inventory also skyrocketed for units priced at $300,000 to $499,999, nearly doubling by 98.0% year-over-year, totaling 497 active units by April’s end.

“Nearly 90% of homebuyers and sellers choose to work with a REALTOR®. Consumers continue to see the value in working with a local real estate professional to guide them through what is typically the most significant financial transaction one makes in life,” Gendrano added.

Single-family homes in the Leeward region experienced the most significant change in active listings, up 38.5%, and the Metro region experienced a 28.8% uptick. Hawai‘i Kai was the only region where active inventory declined for condos, dropping by 30.8% or eight units. However, the Metro region experienced the largest volume change in active inventory for condos, increasing by 27.9% or 244 units from a year ago, ending April with 1,119 active units.

For the full market report, visit:

source: Honolulu Board of Realtors

Market Reports • June 6, 2023

Oahu Real Estate Market Report – May 2023 Home Sale Statistics

by Mary Long

Sales Volume of Oahu Homes Picks Up Month-to-Month, Still Down Compared to 2022

Properties in both markets spend longer on the market, approximately three weeks

According to resales figures released by the Honolulu Board of REALTORS®, the sales volume of Oahu homes improved month-over-month, rising 26.0% for single-family homes and 4.3% for condos in May. However, closed sales declined 23.8% for single-family homes and 36.3% for condos compared to the same time last year.

The median sales price for a single-family home ($1,109,000) was 3.9% below the current record set in May 2022 ($1,153,500). Similarly, on the condo side, the median sales price dipped modestly by about 2.2% from $516,500 in May 2022 to $505,000 in May 2023.

“Despite lower sales volume, the median prices for Oahu properties haven’t changed much over the past year,” said the President of the Honolulu Board of REALTORS®. “Lack of inventory continues to drive demand as more kamaʻāina strive to become homeowners.”

Single-family homes and condos spent two times longer on the market than last year at 21 and 20 days, respectively, compared to 10 days in 2022. More single-family home sales closed at the full asking price or more than in the past seven months. However, this figure changes year-over-year, as approximately 45% of these sales in May received the full asking price or more, compared to about 75% of sales in May 2022. The same is true for condos, as roughly 45% of condo sales closed for the full asking price or more compared to 65% of sales in May 2022.

“Competition among buyers appears to be waning compared to 2022. However, more than a third of sellers continue to receive their full asking price or more in these market conditions,” added the HBR President.

Single-family homes in the $700,000 to $1,299,999 price range accounted for the majority of closed sales in May, at 67%. The ‘Ewa Plain recorded the largest share of single-family home sales at 25.6% (or 67 sales), representing the area’s most significant sales volume so far in 2023. Active inventory in the $700,000 to $899,999 price range experienced the largest increase in May. While active inventory increased in most neighborhoods, the Leeward region marked the most significant uptick, rising 55.6% to 70 active listings.

Meanwhile, condos in the $700,000 and up price range experienced a 48.5% drop in sales year-over-year. The Kailua region was the only area to see an increase in condo sales volume, with 18 sales this May compared to 13 sales in May 2022. Most price points for condos recorded an increase in active inventory, with a 39% uptick in the more affordable $400,000 to $699,999 price range.

{source: Honolulu Board of Realtors 2023}

Company News • Market Reports • November 6, 2022

October 2022 – Oahu and Neighborhood Market Reports

by Mary Long

Oahu Real Estate Market Report + Home Tips

Oahu Home Sales Drift Downward Amid Dampened Buyer Activity

Properties are spending longer on the market, marking a median of 19 daysBuyer activity continues to slow with closed sales of single-family homes dropping 41.7% and condos falling 28.8%. Median sales price growth has also decelerated, though prices remained up year-over-year, with single-family homes increasing 5.0% to $1,050,000 and condos rising 4.0% to $520,000.Properties that closed in October were on the market for a median of 19 days in both markets, up approximately eight to nine days year-over-year. Bidding over the asking price is shifting downward in both markets. For single-family homes, sales this October were split, with 50% of single-family home sellers receiving their full asking price or more, while the other 50% of sales closed below the original asking price. That’s a notable difference considering 75% of single-family homes sold at full asking price or more in October 2021.

The condo market also saw 48% of sales close at the full asking price or more, compared to 59% last year.Single-family homes in the $800,000 to $999,999 range made up the largest portion of sales, accounting for 31.5%, though the number of sales in that range decreased 42.6% compared to October 2021. Higher-priced properties at $2 million and above saw a sharp 63.3% drop in sales. The Diamond Head and Ewa Plain regions experienced the most significant reduction in sales volume, falling 62% and 53%, respectively.Like September, the decline in condo sales occurred primarily in the $799,999 and below range, dropping 34.4% year-over-year, while sales in the $800,000 and above range saw a modest increase of 4.6%. The Ewa Plain and Metro regions recorded the most significant sales drops, declining 50% and 24%, respectively.In October, fewer new listings were added to the market, dropping 24.2% for single-family homes and 25.8% for condos year-over-year. Compared to last year, both markets saw a smaller portion of new listings in escrow or sold by the end of the month.

