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Oahu market update
Higher-end homes and condos continue to sell, inventory up in 2023
Even with mortgage interest rates being twice what they were a year ago, according to a CNN report, our local real estate market is off to a strong 2023. The 2022 annual stats from the Honolulu Board of Realtors reveal that while sales have slowed overall, the annual median sales prices from 2021 to 2022— in single-family and condos — have continued to rise.Here’s the latest update.
Please contact me if you would like to discuss your real estate goals for the new year, or receive a copy of the latest trends and activity in your neighborhood.
Latest listing “Before + After”
| This one bedroom condo in the University area served as a rental property for my client’s family for years. It hadn’t been updated since the tenants first moved in. Before listing it on the market, the home was fully renovated to include new flooring, quartz kitchen and bathroom countertops, fixtures, cabinets, lighting, stainless steel appliances, and fresh paint throughout.
Results? The “after” photo and video aired on TV showcase the transformation of the property into a bright, comfortable, and stylish living space. With our multimedia marketing strategy in place to maximize our reach of potential buyers, we listed the property and received multiple offers. It went under contract in 8 days, and closed 14 days later. The final sales price was $10,000 over the asking price, making this one of the highest sales per square foot in the area. Most importantly, the seller was very appreciative that the entire process went smoothly and quicker than expected. His wish was to have the transaction closed by the end of the year. We actually closed a few weeks before the holidays which made it even more joyful! 🎁 |
Happy New Year of the Rabbit!
| Happy New Year of the Rabbit!
I hope this new year is off to a great start for you and your family! What are your goals and aspirations this year? One of mine is to learn a new activity that will help me stay active. I recently started canoe paddling and, wow, it’s such a GREAT workout! I love that it’s outdoors, involves teamwork, and that I’m able to witness beautiful sunsets! If you’re interested in trying Hawaii’s official state team sport, let me know! I’d love to catch up with you on what’s new, the local market, or your home’s value by phone or over coffee! With aloha, Lori |
Oahu Market Update
Higher-end homes and condos continue to sell, inventory up in 2023
Even with mortgage interest rates being twice what they were a year ago, according to a CNN report, our local real estate market is off to a strong 2023. The 2022 annual stats from the Honolulu Board of Realtors reveal that while sales have slowed overall, the annual median sales prices from 2021 to 2022— in single-family and condos — have continued to rise.
Is your neighborhood one of the market standouts in the median sales price? Find out here and contact me if you would like a copy of the latest trends and activity in your neighborhood.
KUILEI PLACE: Honolulu’s newest development accepting applications
Kuilei Place is the newest residential condominium coming to Honolulu featuring affordable (starting at $370,600) and market price (starting at $685,500) units. Located at 2599 Kapiolani Boulevard in Moiliili near the University area and Kapahulu, this is the first new development in the community in decades. Lottery applications are now being accepted from Hawaii residents intending to be owner-occupants and are due soon!
Offered by local developer Kobayashi Group, the 43-story project will span 3.1 acres offering 1,005 residential units consisting of 1, 2, and 3-bedroom floor plans. Sixty percent of the residences will be affordable units for first-time home buyers and qualified residents, while the remaining 40% will be offered at market rates. Construction is slated to begin late this year with completion planned for 2026.
UNIT FEATURES: Bosch appliances, Kohler fixtures, quartz countertops, floor-to-ceiling windows, two color palates to choose from
AMENITIES: Lobby with meet and greet spaces, 24/7 security, covered porte cochere, private club rooms, indoor fitness centers, outdoor fitness lawn, walking path with fitness stations, BBQ cabanas and outdoor BBQ grills, swimming pool, lawn playgrounds, dog parks, bike and surfboard storage, EV fast charging stations, EV car sharing, two penthouse dining rooms, karaoke lounge.
Contact me for details, to schedule a private gallery tour, or for help with the application process which are due soon!
Market Unit applications due: Sunday, March 5.
Affordable Unit Applications due: Friday, April 14.
Oahu Market Update
Single-family home median sales price falls below $1 million
It’s the first time in nearly a year and a half that the median single family home price has dropped below the $1M mark on Oahu. Condo prices have also decreased. Sales volume have dropped 54% for single family homes and 50% for condos. This presents opportunities for buyers who were unsuccessful in getting their offers accepted over the stiff competition over the last two years. It also presents opportunities for sellers since inventory of homes is still limited depending on their location on Oahu. (read more)
Oahu market update
Oahu market update
Sales slow in October as prices hang tough
Normally, as the summer selling frenzy has calmed and we approach Thanksgiving, inventory goes up some, and sales slow. Closed sales ebb and flow with the market — peaking in the summer months when school’s out and then slowing in the fall and into the winter months when people are distracted by the holidays. So, in some respects, October’s market slowdown is not surprising. (read more)
Highest Property Sale in October
Highest Property Sale in October
59-389 Ke Nui Road, Haleiwa, HI 96712 (off-market)
• List Price: $$6,500,000
• Days on Market: 23
• 4 bedrooms, 3-1/2 baths
• 8,140 sq. ft. land
• Sold Price: $6,500,000
• Built: 1971
• 1,378 sq. ft. living
–> $4,717/sq. ft.
Thankful for good neighbors
Thankful for good neighbors
With Thanksgiving around the corner, we wanted to bring some joy and food to the tummies of those struggling to feed their families. We were blessed with rain, wind, and wonderfully generous neighbors, family and friends as we walked the neighborhood to collect donations for the Hawaii Food Bank.
Just in that week, we collected more than 200 pounds of food items and $1,600 in monetary donations to support our local families. Especially at this time when supply is low, the monetary donations alone will provide more than 3,300 meals to those in need. Thank you to all of you who made a difference. If you’d like to participate in our next spring food drive, please let me know!
NAR Chief Economist’s outlook on the U.S. housing market
Greetings!
I hope this finds you in good health and good spirits as we enter the season of gratitude and giving. Did the holiday sneak up on you like it did for me? It’s my favorite time of year and I do have much to be thankful for.
Thank you for your continued trust, support, and referrals. It is my pleasure serving you and those you care about. Please don’t hesitate to reach out if I may be of help or if you have time to connect over coffee. I would welcome that!
HAPPY THANKSGIVING to you and yours!
NAR Chief Economist’s outlook on
the U.S. housing market
National Association of Realtors (NAR) Dr. Lawrence Yun’s U.S. housing forecast based on interest rate of 7%
Last week, Dr. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) reported his findings and outlook for the nation’s housing market. Despite media inferences to another housing crash, Dr. Yun shared interesting comparisons with the last dip in the real estate market in 2008 to today:
• U.S. housing inventory is about a quarter of what it was in 2008: 1 million homes today vs. 4 million homes in 2008
• Distressed property sales are almost non-existent currently, at just 2%; nowhere near the 30% mark seen during the housing crash in 2008
• Short sales are not happening (yet) because there has been significant price appreciation enjoyed by homeowners over the last few yearsBottom line, there will always be fluctuations in the market in the short term. However, homeowners build equity and wealth over the long term. Timing the market on when to buy or sell is not recommended.
The best time to buy or sell property should be based on YOUR own specific needs and situation. Please reach out if I may help you prepare for success whether its connecting you with lenders or discussing your needs, timing and approach.
