Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

OAHU Single Family Home Closed Sales - Last 10 Years (1/2012 to 2/2022)

OAHU Condo & Townhome Closed Sales - Last 10 Years (1/2012 to 2/2022)

 

Nov. 9, 2021

Oahu Housing Market Update | October 2021

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Oahu's Housing Market 2021

Monthly Data & Update - October

Book an Appointment w/Will to learn more!

(Virtually via Zoom, MS Teams or in Person)
 
Oahu Housing Market Update | October 2021 Statistics
 

 

Steady Market -  Sellers
On Oahu, it really comes down to the individual neighborhood and the price point. While many buyers are local Hawaii families, we're noticing an increasing number of clients relocating. The data shows that our local market continues to favor sellers. There is a shortage of inventory for home purchasers although we're noting that the median sales price for a single-family home did fall slightly to $1,000,000 from the August 2021 all-time record of $1,050,000. The median condo price tied the August record of $500,000

Buyers are paying full price or above
We are hearing that interest rates are forecasted to climb to 4% in 2022 which will be impactful to their purchasing power. We hear of so many buyers getting fatigued from being "beat out" in highly competitive situations which makes strategically writing your offer coupled with strong professional relationships critical, especially in Hawaii. The portion of single-family homes and condos selling over the asking price increased around 20% each since last year. Roughly 62% or 236 single-family homes and around 41% or 251 condos closed above the original asking price. The median time properties spent on the market after they were listed for sale remained low, with 10 days for single-family homes and 11 days for condos.

High-end is Hot
Single-Family homes sales for $2,000,000 and above properties skyrocketed 188.2%, followed i.by closed sales of properties in the $900,000 to $1,099,999 range, increasing 67.2% compared to October 2020. Year-over-year, the condo market recorded more than double the sales in the $600,000+.

So far in 2021, closed sales of single-family homes and condos are up 22.6% and 58.8%, respectively. Two of our recently marketed properties in Manoa and one in Kaimuki all went into escrow very quickly. For the Kaimuki property, there were over 140 visitors to the first public open house.

When should I sell?
With an eye on the single-family median sales price many are asking if we have seen the "top of the market."  Our studio listing in Makiki sold within the first week of hitting the market and a single-family home in Waipahu went into escrow with multiple offers in one week. If you need to sell or know someone that does, it is a great time to put the property on the market. New listings for single-family homes dipped slightly 1.1% compared to this time last year, while new condo listings bumped up 8.0%. However, active inventory remains down significantly in both categories, dropping 23% for single-family homes and 39.4% for condos.


{source:  Honolulu Board of REALTORS®}

To view the full Oahu Real Estate Market Report, click here.
 

Oahu Property Search - www.willtanaka.com We recently launched a new Oahu property search website to better assist you in searching for both active and sold Oahu real estate property. Please visit our new website today at www.willtanaka.com.  In addition to our property search website, we encourage you to check out the home valuation and "blog" sections where we are committed to providing you with the most current real estate resources and updates from the real estate industry.

I would love the opportunity to provide you or anyone that you feel will benefit from receiving expert insight into the current real estate market and specific neighborhoods. Please contact me for more information!  I am available to meet you virtually or in person in any of our four Oahu offices conveniently located in Kahala, Kapolei, Haleiwa, and Kailua.  If you would like more detailed data or more information on any other neighborhood, please feel free to call/text, or email me at (808) 429-0341 or willt@betterhawaii.com.
 

 
Who's cooking for Thanksgiving?

Now that Halloween is officially over, it feels like we've entered the HOLIDAY season, first up...Thanksgiving! Thanksgiving to-go meals are a great option for busy families and also make great gifts for friends and loved ones! We've heard that these local spots may still be able to take your pre-order!

JCCH Turkey Feast
$225 - Thanksgiving "Pickup at Pagoda" is sold out but Turkey to go Meals are still available for pickup 9am to 12 pm at the JCCH. 

