April 8, 2024

Oahu Real Estate Market Update March 2024

Oahu Real Estate Market Report February 2024

Oahu Real Estate Market Report February 2024

Oahu’s Housing Market Remains Sluggish

Median sales prices rise slightly as sales volume dips for both single-family homes and condos

The spring season started with little momentum. Though real estate activity remains sluggish, we continue to see properties in more affordable price ranges sell. Single-family homes priced $899,999 and below experienced a 6.1% increase for a total of 70 sales, and condos within the $200,000 to $399,999 range marked an 11.8% uptick, for a total of 95 sales.

HBR's latest Monthly Statistics Report shows:
For March

  • The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record-setting price of $536,000.
  • Single-family home sales declined by 2.5% year-over-year, while condo sales slumped 22.5%.
  • Both single-family homes and condos typically enter a contract within a month, with median days on the market at 31 and 29 days, respectively.
  • Single-family home sales recorded 23% closing above the original asking price compared to 24% last March, while the percentage of condos sold above the asking price dipped slightly to 18% from 21% over the same period.

For the first quarter

  • First-quarter sales grew 6.1% for single-family homes but fell by 7.1% for condos.
  • Year-to-date median prices reached $1,070,000 for single-family homes and $505,000 for condos, a 4.4% and 1.0% year-over-year increase, respectively.

"Elevated mortgage rates have prompted another slowdown in market activity," said Fran Gendrano, president of the Honolulu Board of REALTORS®. "However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales."

Single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease. Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for single-family homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales.

"The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics," Gendrano added.

New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.

 

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.

 

April 5, 2024

700 Richards Street Unit 1109 Honolulu, HI 96813

Living Room View at 700 Richards St, Harbor Square 1109

Property Summary

NEW LISTING! Enjoy beautiful Ocean Views from this Spacious & Well Maintained, 2 bed 2 bath Corner unit with 1 parking in the highly desirable Harbor Square building! Features include over 1,000 sqft of living space, floor to ceiling windows for lots of natural light, all major utilities included in the maintenance fee (Electricity, Central AC, Hot Water, Cable, Internet, Sewer & Water), washer/dryer in unit, extra storage locker on same floor, amenities such as a pool, BBQs, building security and much more! Harbor Square is in a prime location right in the heart of Downtown just minutes away from Kakaako, Ward Village, Chinatown, Queens Hospital, shopping, and restaurants. A MUST SEE! Offered at $599,000 FS.

Bedrooms: 2
Bathrooms: 2
Parking: 1
Living SqFt: 1100 sqft
Lanai SqFt: 86 sqft
Year Built: 1971
Inclusions: AC Central, Cable TV, Chandelier, Disposal, Drapes, Dryer, Range Hood, Range/Oven, Refrigerator, Washer

Want to see more homes in the Downtown Area? Visit our Downtown Honolulu Neighborhood Page!

Need help selling or buying a home? Contact Colin Lee @ 808-352-8587 or ColinL@BetterHawaii.com for a FREE 30 minute consultation.

Additional Property Photos

Living Room View at 700 Richards St, Harbor Square 1109

Living Room at 700 Richards St, Harbor Square 1109

Living Room at 700 Richards St, Harbor Square 1109

Dining area at 700 Richards St, Harbor Square 1109

If you want to learn more details about this property, and the current real estate market or are thinking about buying or selling in the future, please call Colin Lee anytime @ 808-352-8587. All calls are 100% confidential.

Click HERE to start viewing homes for sale instantly.

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting

April 3, 2024

91-1037 Lanakoi Street Kapolei, HI 96707

Front view of 91-1037 Lanakoi St, Kapolei

Property Summary

NEW LISTING! RARELY AVAILABLE CORNER Lot home with 4 Beds, 2.5 Baths, and 2 Car Enclosed Garage with room to park in front! Features of this well-maintained home includes split ACs in every bedroom & living room, a fully fenced-in spacious backyard, high vaulted ceilings in the living room & lots of natural light throughout. This home is in a great central location, conveniently located a few minutes from Kapolei Elementary, Middle & High School, the Villages of Kapolei Community Center/Pool, Ka Makana Alii Mall, Freeway Access, Restaurants, Shopping & much more! A MUST SEE! Offered at $989,000 FS.