Approximately 30% of the new listings were in escrow or sold by the end of October. Last year, that portion was 56% for single-family homes and 48% for condos.

Most single-family home price points saw an increase in active inventory, though properties in the $800,000 to $999,999 price range more than doubled, skyrocketing 153.2% compared to a year ago. All regions saw an increase in active inventory of single-family homes. Several regions, including Ewa Plain, Leeward, Makakilo, and Pearl City, saw more than double the inventory from last year. Similarly, active inventory for condos increased across most of the island, though inventory was down in Diamond Head and Pearl City, dropping 43% and 26%, respectively. Condo active inventory declined 22.6% in the $100,000 to $399,999 range, while the $500,000 to $699,999 price range saw the largest increase, up 73.4% from a year ago.

Pending sales for both markets declined in October, with contract signings down 50.5% for single-family homes and 45.7% for condos.

{source: Honolulu Board of REALTORS®}

Click here to view the full
Oahu Real Estate Market & Neighborhood Report.

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Market Reports • July 7, 2022

June 2022 Market Report and Neighborhood News

by Mary Long

Rising Interest Rates Cause Ripple Effects Across Oahu’s Housing Market
Realtors® see decreased sales volume, reduced asking prices, active listings up for longer

According to resales figures released by the Honolulu Board of REALTORS®, housing sales volume on Oahu declined in June, with single-family home sales down 20.8% and condos dropping 14.2% year-over-year. However, sales volume is still up compared to pre-pandemic 2019 levels, with single-family home sales up marginally at 9.2% and condos well ahead at 32.3%.

The median sales price of a single-family home increased 12.4% to $1,100,000 compared to last June. Condos set a new record for the second month in a row with a median sales price at $534,000, up 16.1% from a year ago and 3.4% above last month’s record of $516,500. Properties continue to move into escrow in under two weeks, though single-family homes spent 10 days on the market in June compared to just eight days last year, and condos remained steady at 11 days on the market.

Despite this quick pace, the volume of contract signings has subsided, with pending sales falling for three consecutive months, declining 27.7% for single-family homes and 24.8% for condos year-over-year.

“The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home,” said the President of the Honolulu Board of REALTORS®. “New listings are spending more time on the market compared to the frenzy in activity we witnessed last year.”

Regionally, the Diamond Head and Ewa Plain areas experienced the most significant drop in sales volume year-over-year, plummeting 60.9% and 27.1%, respectively. Though still at historically low levels, active inventory rose considerably over the last summer, up 39.8%. The Ewa Plain and Leeward regions more than doubled their active inventory, skyrocketing 194% and 104%, respectively. The majority of single-family homes—roughly 62%—sold above the asking price, which is a slight 6% dip compared to last June. The Leeward and Kāne‘ohe regions accounted for the most significant drop in pending sales, falling 68% and 63%, respectively.

The condo market saw sales in the $700,000 to $1,199,999 price range rise 47.9%, while properties in the $699,999 and below price range contributed to the primary sales decline, down 25.8% compared to a year ago. Active inventory remained down just a tick at 2.6%. The share of condos sold above the original asking price was comparable to last year at approximately 43% vs. 41% in June 2021. Pending sales of condos dropped across all regions and at all price points, with the greatest decline in the Metro region, down 28.8%.

In June, more active inventory of single-family homes and condos saw price reductions compared to last summer. For single-family homes, 30% of the active inventory was reduced from the original asking price, compared to 20% or 74 listings last June. Condos also saw slightly more listings with reduced prices, as 27% or 271 listings had reduced the asking price, compared to 22% or 227 listings in June 2021. Of note, the price reductions may not have occurred in June, but rather this data reflects the active listings that are now priced below their original list price.

“Sellers are also adjusting their strategies in response to market conditions. Over the past several months, we’re seeing more sellers decrease the asking price for their properties for single-family homes and condos,” the HBR President added.

New listings declined year-over-year in both markets, dropping 18.9% for single-family homes and 12.5% for condos. Of the new single-family home listings that came on the market in June, more than half—58%—remained in active status, meaning they were available for sale at the end of the month compared to just 38% last June. The same is true for condos, where 58% of the new listings remained in active status compared to 49% in June 2021.

Click here to view the full
Oahu Real Estate Market & Neighborhood Report.

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Transform your backyard into a place of escape where you can unwind, enjoy some fresh air, and have fun with friends and family. To foster an inviting atmosphere, combine outdoor furniture, decor, landscaping, and other elements that suit your style and needs. Try these ideas from BH&G magazine to turn your backyard into a relaxing outdoor oasis
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source:BHG.com

June 2022 BH&G Magazine Recipes
The June issue of Better Homes & Gardens® is filled with fresh, exciting flavors perfect for summer.
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Photo: Carson Downing | source:BHG.com

Creating Indoor Spaces for your Family Pets

You love your furry friends, and you want to create the best possible indoor spaces for them. You are not alone; pet-care spending now accounts for more than $75 billion every year. Design teams are taking notice. They are crafting adorable pieces and building extraordinary spaces to ensure that your pet is happy and healthy, and you can learn from them. Want to upgrade your home’s pet-friendly zone? Read on as BHGRE offers some of their favorite tips for creating cozy indoor spaces for your family pets.