Kahala Hotel Thanksgiving to Go
$450 - On both Thanksgiving Eve (11/24) and Thanksgiving Day the Kahala Hotel & Resort is offering a Turkey To Go meal for pickup that serves 6-8 people.

Wholefoods Thanksgiving Holiday Meals
$299 - Feeds 12, Turkey & all the fixings! Turkey and ham from animals raised with no antibiotics, ever. No synthetic nitrates or nitrites. All items are packed cold and may require reheating.

Zippy's Restaurants Thanksgiving Holiday Meals
$67.95 to $121.95 - Zippy's restaurants are featuring Half and Whole Turkey packages, ordering online might save you some money!
 
Holiday Shopping?

What are your favorite spots to find the perfect gift?  Some retailers are saying that Black Friday 2021 might be more of a "gray November" as many retailer giants like Amazon, Best Buy, Target, Walmart have already started advertising Black Friday deals last month.

Local Merchants
Because of supplier disruptions, retailers are partnering with new vendors and carrying new products for the first time or going back to making their own. It is a great time to consider buying local wherever possible.
 

Experiences vs. Gifts
Sometimes quality time together can be even sweeter than a bunch of gifts. In 2021 for the kids, here are some of our top-rated experiences this year:

Blue Note Hawaii
Coral Crater Adventure Park
Kualoa Ranch
Kama'aina Shiatsu
Lavie Photography


Our Favorite Local Retailers
Women
Hooked up Hawaii
Le Mana Pearls
Simply Organized - (Our clients get a special discount in Freedom Rail closet systems)
Alii Kula Lavender

Men
Sig Zane
City Mill
vh07v

Teens & Kids
Town and Country Surf
Carousel Candyland

Treats
Lins Snack Shop
Big Island Candies
Holy Bakery
Hawaiian Pie Company

 
 
 
 
 
 
 
 
 
 
Posted in Market Updates
Nov. 1, 2021

Ulana Ward Village Sales Begin

https://www.bizjournals.com/pacific/news/2021/11/01/sales-begin-for-ulana-ward-village.html

Sales begin for Ulana Ward Village

Sales have started for Ulana Ward Village, a 41-story mixed-use condominium located at the corner of Ward Avenue and Auahi Street, adjacent to the new Ka Lai o Kukuluaeo Park.

Developed by the Howard Hughes Corp., Ward Village is a 60-acre master-planned community located between Downtown Honolulu and Waikiki. The $400 million Ulana Ward Village will have 697 reserved housing units.

Prices start at $271,000 for studios, $400,500 for one-bedroom residences, $504,100 for two-bedroom units and $550,000 for three-bedroom units.

"Ulana Ward Village, from its location to design and amenities, has garnered an incredibly positive response from prospective kamaaina buyers," Ka'iulani Sodaro, senior vice president of planning and development at Ward Village said in a statement. "We're pleased to give local residents additional opportunities to find a home in Ward Village and enjoy living in this vibrant neighborhood that offers the best of urban and island sensibilities."

According to a news release, Ulana Ward Village is the development's third reserved housing offering and was designed by AHL, InForm Design, Inc. and PBR Hawaii.

Amenities include reservable indoor-outdoor gathering areas, fitness center, barbecue cabanas, a dog walk and more. Units will have open floor plans and floor-to-ceiling windows.

The mixed-use tower also will include approximately 41,000 square feet of commercial/retail and industrial space.

Ulana, which means to plait or weave, is a nod to the project's location and amenities "that weave Ward Village together with the broader Kakaako Community," the company said.

Interested buyers can make an online reservation to visit the sales gallery at ulanawardvillage.com/reserved-housing.

The Ward Village Sales Gallery is located at 1240 Ala Moana Blvd. in the IBM Building.

Ward Village is approaching sellout of its first five mixed-use residential towers: Waiea, Anaha, Aeo, Ke Kilohana and Aalii. Aalii opened to residents last month.