Bedrooms: 4
Bathrooms: 2.5
Parking: 4
Living SqFt: 1791 sqft
Year Built: 2000
Inclusions: AC Split, Auto Garage Door Opener, Blinds, Ceiling Fan, Dishwasher, Disposal, Dryer, Microwave Hood, Range/Oven, Refrigerator, Security System, Washer, Water Heater

Want to see more homes in the Kapolei Area? Visit our Kapolei Neighborhood Page!

Need help selling or buying a home? Contact Colin Lee @ 808-352-8587 or ColinL@BetterHawaii.com for a FREE 30 minute consultation.

Additional Property Photos

Living room of 91-1037 Lanakoi St, Kapolei

Living room of 91-1037 Lanakoi St, Kapolei

Living room of 91-1037 Lanakoi St, Kapolei

Living room of 91-1037 Lanakoi St, Kapolei

Kitchen of 91-1037 Lanakoi St, Kapolei

Kitchen of 91-1037 Lanakoi St, Kapolei

Kitchen of 91-1037 Lanakoi St, Kapolei

Dining area of 91-1037 Lanakoi St, Kapolei

Dining area of 91-1037 Lanakoi St, Kapolei

Primary bedroom of 91-1037 Lanakoi St, Kapolei

Primary bathroom of 91-1037 Lanakoi St, Kapolei

Second bedroom of 91-1037 Lanakoi St, Kapolei

Third bedroom of 91-1037 Lanakoi St, Kapolei

Fourth bedroom of 91-1037 Lanakoi St, Kapolei

Guest bathroom of 91-1037 Lanakoi St, Kapolei

Driveway view of 91-1037 Lanakoi St, Kapolei

Backyard view of 91-1037 Lanakoi St, Kapolei

Backyard view of 91-1037 Lanakoi St, Kapolei

Backyard view of 91-1037 Lanakoi St, Kapolei

Lanai view of 91-1037 Lanakoi St, Kapolei

Garage at 91-1037 Lanakoi St, Kapolei

If you want to learn more details about this property, and the current real estate market or are thinking about buying or selling in the future, please call Colin Lee anytime @ 808-352-8587. All calls are 100% confidential.

Click HERE to start viewing homes for sale instantly.

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting

March 6, 2024

Oahu Real Estate Market Update February 2024

Oahu Real Estate Market Report February 2024

Oahu Real Estate Market Report February 2024

Oahu Housing Market Warms Up in February

Single-family home and condo sales continue to rise despite modest increase in median prices

Single-family home sales totaled 179, while condo sales reached 334—a modest gain of 3.5% and 2.8%, respectively. When combined with January sales, 2024 shows continued improvement over 2023, with total year-to-date sales up by 7.2% compared to the same period last year.

Both markets experienced year-over-year growth in median sales price. Single-family homes observed an 8.9% jump, reaching $1,075,000, while condo sales increased 6.8% to $512,500. Additionally, the median days on the market for single-family homes decreased by 17 days to 30 days from 47 days in February 2023. However, condos stayed on the market longer than last year, with a median of 39 days compared to 28 days.

Sales volume for single-family homes remained steady compared to last year, up just six sales. Homes priced $1,000,000 and above made up nearly 60% of total sales this February, compared to 49% in February 2023, a 25.9% year-over-year increase. Conversely, single-family home sales below $1,000,000 dipped by 18.2% year-over-year. In the condo market, the $500,000 to $699,999 price range experienced the most significant growth, with 96 sales compared to 67 in February 2023, an increase of 43.3% or 29 units. Meanwhile, condos priced between $200,000 to $499,999 declined by 17.9%, or 30 sales.

