Oahu Real Estate Market Update – June 2021

Condos Sales Far Outpace Single-Family Home Activity in Bustling Housing Market

Metro region surges in popularity, marking substantial increases in property sales for single-family homes, condos

Closed sales of single-family homes rose 49.3%, and condo sales skyrocketed 134.0% compared to this time last year when real estate activity first began to pick up following the economic standstill brought on by the pandemic. The median sales price of a single-family home edged past last month’s record to reach $979,000, while the condo median sales price of $460,000 was just shy of the standing record of $461,500 from July 2019.

The condo market continues to bustle with activity, setting a new record low days on the market at a median of just 11 days. Single-family homes continue to move into escrow quickly, spending a median of 8 days on the market. Sellers added much-needed inventory to the market, with June marking a 23.0% increase in new single-family home listings and a 31.1% increase in condo listings.

So far, in 2021, the trend of properties selling over the asking price persists, with 57.7% of single-family homes and 32.9% of condos closing above the original asking price. These overasking price sales confirm bidding wars are occurring predominantly in mid-range price points for single-family home properties, with 57.0% of those sales in the $600,000 to $999,999 range. Inventory in this price bracket for single-family homes is down 37.0% compared to a year ago. Meanwhile, in the condo market, 66% of sales above the original asking price occurred in the $400,000 to $699,999 price range.

Year-to-date, the regions with the most substantial increase in single-family home sales were Diamond Head and the Metro area, up 84.4.% and 76.2%, respectively. The Metro region – which covers Mapunapuna and Kalihi all the way through Waikīkī and Moiliili – was also popular in the condo market with a 79.4% jump in sales, and the Ewa region marked a 60.2% increase in sales.

{source: Honolulu Board of REALTORS®}

Click HERE to view full market report.

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Team Lee

About Colin Lee, Team Lead
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

Listing Courtesy of BHGRE Advantage Realty.
Listing Agent Myron Kiriu, RB-17242 

5307 Poola St, Honolulu, HI 96821

"Waialae Iki"

Property Summary

Stunning unobstructed and panoramic ocean, Koko Head, and Koko Kai views await you from this beautifully upgraded and impeccably maintained 4 bedroom 4 bath executive style residence in highly desirable Waialae Iki. Features include an open floor plan with over 3,700 sq ft of living space, a renovated kitchen w/stainless-steel appliances, updated baths, 2 separate living rooms, and multiple lanais to enjoy the spectacular views. Just minutes from parks, beaches and Kahala Mall with shopping, restaurants and entertainment. A must see! Offered at $2,180,000 FS.

Want to see more homes in the Waialae Iki Area? Visit our Waialae Iki 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

If you want to learn more details about this property, 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 visit our currently listed properties.

Click HERE to start viewing homes for sale instantly.

Team Lee

About Colin Lee, Team Lead
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

Listing Courtesy of BHGRE Advantage Realty.
Listing Agent Myron Kiriu, RB-17242 

Oahu Real Estate Market Update – May 2021

Steep Competition, High Demand Drives Record-Setting Month for O‘ahu Real Estate

Median sales price for a single-family home reaches $978,000 in May

Closed sales of single-family homes climbed 63.3% and more than doubled for condos with 135.4% more sales compared to this time last year on O‘ahu. In stark contrast to the low activity of May 2020 amid pandemic uncertainties, May 2021 set new records with the median sales price of a single-family home rising to $978,000 – breaking the previous record of $950,000 set in March 2021 – and properties flying off the market at an unprecedented pace.

The median days on the market for single-family homes and condos hit new record lows of 8 and 12 days, respectively. In May, sellers added 430 new listings for single-family homes and 683 new condo listings to the market, representing 24.6% and 34.2% increases over last year. However, by the end of May, 61% of those new single-family home listings and 51% of new condo listings were already sold or in escrow.

The portion of single-family homes sold over the asking price remained steady month-overmonth, accounting for 58% of all single-family properties sold in May. Single-family homes in the $700,000 to $999,999 price range made up 40% of all closed sales, though properties sold in the $1,000,000 to $1,999,999 range captured nearly the same market share, making up 38% of sales in May.