Other residential buildings in development or under construction include Koula and Victoria Place. Approved by the Hawaii Community Development Association in 2021, The Park Ward Village and Ulana Ward Village will be the newest mixed-use developments to join the neighborhood.

Posted in NEW Projects
Oct. 13, 2021

Forbearance Expiration - Rates Go Down in October

As More Borrowers Reach Forbearance Expiration, Rates Go Down in October

According to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey, 1.3 million homeowners are currently in forbearance plans.

The findings:

– Fannie Mae and Freddie Mac loans in forbearance decreased 17 basis points to 1.21%
– Ginnie Mae loans in forbearance decreased 41 basis points to 2.94%
– Portfolio loans and private-label securities (PLS) declined 35 basis points to 6.42%
– Loans in forbearance for independent mortgage bank (IMB) servicers decreased 37 basis points to 2.82%
– Loans in forbearance for depository servicers decreased 24 basis points to 2.69%

The takeaway:

“Many borrowers reached the expiration of their forbearance term as we entered October. The pace of exits climbed to the fastest pace in over a year, and the share of loans in forbearance declined at the fastest rate since last October, dropping by 27 basis points. The decline was the largest for Ginnie Mae and portfolio/PLS loans,” said Mike Fratantoni, MBA’s senior vice president and chief economist, in a statement. “Payment performance has remained steady for those who have exited forbearance and into a workout since 2020, with more than 85% of those borrowers current as of October. It also continues to be striking that so many homeowners in forbearance have continued to make their payments. Almost 16% of borrowers in forbearance as of Oct. 3 were current.”

“Job growth was weaker than expected in September, reflecting the challenges from the Delta variant, ongoing supply-chain issues, and the resulting slowdowns in the workplace and school re-openings,” added Fratantoni. “However, the drop in the unemployment rate, rising wages, and abundant job openings will continue to help support the housing market, including helping borrowers exit forbearance successfully in the weeks ahead.”

Source: RisMedia https://rismedia.com/2021/10/13/borrowers-reach-forbearance-expiration-rates-down-october/?utm_source=RISMedia&utm_campaign=Daily_News_AM&utm_medium=email&utm_source=RISMedia&utm_campaign=988ced51db-Daily_News&utm_medium=email&utm_term=0_cfadcf5844-988ced51db-540427390 

Posted in Mortgage News
Oct. 13, 2021

Short Term Rental Update

On Wednesday, September 29, the planning commission voted 6-1 to advance the bill to the Honolulu City Council. The commission recommended splitting the bill into rules for residential zones and rules for resort zones and move forward with rules for residential zones. However, the details of the specific recommendations were unclear.

The final version of the bill as advanced has not yet been published, once available we will link it here.

When formally introduced to the City Council (the first reading is likely not to take place until November), there will be multiple hearings with the full council and in council committees that will allow for public comment. HBR’s City Affairs Committee is continuing to monitor and work on this matter. We will continue to keep our members updated on this and you can also stay up to date with the City’s Short-Term Rental webpage.

Resources:

Posted in Industry News
Oct. 8, 2021

Hawaii Business - Top 250 Companies in Hawaii

Hawaii's Top 250 Companies 2021

Posted in Oahu Resources
Oct. 8, 2021

Dial 808 on Oct 24th

Hawaii residents will need to press more buttons for local calls

SOURCE: Bryce Moore Posted: Oct 7, 2021 / 06:45 PM HST / Updated: Oct 7, 2021 / 06:45 PM HST

HONOLULU (KHON2)

Hawaii residents will need to press more buttons to make phone calls soon.  Callers will need to dial an area code, even while calling someone on-island.

Hawaiian Telcom said the change is due to a Federal Communications Commission (FCC) order. It affects more than 30 states and includes all Hawaii phone carriers.

The FCC approved 9-8-8 as a new three-digit number for the National Suicide Prevention and Mental Health Crisis Lifeline. The number can be used starting July 16, 2022. All telecommunications carriers and VoIP service providers will be required to take part in the initiative by requiring callers to use the 10-digit dialing system.