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source:BHGRE.com

Market Reports • Uncategorized • June 22, 2022

May 2022 Market Report and Neighborhood News

by Mary Long

Oahu Housing Prices Continue to Tick Up, Setting New Records
Properties spend a near-record median of 10 days on the market

According to resales figures released by the Honolulu Board of REALTORS®, the single-family home market started to cool with closed sales dropping 15.1%, while the demand for condos remained steady with closed sales rising 15.1% compared to May 2021. Both markets saw median sales prices continuing to tick upwards, setting new records, with single-family homes reaching $1,153,500 and condos hitting $516,500.Single-family homes in the $600,000 to $999,999 price range represented the most significant decline in sales activity, dropping 41.2% compared to one year ago. Most regions across O‘ahu experienced a dip in sales, except for the Central region of Mililani and Wahiawa, which ended the month on a high note with a 61.9% increase in sales.Condos in the more affordable price range of $300,000 to $599,999 represented 48.0% of closed sales in May, with a volume increase of 13.4% from one year ago. Condo sales in the $700,000 to $899,999 range more than doubled compared to May 2021, representing 17.6% of May closings. The Metro region accounted for the most significant increase in condo sales, up 21.9%, while the Ewa Plain area saw sales decline by 20.3%.

“As interest rates and median sales prices rise, the question of what people can afford is clearly impacting market dynamics,” said the President of the Honolulu Board of REALTORS®. “We see this reflected in the active inventory of single-family homes, which rose 39.8% from a year ago. Though we’re still lagging behind pre-pandemic levels, this increase in much-needed inventory gives prospective buyers more options to choose from across the various price points.”

On the other hand, activity inventory for condos was down 4.5% year-over-year, though it edged up 2.4% compared to April 2022. Overall, new listings ticked up in each market in May, increasing 3.5% year-over-year for single-family homes and 0.6% for condos. The Ewa Plain marked the largest increase in new single-family home listings for the month, up 16.1%, while listings in the Kāne‘ohe region dropped 34.1%. Not only were condo listings only marginally up from last year, but also new listings were unevenly distributed across various price points. New condo listings priced at $499,999 and below fell 14.9%, while new listings in the $700,000 to $1,999,999 range saw the greatest increase of 45.5% over last year.

Sales of single-family homes and condos are moving at a near-record pace, with properties spending a median of 10 days on the market in May. Sales closing above the original asking price continued in May, with 217 single-family homes and 313 condos selling for more than the original asking price. For single-family homes, this represents 63% of the month’s sales and 45.5% of May condo sales.

“Both markets continue to experience two trends: properties selling at a near-record pace of fewer than two weeks and buyers bidding over the asking price to secure their desired property,” added the HBR President.

Total contract signings fell in May as single-family home pending sales dipped 17.4%, and condo pending sales dropped 14.0%. Condos in the lower price points marked the most significant decline in the $499,999 and below price range, falling 27.5% compared to the same time last year. However, as pending sales have slowed, so too has the portion of new singlefamily home listings in escrow or sold by the end of the month, declining to 47.4% in May 2022 compared to 66.7% in May 2021. For condos, 50% of the newly listed condos were in escrow or sold by the end of the month, compared to 55.9% last year.

{source: Honolulu Board of REALTORS®}

Click here to view the full
Oahu Real Estate Market & Neighborhood Report.

Summer Backyard Oasis Ideas
Transform your backyard into a place of escape where you can unwind, enjoy some fresh air, and have fun with friends and family. To foster an inviting atmosphere, combine outdoor furniture, decor, landscaping, and other elements that suit your style and needs. Try these ideas from BH&G magazine to turn your backyard into a relaxing outdoor oasis
{click here to learn more}
source:BHG.com

June 2022 BH&G Magazine Recipes
The June issue of Better Homes & Gardens® is filled with fresh, exciting flavors perfect for summer.
{click here to learn more}
Photo: Carson Downing | source:BHG.com

Creating Indoor Spaces for your Family Pets

{click here to learn more}

source:BHGRE.com

Oahu Real Estate Market Report – April 2024 Home Sale Statistics

Oahu Real Estate Market Report – May 2023 Home Sale Statistics

Sales Volume of Oahu Homes Picks Up Month-to-Month, Still Down Compared to 2022

{source: Honolulu Board of Realtors 2023}

October 2022 – Oahu and Neighborhood Market Reports

June 2022 Market Report and Neighborhood News

May 2022 Market Report and Neighborhood News

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