New listings improved from last year, with 295 in the single-family home market and 533 in the condo market in February, growing 26.6% and 15.1%, respectively. However, compared month over-month, new listings for homes increased by only 3.5% and declined by 8.3% for condos. In the $800,000 to $899,999 range for single-family homes, new listings surged 88.0%, with 47 new listings compared to 25 last February, while the largest volume of new listings was in the $1,000,000 to $1,499,999 range with 100 newly-listed homes. In the condo market, the $300,000 to $499,999 range saw a 33.8% rise in new listings. Besides Hawai‘i Kai and Kailua, all regions maintained or exceeded last year’s new listing volumes. The Metro region experienced the largest increase, up 14.8%, with 333 new condo listings compared to 290 last year.

Compared to a year ago, active inventory levels increased by 9.5% for single-family homes and 17.9% for condos. Month-over-month, single-family home inventory decreased by 1.3%, while condo inventory increased slightly by 3.0%. By the end of February, there were 599 active single-family home listings and 1,388 active condo listings.

In February, 23% of single-family home sales closed above the original asking price, compared to 19% at the same time last year, and the median sales price to original list price ratio was 97.8%, up 1.8%. Similarly, the condo market also saw a slight increase in sales closing above the original asking price, with 18% of sales this February, compared to 15% in February 2023, and a nearly even median sales price to the original list price ratio of 97.9%.

Pending sales for single-family homes jumped 24.0% year-over-year and 22.3% month-over-month, with 269 contract signings in February. Condos ended the month with 390 contract signings, 2.3% lower than a year ago but slightly improved by 3.7% from last month. In the single-family market, there was a 40.7% year-over-year increase in contract signings in the $800,000 to $899,999 price range, with 38 properties going into escrow throughout the month compared to 27 in February 2023. For condos, pending sales activity varied across price points.

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.

 

Feb. 7, 2024

Oahu Real Estate Market Update January 2024

Oahu Real Estate Market Report January 2024

 

Oahu Real Estate Market Report January 2024

New Year Sees O‘ahu Home Sales Rise

Properties stay on market a bit longer, but continue to move into escrow in under 30 days

Single-family home sales rose 22.7%, while condo sales ticked up 6.2% compared to this time last year. Month-to-month, the new year started much like 2023 ended, with minimal upticks in sales of single-family homes at 1.1% and condos at 7.4%.

Median sales prices in January 2024 closely resembled year-end figures in late 2023. Single-family home prices reached $1,021,016, up 2.5% month-to-month but down 2.8% from the year-end median of $1,050,000. In January, the median condo price was $502,500, a 1.5% dip month-over-month and a 1.2% drop from the year-end median of $508,500. Year-over-year, single-family home prices grew by 5.3%, while condo prices saw a modest 1.5% increase.

Both markets experienced an uptick in new listings. Single-family home listings grew 6.3% year-over-year, with 285 new properties for sale. Sellers added 581 new condo listings to the market, an 11.1% year-over-year increase. By January’s end, active inventory levels for single-family homes rose 10.2%, and condos increased 12.7% year-over-year. However, compared to January 2020, just before the pandemic, active inventory levels remained down 25%.

“New listings mean new opportunities for buyers at all price points,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, O‘ahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”

Year-over-year, transactions closing above the original asking price remained consistent for single-family homes but decreased for condos. In January 2024, 23% of single-family sales closed above asking, compared to 25% of sales in January 2023. Roughly 17% of condo sales closed above asking, compared to 21% of sales this past year.

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.

 

Jan. 19, 2024

98-487 Koauka Loop Unit B308 Aiea, Hawaii 96701

Park at Pearlridge B308

"Park at Pearlridge"

Property Summary

NEW LISTING! Spacious and Well Maintained 2 Bed 2 Bath with 1 covered parking near building entrance. This is the largest 2 bdrm floorplan with over 1,000 sqft of living space and also includes updated kitchen & baths, 2 Split ACs, luxury vinyl plank flooring throughout the home, double entry door, full sized side by side washer/dryer in unit, amenities including a pool, tennis court, secured and pet friendly building, mini park areas and more! Park at Pearlridge is conveniently located just minutes away from Pearlridge, freeway access, parks, restaurants & schools. A MUST SEE! Offered at $538,000 FS.