Hawaii residents will soon need to start dialing ‘808’: Here’s what you need to know

“States that used 9-8-8 as a prefix are having to make this transition to add the area code first, even for local calls. That’s what’s going to be required here in Hawaii, dialing 8-0-8 before any number, any local number.”

Ann Nishida Fry, Hawaiian Telcom senior manager of corporate communication

Many are used to dialing seven digits to make local calls, but they will need to include the 8-0-8 area code before those seven digits when calling local numbers starting Sunday, Oct. 24. The call will not go through if the area code is not included.

“If they have their contacts saved in their phones without the 8-0-8, they’re gonna need to add that before October 24th,” Nishida Fry said.

“That’s why it’s important to, you know, do it early, right? You don’t wanna wait till two weeks from now.”

Ann Nishida Fry, Hawaiian Telcom senior manager of corporate communication

The transition will impact cellphones and landlines alike, but there are other devices that might need to be updated as well.

“So maybe your security alarm, maybe if you have a direct-dial sort of device, fax machines, medical devices,” Nishida Fry said. “Those are devices that I would think you tend to set them and you kind of forget about them, so now’s the time to really kind of take a list of, ‘What are the other things that are tied to my phone number, and does it have the local area code added?’”

The Suicide Prevention Lifeline will not use 9-8-8 until 2022, but the change to 10-digit dialing starts on Oct. 24. Until July 16, 2022, customers must continue to dial 1-800-273-TALK to reach the National Suicide Prevention and Mental Health Crisis Lifeline. 

Visit the North American Numbering Plan Administrator’s website for more information.

Questions about the change in dialing procedure can also be emailed to 988@somos.com. The FCC also has information about the National Suicide Prevention Lifeline on its website.

Posted in Oahu Resources
Oct. 8, 2021

Mortgage Rates Back Down Below 3%

Mortgage rates back down below 3%

Refinance purchase index dropped last week as mortgage rates briefly crested 3%

The average 30-year-fixed mortgage rate slipped back down to 2.99% for the week ending Oct. 7, according to Freddie Mac’s latest PMMS survey. The week before, rates had made it above the 3% mark for the first time since June.

Sam Khater, Freddie Mac’s chief economist, said in a statement that rates remain close to 3% as a result of continued unknowns in the financial markets, as the pandemic lingers on. Mortgage rates typically move in tandem with the ten-year U.S. Treasury yield, which was 1.53 for Oct. 6.

“Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties,” said Khater. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”

The previous week, the average 30-year-fixed mortgage rate rose 13 basis points to 3.01%.

A year ago at this time, the 30-year fixed-rate mortgage averaged 2.87%. The 15-year fixed-rate mortgage averaged 2.23%, down from last week when it averaged 2.28%.

Mortgage rates have been kept low in part because of the Federal Reserve’s massive monthly purchases of $120 billion in U.S. Treasury bonds and mortgage-backed securities. The central bank has signaled that will eventually come to an end, however, and it is expected to begin to taper off its purchases when substantial further progress is made in the labor market.

Although rates remain at historic lows for now, market observers do expect rates to climb upward, eventually. Even a modest increase in rates could deter borrowers from seeking to refinance their mortgages.

This week, a sharp decline in refinances in turn led to an overall decrease in mortgage application volume, per a report from the Mortgage Bankers Association. The refinance index dropped 10% from the week prior, its lowest level in three months. Purchase activity, meanwhile, decreased a modest 2% from the previous week.

Overall, the mortgage application index was down 15% compared to the same time last year, driven by a larger year-over-year decrease in the refinance index and a more modest decrease in the purchase index.

Joel Kan, MBA’s associate vice president of economic and industry forecasting, said that “higher rates are reducing borrowers’ incentive to refinance, as declines were seen across all loan types.”

SOURCE: HOUSING WIRE https://www.housingwire.com/articles/mortgage-rates-back-down-below-3

 

 

Posted in Mortgage News
Oct. 8, 2021

Mortgage Rates - 10/8/21

The average rate for a 30-year, fixed-rate mortgage fell to 2.99 percent, a change of only 2 basis points from the previous week, according to Freddie Mac’s lender survey.

“Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties,” Freddie Mac Chief Economist Sam Khater said in a news release. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”

For the week ending Oct. 7, Freddie Mac’s weekly Primary Mortgage Market Survey reported average rates for the following types of loans:

  • For 30-year fixed-rate mortgages, rates averaged 2.99 percent with an average 0.7 point, down from last week’s 3.01 percent figure and higher than its 2.87 percent mark from a year ago. Rates for 30-year loans hit an all-time low of 2.65 percent during the week ending Jan. 7, 2021, according to records dating to 1971.
  • Rates on 15-year fixed-rate mortgages averaged 2.23 percent with an average 0.7 point, falling from last week’s 2.28 percent and lower than the rate of 2.37 percent a year ago. The mark moves the rate for these 15-year loans further from their all-time low of 2.10 percent set the week ending Aug. 5, 2021, according to records dating to 1991.
  • For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.52 percent with an average 0.3 point, up from 2.48 percent last week and down from 2.89 percent a year ago. Rates on 5-year ARM loans now rest just above the record-low 2.40 percent rate set during the week ending Aug. 5, 2021.

Lenders report their average rates each week to Freddie Mac for the survey, which assumes borrowers have excellent credit and put 20 percent down on a home. Borrowers with worse credit can expect to qualify for higher interest rates.

The recent spike in interest rates appears to have curbed the demand for purchase loans, according to a separate survey from the Mortgage Bankers Association.

The number of purchase loan applications declined 2 percent from the previous week, after accounting for normal seasonal patterns. Purchase loan applications were down 13 percent year over year.

Recent rate increases have coincided with rising bond yields, which recently reached their highest point since the early summer. They also followed weeks of statements from Federal Reserve officials, who have signaled they intend to scale back pandemic-era levels of support for the American economy.

Buyers are also as pessimistic as they’ve ever been, with homebuyer sentiment dropping back to its all-time low, according to a September poll by Fannie Mae.

Posted in Mortgage News
Oct. 8, 2021

Meet 49 of the richest people in real estate, according to Forbes

More than four dozen real-estate moguls were included in Forbes’ latest list of wealthiest Americans, a group that has flourished financially since the start of the pandemic.

Warren Buffett and Stephen Schwarzman topped the list among investors with substantial ties to the real estate industry, with developer Donald Bren also clocking in near the top with an estimated net worth of $16.2 billion, according to the Forbes 400 list.

Like their colleagues in other industries, America’s wealthiest real estate figures saw their net worth grow rapidly over the past year, Forbes said.

“The 400 wealthiest Americans saw their collective fortune increase 40% over the last year, to $4.5 trillion,” Forbes said in its report. “Nearly all are richer than they were a year ago.”

In addition to investors, the publication also identified business giants in construction, manufacturing and distribution.

John Menard Jr. was the wealthiest on the list among this group. The founder of Menards home improvement chain has an estimated net worth of $16.6 billion, Forbes said. Diane Hendricks, the chair of ABC Supply roofing company, came in at $11 billion.

The list below is grouped by industry and ordered by each businessperson’s net-worth rank on the Forbes 400 list. Other members of the Forbes 400 list may have ties to real estate, but are not included below.