Condos sold above the asking price represented 36% of all sales this month, a big jump up from just 9% last May. Every price point recorded a rise in sales volume. The most significant shift in sales volume occurred in the $600,000 to $699,999 range, with 83 sales compared to 16 last May, an increase of 418.8%. However, properties in the $300,000 to $499,999 price range accounted for more than one-third of the month’s sales, with 94 more sales than last year.

{source: Honolulu Board of REALTORS®}

Click HERE to view full market report.

• Rent Relief and Housing Assistance
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About Colin Lee
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

94-1050 Kanawao St, Waipahu, HI 96797

“Celebrations in Waikele”

Property Summary

NEW LISTING! RARELY Available & beautifully renovated 3 bed 2.5 bath home with amazing open views from the back lanai! Features of this home include 23 owned photovoltaic panels, fully renovated open kitchen, renovated master bathroom, 5 split AC units, newer appliances, luxury vinyl plank flooring downstairs, 2 car enclosed garage, no back neighbor, spacious private lanai both upstairs and downstairs with views of the mountain range & much more! Celebrations at Waikele is a nice community just minutes away from freeway access, the Waikele Premium Outlet Mall, parks, restaurants & schools. A MUST SEE! Offered at $749,000 FS.

Want to see more homes in the Waikele Area? Visit our Waikele 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

If you want to learn more details about this property, 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 visit our currently listed properties.

Click HERE to start viewing homes for sale instantly.

Team Lee

About Colin Lee, Team Lead
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

2914 Booth Road #17, Honolulu, HI 96813

"Kapiwai"

Property Summary

NEW LISTING! RARELY Available & Beautifully maintained 3 bed 2.5 bath home in Kapiwai, a private community of 24 executive residences just a few minutes away from Downtown in Pauoa Valley! Features include 13,110sqft of land with a yard that leads straight to the natural stream below, 1,879 sqft of living space, 28 Panel PV system with 2 Tesla Power Walls, high 14ft ceilings, gourmet kitchen with gas cooking, high end Viking appliances, spacious bedrooms with large closets, split AC throughout, and a large covered lanai overlooking the backyard with beautiful mountain views & the serene sounds of the stream! Kapiwai is built over 8 acres and overlooks “The Gardens”, a 7-acre sanctuary with hiking paths, a 25 foot waterfall, various fruit trees to pick from and ancient gardens. A MUST SEE! Offered at $1,799,000 FS.

Want to see more homes in the Pauoa Area? Visit our Pauoa 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

If you want to learn more details about this property, 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 visit our currently listed properties.

Click HERE to start viewing homes for sale instantly.

About Colin Lee
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

2532 Akepa Street Pearl City, Hawaii 96782

Property Summary

NEW LISTING! WELL-maintained and Move-In-Ready 3 bed 2 bath home. Features include over 1,250sqft of living space, updated kitchen & appliances, luxury vinyl plank flooring, upgraded bathroom, an enclosed garage with extra space to park in the driveway & much more! Pacific Palisades is a great neighborhood, just minutes away from shopping, restaurants, schools and parks. A MUST SEE! Offered at $699,000 FS. 

Want to see more homes in the Pearl City Area? Visit our Pearl City 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

If you want to learn more details about this property, 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 visit our currently listed properties.

Click HERE to start viewing homes for sale instantly.

About Colin Lee
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

1955 9th Ave, Honolulu, HI 96816

Property Summary

New Listing!!! Don’t miss this well maintained 3 bedroom 2 bath single level home conveniently located in Palolo. Features include fresh interior and exterior paint, new carpet, an updated open kitchen with stainless-steel appliances, and landscaped yard. Just minutes from Kaimuki with restaurants, shopping and nearby parks! Offered at $938,000 FS.

Want to see more homes in the Palolo Area? Visit our Palolo 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

If you want to learn more details about this property, 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 visit our currently listed properties.

Click HERE to start viewing homes for sale instantly.