Bedrooms: 2
Bathrooms: 2
Parking: 1
Living SqFt: 1115 sqft
Year Built: 1982
Amenities: BBQ, Car Wash, Community Association Pool, Fire Sprinkler, Meeting Room, Playground, Pool on Property, Recreation Area, Recreation Room, Resident Manager, Security Guard, Storage, Tennis Court, Trash Chute, Walking/Jogging Path, Wall/Fence, Whirlpool
Inclusions: AC Split, Ceiling Fan, Dishwasher, Disposal, Dryer, Microwave Hood, Refrigerator, Washer

Want to see more homes in the Aiea Area? Visit our Aiea Neighborhood Page!

Need help selling or buying a home? Contact Colin Lee @ 808-352-8587 or ColinL@BetterHawaii.com for a FREE 30 minute consultation.

Additional Property Photos

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

Park at Pearlridge B308

If you want to learn more details about this property, and the current real estate market or are thinking about buying or selling in the future, please call Colin Lee anytime @ 808-352-8587. All calls are 100% confidential.

Click HERE to start viewing homes for sale instantly.

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting

Jan. 9, 2024

Oahu Real Estate Market Update December 2023

December 2023 Market Stats Update

Rising Mortgage Rates, Limited Inventory Cool O‘ahu’s Housing Market in 2023

Elevated mortgage rates and limited inventory continue to have the most outsized impact on our local market. Our latest report summarizes the newest residential real estate data, looking back at 2023 and the latest from December 2023.

Executive Summary of 2023 Year-End Statistics

O‘ahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0%. Median sales prices for properties dipped modestly, though the median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline. Meanwhile, the median sales price for a condo was $508,500, a marginal 0.3% decrease.

Compared to 2022, in 2023:

  • Properties spent longer on the market compared to last year’s 12-day median. 
    • Single-family homes marked a median of 22 days on market, an 83% increase, and condos marked a median of 21 days on market, up 75%. 
  • Slightly fewer sellers received the original list price for their properties, according to the overall sales price to original list price ratio.
    • This ratio evaluates the percentage of the original list price received compared to the final sales price. This year, the overall sales price to original list price ratio declined, with median ratios of 98.3% for single-family homes and 98.6% for condos, despite continued competition in some pockets of the market due to low inventory.
  • New listings fell by double digits in both markets. 
    • Single-family home listings fell by 20.2% to 3,324 in 2023, while condo market new listings decreased by 18.0% to 6,123.
  • Pending sales dropped due to higher borrowing costs, dampening buying activity.
    • Single-family home contract signings dropped 18.7% to 2,796, while condo contract signings declined 22.1% to 4,721.

Throughout 2023, single-family home sales declined at most price points. Properties priced at $699,999 and below were the exception, with a 10.7% increase in sales. The majority of these sales in this price range occurred in the Leeward region, accounting for 62%, or a total of 135 sales. Conversely, properties within the $900,000 to $1,399,999 price range slumped by 34.0%, with 543 fewer sales.

In the condo market, all price points experienced a double-digit decline in sales. Kailua was the exception, with minimal change and only two fewer sales than the previous year, while all other regions witnessed sales declines of 24% or more.

Furthermore, in 2023, fewer sales closed above the original asking price for both single-family homes and condos. Only 29% of single-family homes received more than the original asking price compared to 50% in 2022. In the condo market, 21% of condos sold above the original asking price in 2023, as opposed to 37% in 2022.

Executive Summary of December 2023 Statistics

In December 2023, both markets continued their year-over-year decline in sales volume, marking 23 consecutive months of dropping sales for single-family homes and 19 straight months for condos.

The median price for a single-family home dipped below $1 million, finishing the month at $996,500, a 5.1% decline from December 2022 at $1,049,500. Conversely, condos experienced a slight increase in median sales prices, rising by 1.5% to $510,000 compared to the same time last year.