Construction and services

  • 43. John Menard Jr., founder and owner of Menards home improvement chain — $16.6 billion
  • 57. Brian Chesky, co-founder and CEO of Airbnb — $12.5 billion
  • 64. Diane Hendricks, chair of ABC Supply roofing, siding and windows — $11 billion
  • 66. Joe Gebbia, co-founder and chief product officer of Airbnb — $10.8 billion
  • 76. Nathan Blecharczyk, co-founder and chief strategy officer of Airbnb — $10 billion
  • 86. Bernard Marcus, co-founder of Home Depot — $9.1 billion
  • 90. Herbert Kohler Jr. and family, executive chairman of Kohler plumbing fixtures — $8.8 billion
  • 116. Ronald Wanek, founder of Ashley Furniture — $7.6 billion
  • 124. Arthur Blank, co-founder of Home Depot — $7.2 billion
  • 176. Ken Langone, co-founder of Home Depot — $5.9 billion
  • 182. Gary Rollins, chairman of Orkin pest control — $5.8 billion
  • 195. Eric Smidt, CEO of Harbor Freight Tools — $5.6 billion
  • 229. Todd Wanek, CEO of Ashley Furniture — $4.7 billion
  • 389. Donald Horton and family, founder of D.R. Horton — $2.9 billion

Mortgage lending

  • 23. Dan Gilbert, cofounder of Quicken Loans — $30.9 billion
  • 102. Mat Ishbia, president and CEO of UWM Holdings — $8.3 billion

Real estate investing

  • 8. Warren Buffett, chairman and CEO of Berkshire Hathaway — $102 billion
  • 19. Stephen Schwarzman, co-founder of Blackstone — $37.4 billion
  • 43. Carl Icahn, founder of Icahn Enterprises — $16.6 billion
  • 46. Donald Bren, chairman and owner of the Irvine Company — $16.2 billion
  • 70. Stanley Kroenke, founder of the Kroenke Group — $10.7 billion
  • 66. Philip Anschutz, chairman and CEO of the Anschutz Corporation — $10.8 billion
  • 78. Andrew Beal, founder and owner of Beal Financial Corp. — $9.9 billion
  • 102. Stephen Ross, founder of Related Companies — $8.3 billion
  • 120. Jonathan Gray, chairman and CEO of Blackstone Group — $7.4 billion
  • 134. Sun Hongbin, founder and chairman of Sunac China Holdings — $6.9 billion
  • 151. Neil Bluhm, partner of Midwest Gaming & Entertainment — $6.4 billion
  • 161. Leonard Stern, chairman and CEO of the Hartz Group — $6.2 billion
  • 168. Edward Roski Jr., president of Majestic Realty $6.1 billion
  • 168. John A. Sobrato and family, founder of the Sobrato Organization — $6.1 billion
  • 172. Sam Zell, founder of Equity Group Investments — $6 billion
  • 188. Ray Lee Hunt, chair of Hunt Consolidated — $5.7 billion
  • 209. Jeff Greene, credit-default-swap investor — $5.1 billion
  • 229. Ted Lerner and family, founder of Lerner Enterprises — $4.7 billion
  • 229. Igor Olenicoff, founder of Olen Properties — $4.7 billion
  • 261. Rick Caruso, founder and CEO of Caruso — $4.3 billion
  • 261. Ty Warner, owner of Four Seasons Hotel New York — $4.3 billion
  • 289. Richard LeFrak and family, CEO of the LeFrak Organization — $3.9 billion
  • 289. Donald Sterling, real estate investor — $3.9 billion
  • 300. Bernard Saul II, chairman and CEO of Saul Centers — $3.8 billion
  • 310. John Catsimatidis, owner of Gristedes — $3.7 billion
  • 318. Charles Cohen, president and CEO of Cohen Brothers Realty Corporation — $3.6 billion
  • 318. Jay Paul, founder of Jay Paul Co. — $3.6 billion
  • 318. Jerry Speyer, founding partner of Tishman Speyer — $3.6 billion
  • 340. Herb Simon, founder of Simon Property Group — $3.4 billion
  • 363. H. Ross Perot Jr., chairman of The Perot Group — $3.2 billion
  • 368. Jeff Sutton, founder of Wharton Properties — $3.1 billion
  • 377. Mortimer Zuckerman, former Boston Properties chairman — $3 billion
  • 389. Jane Goldman, co-chair of Solil Management — $2.9 billion
SOURCE:  INMAN NEWS https://www.inman.com/2021/10/07/meet-49-of-the-richest-people-in-real-estate-according-to-forbes
Posted in Industry News
Oct. 7, 2021