About Colin Lee
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

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Listing Courtesy of BHGRE Advantage Realty.
Listing Agent Myron Kiriu, RB-17242

Oahu Real Estate Market Update – April 2021

O'ahu home sales continued at a quick pace with strong sales volume in April

Real estate activity spikes a year after the first stay-at-home order

In April 2021, a year after O‘ahu’s real estate market saw a steep decline in sales and listings, activity has rebounded. Closed sales of single-family homes and condos rose 51.2% and 88.0%, respectively. The wide year-over-year variance is due to 2020’s downturn in real estate activity spurred by the initial shocks of the pandemic and the first stay-at-home order.

Single-family homes in the $700,000 to $999,999 range accounted for the bulk of the sales in April, with 167 total sales, an increase of 45.2% compared to this time last year. Total closed sales of singlefamily homes priced at $1 million and above more than doubled compared to April 2020, with 118 properties sold in the $1 to $1.99 million range and 40 in the $2 million and above range. More than half of single-family homes – 58.9% to be exact – sold above the asking price last month. Meanwhile, high demand for single-family homes continues to keep the median days on the market at a low of just nine days.

Condo sales in the Ewa Plain and Waipahu regions recorded the most significant month-over-month increases of 22.8% and 57.9%. The Metro region more than doubled its closed sales of condos with 345 total sales compared to this time last year when just 167 condos sold. In April, 30.9% of condos sold above the asking price and condo properties spent a median of 13 days on the market, which tied the record low set in June 2017.

While new listings for single-family homes are up 58.3% compared to April 2020, active listings remain down 35.3% year-over-year. The condo market tells a similar story with a 60.5% increase in new listings last month, but active listings are still down 17.6%.

Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low-interest rates, it has created the fast-paced, competitive environment we see in today’s market.

{source: Honolulu Board of REALTORS®}

Click HERE to view full market report.

• Rent Relief and Housing Assistance
• Support for Small Businesses
• Aloha United Way 211 Hotline - Connect with a 211 specialist for help
  
  

Click HERE to start viewing homes for sale instantly.

About Colin Lee
Broker-in-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.com

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.

122 Kokololio Place, Honolulu, HI 96821

Property Summary

Enjoy beautiful ocean and mountain views from this tastefully updated 4 bdrm/5 bath home with a 3-car garage in highly coveted Hawaii Loa Ridge. With almost 3,000 sq ft of interior space, this home features fresh interior paint, luxury vinyl flooring, high ceilings in the living area, a large open kitchen with stainless steel appliances, and an extensive backyard patio, perfect for entertaining! Relax and enjoy your very own swimming pool located just right off of the living area! Conveniently located just minutes from parks, beaches, shopping and entertainment. Don’t miss this opportunity! Offered at $1,990,000 FS.

Want to see more homes in the Hawaii Loa Ridge Area? Visit our Hawaii Loa Ridge 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

If you want to learn more details about this property, 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.

About Colin Lee
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.

Listing Courtesy of BHGRE Advantage Realty.
Listing Agent Myron Kiriu, RB-17242 & Brett Aka, RS-75473

94-870 Lumiauau St #Y201 Waipahu, Hawaii 96797

“Hoomaka Village”

Property Summary

NEW LISTING! Beautifully renovated 2 bed 2 bath 796 living sqft upstairs corner unit with 2 parking stalls! Features of this well maintained townhome include a fully renovated kitchen, renovated bathrooms, washer/dryer in unit, pet friendly, ample guest & street parking nearby, spacious private lanai & much more! Hoomaka Village at Waikele is a very well maintained development just minutes away from freeway access, parks, the Waikele Premium Outlet Mall, restaurants & schools. A MUST SEE! Offered at $489,000 Fee Simple.

Want to see more homes in Waikele? Visit our Waikele 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

If you want to learn more details about this property, 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 visit our currently listed properties.

Click HERE to start viewing homes for sale instantly.

About Colin Lee
Realtor-Associate, CPA* | RS-75820
(808) 352-8587 | ColinL@BetterHawaii.com

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.</p