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June 2019 Oahu Real Estate Market Update

June 2019 Oahu Real Estate Market Update

OAHU HOUSING SALES DOWN, WHILE PRICES UP IN JUNE

Sales of single-family homes and condominiums on Oahu slowed in June according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
June 2019 327 $800,000
June 2018 365 $782,388 2.3%

Condominium Resales

Number of Sales Median Sales Price
June 2019 473 $432,500
June 2018  547 $420,000 3.0%

 

During June 2019, single-family home sales decreased by 10.4 percent and condominium sales decreased by 13.5 percent from the same month last year. The median prices paid increased modestly with singlefamily homes up by 2.3 percent to $800,000 and condos up by 3.0 percent to $432,500. While new listings for single-family homes declined by 8.9 percent from June 2018, overall inventory increased by 16.7 percent. The number of newly listed condos increased by 6.3 percent, as did overall inventory by 13.8 percent. According to the Days on Market indicator, the median days for single-family homes was 18 and 27 for condominiums.

“While sales volume in June may have declined from last year, the Oahu housing market remains very active and competitive,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Even with the increases in inventory, we’re seeing the majority of sold properties on the market for less than 30 days. Additionally, sellers who are working with REALTORS® are closing with median prices at 98.2 percent of the original list price for single-family homes and 97.2 percent for condos. REALTORS® have the knowledge and experience to position and prepare properties for optimal sales performance and to help navigate the complex process of selling a home.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.

Ililani in Kaka‘ako

Ililani in Kaka‘ako

Another Kakaako condominium will soon etch its place in Honolulu’s skyline. Introducing Ililani, a 42-story condominium consisting of 328 units with a mix of one and two bedrooms. Located at the corner of Keawe and Halekauwila street, Ililani will be one block mauka of SALT Kakaako. The project will have 165 affordable and 163 market units. All one-bedroom and roughly 30 two-bedroom units will be affordable under Hawaii Housing Finance Development Corporation requirements. Applicants falling within 80-140% average median income (AMI) will be eligible for these units. The affordable units will also have a 10-year buy back restriction. Proposed unit sizes will be 500-600SF for one bedroom and 700-800+SF for two bedrooms. All units will come with split AC in each room and a lanai.

Proposed amenities will include:

  • Plunge pool
  • Community garden
  • Multi-purpose room
  • Lounge
  • Fleet of cars for owners to use for a fee

There will be a few commercial spaces on the ground floor. Prices for Ililani are yet to be determined but anticipated to start in the $300K’s for the affordable units and starting at $600K’s for two bedroom market units. Maintenance fees are anticipated to be $.53/sq. ft. Sales for affordable unites are expected to start in the beginning of July.

If you would like to stay updated on this project as new information becomes available, give our office a call at +1 808-753-9033.

May 2019 Oahu Real Estate Market Update

May 2019 Oahu Real Estate Market Update

OAHU SINGLE-FAMILY HOME SALES SPRING UP IN APRIL

Oahu condominium sales ticked upwards in May according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
May 2019 320 $770,000
May 2018 332 $778,000 -1.0%

Condominium Resales

Number of Sales Median Sales Price
May 2019 520 $417,500
May 2018  495 $430,000 -2.9%

 

During May 2019, condominium sales increased by 5.1 percent from May 2018, while single-family home sales decreased by 3.6 percent. Total sales volume in May increased by 1.6 percent, the first year-over-year gain since July 2018. The median prices paid for single-family homes decreased modestly by 1.0 percent to $770,000, while the median price for condos dipped by 2.9 percent to $417,500. New listings increased from the same time period last year for both single-family homes and condominiums by 5.2 percent and 7.1 percent, respectively. According to the Days on Market indicator, the median days for single-family homes was 21 and 27 for condominiums.

“The Oahu housing market is experiencing activity similar to that being seen nationally, especially in major metropolitan areas, with moderate shifts in both median prices and sales, along with increases in available inventory,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “The 30- year fixed mortgage rate recently fell below four percent for the first time since January 2018, which may drive consumers to make home purchasing decisions as we move into the summer months.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.