Oahu Real Estate Market Update - September Statistics

 

 
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WILL TANAKA JD, RA - 808-429-0341
 

2 Out of Every 3 Single-Family Homes Sell for Over the Asking Price in September

Year-over-year market activity continues to mark gains, but month-to-month closed sales dip

According to resales figures released by the Honolulu Board of REALTORS®, closed sales of single-family homes and condos in September continued to outpace sales activity from the same time last year, recording 8.4% and 34.9% increases, respectively. However, sales dropped slightly compared to August, with single-family homes down 0.2% and condos dipping 8.9%. The median price for a single-family home remained at $1,050,000, while the median condo price rose 7.4% year-over-year to $478,000.

Around 57% of single-family homes sold in September were priced at $1 million and above, and the most volume growth occurred in the $1,000,000 to $1,399,999 range, with more than double the sales as last September. Roughly two out of every three single-family homes sold last month closed above the original asking price. The practice of bidding over the asking price was most prevalent in the Ewa Plain region, representing more than 80% of the region’s third quarter sales.

“We’re seeing a slight decrease in total sales month-to-month as families focus on the return to the school year and prepare for the holiday season, which is typical for this time of the year,” said the President of the Honolulu Board of REALTORS®. “Despite the modest dip in market activity, the majority of homebuyers continue to bid over the asking price in the hopes of securing a property to call home.”

Sales of condo properties in the $700,000 and above price range more than doubled year-over-year with 129 closed sales compared to just 57 last September. Meanwhile, 39.6% of condos sold for more than the asking price in the third quarter, especially in the Central, Ewa Plain, and Makakilo regions, where this occurred in over 70% of sales.

Both markets marked an uptick in new listings compared to 2020, however, active inventory –representing properties listed and open for sale at the end of the given month – fell sharply. The active inventory of single-family homes dropped by 17.4%. The regions with the most significant decline in active inventory for this market were Diamond Head and the North Shore, representing 49% and 59% drops, respectively. A total of 738 new condo listings came on the market in September, translating to a 28.1% year-over-year increase, though active inventory was down 40.9% compared to one year ago.

“The data indicates that there is a clear need for more inventory to meet the high demand for housing here on Oahu. Homebuyers and sellers can count on REALTORS® to help them search for the right property and put their best foot forward in this competitive market,” added the HBR President.

{source:  Honolulu Board of REALTORS®}

To view the full Oahu Real Estate Market Report, click here.
 
 
20 Halloween Monster Mash Recipes 
These Halloween potluck recipes from BHG.com will make even the pickiest ghouls and goblins happy.
{click here to learn more}   
source:BHG.com | Photo credit: Mathew Clark
 

25 Outdoor Fall Decorating Ideas to Showcase through Thanksgiving
The best fall outdoor decorations can stay on display from harvest to Halloween. These versatile fall outdoor decorating ideas from bhg.com span the season from September through Thanksgiving—plus, many displays can be brought indoors and used as fall centerpieces during seasonal entertaining.
{click here to learn more}  

source:BHG.com | photo: Michael Partenio
 
 
It's Fall y'all! Pumpkin patch and sunflower appointments are filling up across Oahu at Waimanalo Country Farms and Aloun Farms. If you can't make it to a live sunflower farm, check out this amazing interactive 360 Sunflower tour from the Waialua Sunflower farm.
 

Have a Hauntingly Good Halloween
Let’s get spooky and crafty! Click on the link below to explore a ton of fun Halloween recipes, critter-approved craft ideas, and of course, tons of clever costume ideas from BHGRE. 
{click here to learn more}  

source:BHGRE.com
 
 
Thank You for Voting BHGRE Advantage Realty
Hawaii's Best, 12 years in a Row!

We are truly humbled to be recognized as one of Honolulu Star-Advertiser's BEST Companies year after year. Mahalo for your continued support!.
{click here to learn more}  
 
 
 
 
 
 



Posted in Market Updates