Oahu Single-Family Home Sales Continue to Grow


November single family average sales prices surged 14.4% to $1,058,258, just shy of the all-time record high set in April 2018.

Low interest rates and a strong economy have helped to reverse what looked like a softening market earlier this year. At the end of November, several indicators were pointing to continued strength in single family residential sales. Compared to the same period last year, closed sales in November were up 11.1% to 320, pending sales were up 16.1% to 461 and active listings were down 2.7% to 1,415. The results all point to continued modest price increases going into the new year.


Interestingly, the number of new single-family listings increased significantly (4.5%) assuring buyers that many options are still available.

Sales of condominiums in November told a different story. Compared to October the average condominium average price was down 6% to $485,383. That is still 9.7 % higher than the same period last year. Closed sales were up 1.2% suggesting continued stability in the market.







October 2019 - Short Term Rentals and TVUs (Transient Vacation Units)

Post Date:  October 29, 2019


As of August 2019, the State of Hawaii passed new rules (Bill 89 or Ordinance 19-18) regarding short term rentals and transient vacation units. 


So before you run out and decide to rent out your investment property for happy tourist coming to Hawaii, looking for a great place or Airbnb or VRBO,  you may want to check out the State's website page.  Here were the main objectives to the new rule:

  • Allow a limited number of new Bed and Breakfast Homes(B&B) in non-resort areas under a new registration process, with annual renewals required
  • Continues to prohibit Transient Vacation Units or “unhosted” rentals,in non-resort areas, unless the dwelling has a Nonconforming Use Certificate or NUCs
  • Regulate the hosting platforms such as Airbnb or Expedia, which will require them to send monthly reports to the Department of Planning and Permitting.
  • Makes illegal any form of advertising short-term rentals which are not in compliance with zoning regulations as provided in Ordinance 19-18.

For more information regarding short-term rentals and TVUs, especially if you are thinking of turning an investment property into one, you will need to visit the State of Hawaii, City & County of Honolulu website at:


https://www.honolulu.gov/dppstr


Real Estate Life and Market Outlook 

Post Date: October 29, 2019


As we near almost to the end of 2019 and into the holiday season, it was another great month in the real estate market here in Hawaii.


The homes that I have seen, from going to Open Houses, that have been doing well are some of the older homes rather than newer homes in new subdivisions. I have had people looking for older homes, that need a little bit of work (but not falling apart) where they can home improve it the way the way and potential have enough land space to possibly build a home for other family members.


I’ve noticed that a lot of the sales for the single-family homes are in the older 4+ bedroom / 2+ bathroom homes in places like Pearl City, older Ewa Beach, older parts of Aiea, Halawa and Waianae. Occassionally, I will also see some in Kaneohe, which to me is rare.


As far as condominium, the clients, that I’m currently working with, are looking for investment properties, which mostly comprised in areas of Waikiki due to the many listings that are available. However, if you are looking for investment condo properties, places like Salt Lake, Honolulu area (such as Nuuanu, Makiki, Downtown area), Maili, Waianae and Nanakuli have great opportunities.


As far as the real estate market in Hawaii is…………


The median price of homes in October 2019 came in at $780,000 which is lower than the median price of single family homes about a year ago (October 2018 was $800,000).


The median price for condominium was higher in October 2019. The median sales came in at $441,000, which was also higher than about a year ago (October 2018 was at $390,000).


Sales of single-family homes were higher in October, but the largest jump was in condominium sales.

There has been an uptick in listings for homes in October, which can be favorable if you are buying home because there is more inventory in the market.


As far as mortgage rates, rates have been slightly higher since the summer, but they have been holding steady. However, nationwide per CNBC, there have been more people putting in mortgage loan applications in 2019 so far than in 2018. So rates are still favorable especially if you are in the market for a new home.