Single-family homes marked median days on the market of 18 days, one week faster than December 2022. However, the condo market recorded a median days on the market of 26 days, five days longer than the previous year.

December saw an 8.3% increase in contract signings for single-family homes and stable numbers for condos, up 0.3% year-over-year. Additionally, the single-family home and condo markets closed the month with year-over-year increases for total inventory in escrow, rising by 9.7% and 8.8%, respectively.

Single-family homes priced at $1 million and above saw a 21.1% decline, with 90 sales compared to 114 in December 2022. However, single-family home sales below $1 million remained relatively stable, with a modest 4.5% uptick. In the condo market, higher-priced units for sale at $700,000 and above exhibited a minimal dip in sales, recording 74 sales or two less than the previous year. In contrast, condos priced below $699,999 experienced a significant 30.3% decline in sales compared to last year, dropping to 198 sales.

New listings increased by 9.8% year-over-year in the single-family home market, while condo listings decreased by 5.9% compared to December 2022. However, active inventory showed minimal growth from a year ago, indicating buyers will continue to see limited housing inventory in 2024. At the end of December 2023, there were 600 active single-family homes, a modest 0.5% increase from the previous year, and 1,234 active condos, reflecting a 5.5% increase

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.

 

Dec. 8, 2023

Oahu Real Estate Market Update November 2023

November 2023 Market Stats Update

O‘ahu Home Sales Remain Sluggish Amid Holiday Season

Median sales prices steady month over month

November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.

Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.

A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.

For single-family homes, the $800,000 to $1,199,999 price range experienced the largest decline in sales volume, experiencing a 28% year-over-year decrease with 59 sales compared to 82 in November 2022. Meanwhile, the $500,000 to $799,999 price range surged by 60.9%, with 37 sales. In the condo market, the $200,000 to $499,999 price range slumped by 23% with 127 sales, while sales at most other price points remained relatively consistent.

Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.

Properties sat longer on the market, though single-family homes and condos continued to mark a median days on market of under a month. Single-family homes had a median days on market of 29 days, up from 18 days in November 2022. Meanwhile, condos had a median days on market of 23 days, reflecting a five-day increase compared to the previous November.

New listings for single-family homes and condos slowed compared to last year, dipping by 7.6% and 13.1%, respectively. While the single-family home market had 672 active listings at month end, marking a 1.5% year-over-year decrease, active inventory for condos grew by 7.5% year over-year to 1,337 listings. However, both markets still operated with active inventory levels below pre-COVID figures, plummeting by 32% for single-family homes and 26% for condos compared to November 2019.

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.

 

Nov. 6, 2023

2425 Kuhio Ave #508 Honolulu, HI 96815

2425 Kuhio Ave #508, Bamboo Waikiki

"Bamboo"

Property Summary

NEW LISTING! RARELY available Resort Zoned Short Term Rental condo in Waikiki! This Turn Key studio unit is located just 2 blocks away from world famous Waikiki Beach and comes fully furnished. This unit is on the 5th floor and just clears the building next door which allows for a more open view. Features include a newer Split AC, luxury vinyl plank flooring, ample natural light coming in from lanai & much more! Loan assessment was fully paid off so that saves around $207/mo on monthly fees compared to other units that might still have it. Electricity & Internet/TV is included in maintenance fee amount in addition to the standard utilities. Bamboo Waikiki amenities includes a restaurant, pool, hot tub, community laundry in building and is located just a few minutes away from shopping, restaurants, parks and the beach. A MUST SEE! Offered at $368,000 FS.

For virtual walkthrough, click here

Bedrooms: 0
Bathrooms: 1
Parking: 0
Interior SqFt: 264
Lanai SqFt: 49
Year Built: 1968
Amenities: Community Laundry, Condo Association Pool, Fire Sprinkler, Patio/Deck, Pool on Property, Restaurant, Whirlpool
Inclusions: AC Split, Cable TV, Drapes, Kitchenware, Microwave, Other, Refrigerator, Smoke Detector

Want to see more homes in the Waikiki Area? Visit our Waikiki Neighborhood Page!