April 2019 Oahu Real Estate Market Update

April 2019 Oahu Real Estate Market Update

OAHU SINGLE-FAMILY HOME SALES SPRING UP IN APRIL

Single-family homes ticked up in April according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
April 2019 318 $766,750
April 2018 289 $790,000 -2.9%

Condominium Resales

Number of Sales Median Sales Price
April 2019 476 $418,950
April 2018  547 $416,000 +0.7%

During April 2019, the sales of single-family homes increased by 10.0 percent, while condominium sales decreased by 13.0 percent from April 2018. The median price paid for single-family homes decreased by 2.9 percent from the same month last year to $766,750, while the median price paid for condos increased to $418,950, a 0.7 percent increase from last April. Active listings increased year-over-year for both single-family homes and condominiums with gains of 30.6 percent and 17.6 percent, respectively. According to the Days on Market indicator, the median days for single-family homes was 25 and 29 for condominiums.

“After a slow first quarter that saw a decline in housing sales, but steady median prices, the Oahu market experienced positive activity in April with a 10 percent increase in single-family home sales,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Low mortgage interest rates, coupled with more inventory on the market compared to last year, presented better opportunities for potential homebuyers and spurred more of them to buy. While condo sales were down comparatively, there was still a healthy number of condo units sold in April.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.

MCC Program Updates

MCC Program Updates

The HHFDC just updated their income limits and purchase price limits for the MCC program, effective Monday, April 22, 2019. Attached is the Acquisition Cost Limits document and updated MCC Program Brochure.

For those of you who aren’t familiar with the MCC program, an MCC gives a qualified first-time homebuyer (no primary residence ownership in the last 3 years) a tax credit of 20% of the mortgage interest paid each year. At current rates, that effectively saves them almost 1% on their interest rate.  It also can improve their pre-approval buying power by enough to make the difference between qualifying and not qualifying for a purchase.

A tax credit is much better than a tax deduction, as it reduces your tax liability dollar for dollar. The remaining 80% of your annual mortgage interest continues to qualify as an itemized tax deduction.

For properties on Oahu, the new income limits are up to $139,520 for a family of 2 or less, and $163,240 for a family of 3 or more, while the new purchase price limit is $648,955 in non-targeted areas.

There are certain census tracts, or targeted areas, where the HHFDC has a different income limit (need to contact them for the limit for each area) and an increased purchase price limit of $793,168.

The acquisition cost (purchase price) limits applicable to the MCC Program are as follows:

Non-Targeted Areas

County Newly Constructed or Existing Residence*
Hawaii $348,800
Honolulu $648,955
Kalawao $610,659
Kauai $641,710
Maui $610,659

Targeted Areas

County Newly Constructed or Existing Residence*
Hawaii $426,311
Honolulu $793,168
Kalawao $746,362
Kauai $784,313
Maui $746,362

* Pursuant to federal regulations, there is only one purchase price limit that applies to both newly constructed and existing residences.

March 2019 Oahu Real Estate Market Update

March 2019 Oahu Real Estate Market Update

OAHU HOUSING SALES DOWN IN MARCH WHILE NEW LISTINGS INCREASE —

Honolulu’s housing market ended March with a moderate decrease in sales volume, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
March 2019 276 $782,500
March 2018 305 $760,000 3%

Condominium Resales

Number of Sales Median Sales Price
March 2019 467 $429,000
March 2018  485 $435,000 –1.5%

During March 2019, the sales of single-family homes declined by 9.5 percent, while condominium sales decreased by 3.7 percent from March 2018. The median price paid for single-family homes increased by 3.0 percent from the same month last year to $782,500, while the median price paid for condos decreased to $429,000, a 1.4 percent drop from last March’s record-setting median high of $435,000. New listings ended in positive territory with a 12.8 percent and 3.6 percent increase in newly listed single-family homes and condominiums, respectively. Total active listings of single-family homes increased by 33.6 percent and condominiums were up by 23.3 percent over the same period last year. According to the Days on Market indicator, the median days for single-family homes was 24 and 22 for condominiums.

“Oahu’s housing market remains healthy as the spring season begins, and there are favorable opportunities present,” said Jenny L. Brady president of the Honolulu Board of REALTORS®. “Inventory levels have been rising steadily, offering more options at all price ranges. That, coupled with the recent decline in mortgage rates creates opportune circumstances for buyers. Partnering with a licensed REALTOR® is a great first step to ease the transition from browsing to buying.”

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