Need help selling or buying a home? Contact Colin Lee @ 808-352-8587 or ColinL@BetterHawaii.com for a FREE 30 minute consultation.

Additional Property Photos

2425 Kuhio Ave #508, Bamboo Waikiki

2425 Kuhio Ave #508, Bamboo Waikiki

2425 Kuhio Ave #508, Bamboo Waikiki Kitchen Area

2425 Kuhio Ave #508, Bamboo Waikiki Bathroom

2425 Kuhio Ave #508, Bamboo Waikiki Bathroom Tub

2425 Kuhio Ave #508, Bamboo Waikiki Lanai

2425 Kuhio Ave #508, Bamboo Waikiki Pool Area

2425 Kuhio Ave #508, Bamboo Waikiki

2425 Kuhio Ave #508, Bamboo Waikiki Pool and Restaurant

2425 Kuhio Ave #508, Bamboo Waikiki Building Sign

 

If you want to learn more details about this property, and the current real estate market or are thinking about buying or selling in the future, please call Colin Lee anytime @ 808-352-8587. All calls are 100% confidential.

Click HERE to start viewing homes for sale instantly.

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting

Nov. 6, 2023

Oahu Real Estate Market Update October 2023

October 2023 Market Stats Update

Oahu Home Sales Cool Amid Rising Mortgage Rates, Seasonal Slowdown

Fewer properties are selling at the original asking price or higher.

Sales volume remained stable in October, with both single-family homes and condos experiencing moderate year-over-year declines of 4.1% and 8.3%, respectively. The median sales price for single-family homes in October increased 4.8% to $1,100,000 while codos experienced a minor 1.0% decrease, ending the month at $515,000.

Compared to the previous month, sales of single-family homes dipped by 8.2%, while condo sales showed an increase of 6.1%. Year-to-date, sales in both markets declined approximately 29%, with single-family home median prices down 5.1% to $1,050,000 and condo median prices slipping 0.6% to $507,000.

Month-over-month, pending sales volume fell by 17.2% for single-family homes and 12.4% for condos. Year-over-year, pending sales volume experienced a modest decrease of 3.0% for single-family homes and 5.0% for condos.

Both single-family homes and condos saw a decline in properties closing at their full asking price or more. For single-family homes, 43% of sales (91 properties) closed at or above the asking price, down from 50% (111 properties) in October 2022. For condos, 38% of sales (151 condos) closed at or above the asking price, down from 48% of sales (208 condos) in October 2022. Most regions in the condo market ended the month with a median sales-to-original-list price ratio of 100.0% or higher, while only the Kailua and Diamond Head regions did in the single-family home market.

In total, 187 properties—the majority were condos—sold for under $500,000. Sales volume for single-family homes in the $800,000-$999,999 range dipped by 25.6% to 29 sales, while those priced over $1,000,000 increased slightly to 127 closings, up from 122 in October 2022. In the condo market, units priced between $500,000 and $599,999 surged by 44.7% year-over-year to 68 sales, whereas condos in the $600,000-$699,999 range saw the most significant decline, with sales falling 27.1% to 35 units compared to 48 in the previous year.

However, median days on the market for single-family homes and condos remained under 30 days, with single-family homes at 18 days and condos at 21 days, compared to 19 days each in October 2022. In the single-family home market, regions with a median above 30 days on the market included Leeward (41), Hawai‘i Kai (38), Makakilo (34) and Waipahu (32). For condos, only Leeward and the North Shore had a median above 30 days, at 38 and 37 days, respectively.

Both markets witnessed a rise in active inventory from September, with a month-over-month increase of 5.7% for single-family homes and 9.4% for condos. New listing volume showed mixed results for the month, with the single-family home market seeing a 4.6% decrease to 272 new listings compared to 285 in October 2022. In contrast, new listing volume in the condo market grew by 6.4%, reaching 566 new listings in October compared to 532 a year ago.

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.