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Housing Market Statistics

Found 19 blog entries about Housing Market Statistics.

In what traditionally is a busy few months for the Hawaii real estate industry, last month Oahu saw double digit decreases in new listings and sales closed. According to figures just released from the Honolulu Board of Realtors, the Housing Market has begun to see a widespread impact across Oahu from COVID-19. President of the Honolulu Board of Realtors, Tricia Nekota, commented that “sellers and buyers are exceedingly cautious as they juggle their perceptions and the reality of economic security amid these uncertain times. Once consumers begin to feel some relief from the impacts of the pandemic, it’s likely we will see listing and buying activities slowly increase.”

Statistics confirm that we are seeing many homeowners refrain from putting their home

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In his recent presentation to Hawaii and Kauai Island Realtors, Economist Paul Brewbaker called the pandemic a “Black Swan event – rare, unpredictable and impactful.” He went on to say that trying to forecast such an event is not possible, since we have never seen a situation like this unfold. The Hawaiian economy has taken a difficult hit with a reported 29% of workers filing for first-time unemployment since Mid-March. With tourism in Hawaii essentially on hold, mainland buyers are having to rely on virtual tours and showings if they want to move forward with their purchases. For many buyers, not being able to view the property in person is bringing their real estate searches to a pause. For other mainland buyers, the pandemic has motivated them to make

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As we look at the Oahu market over the past month, real estate activity and numbers have been remained steady and comparable to 2019. In March, single-family home sales were up, while condo sales and new listings were down. With the stay at-home-order going into effect in Hawaii on March 23, by the end of the month most brokerages had adapted drastic measures to take their businesses virtual in order to keep the housing market moving forward. LUVA Broker Kimi Correa and her team on Oahu mentioned that they have been busy, and while some buyers that were newer to the market have pushed pause, they have had lots of buyers who are pushing forward with properties and buyers that have been in the market for a while who are seeing a potential opportunity,

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As with industries across the globe, the real estate market is experiencing a great deal of uncertainty and change. While experts agree that it is still too early to see the overall impacts that the pandemic will have on the housing market, on a local level we are beginning to see some signs of changes that are already taking place. Our Broker-in-Charge Sara Layne Pedro commented that “it’s a split between those wanting to push forward quickly and those wanting to push pause to see what happens.” LUVA Real Estate Agents are busy working from their homes to help clients who are ready to push forward and with 43 new listings in West Hawaii in the last 7 days and 16 properties going into escrow, the housing market is moving forward!west hawaii real estate market april 2020

March started out

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Mortgage rates continue to be at record-breaking lows and the number of recent sales last month shows that buyers have been, and continue to be, very active. Hawaii Central reported home sales on Oahu are up by 19% year over year. With the coronavirus stirring up concerns in the national economy, we will see if there are any impacts on the real estate market in the next coming months. In a recent Star Advertiser article, Carl Bonham, the executive director of the University of Hawaii Economic Research Organization stated that he “anticipates that homebuyers will continue to drive steady activity as they take advantage of historically low interest rates.” He believes that while the interest rate cuts have supported Oahu real estate, it is still too early

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Total sales were on the rise in January 2020 on Oahu, with combined condominium and single-family home sales rose 12.6%. Single family home sales were up by 7.7% and condominium sales up by 16.3%. 

Looking closer at the 265 single family homes that sold last month, median sales price was $770,000 which is a slight increase over January 2019 by 0.3%. According to the Honolulu Board of Realtors, about 41% of these sales were between $600,000-$799,999 price range. In the Oahu condo market, the 379 sales in January 2020 had a median sales price of $429,000, a 7.5% price increase when compared to January 2019. The Honolulu Board of Realtors reported that the “most substantial portion of condominium sales occurred in the $300,000 - $499,999 price range,

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 With the new year and new decade, we are looking forward to another year of steady growth on Oahu! The LUVA Real Estate team on Oahu has remained busy over the holiday season, Broker Kimi Correa stating that “buyers are active, there are multiple choices for them so they have the convenience of taking some time in the decision making process before jumping in and making an offer on a property.” Also, with the Blue Water Navy Act kicking in this month, she feels it will help push some VA buyers further along the home buying process who have been holding off on making purchases.” Read more about the impacts that the Blue Water Navy Vietnam Veterans Act will have on VA loans here. 

 

December 2019 Sales Statistics 
The single-family home market on

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The national real estate market is softening, a trend that started in the summer, due to factors including rising interest rates and salaries not keeping up with the pace of a hot housing market. Now, as we enter the fall, markets around the country are seeing sellers dropping prices and West Hawaii is experiencing a slow down in the single home market with a 45% decrease year or year for homes in North Kona, according to data from the Hawaii Information Service.

Home sales dipped from 53 last October to 29 this year. In South Kohala, home sales dropped 24% from October 2017 from 25 last year to 19 this year. Home prices dropped 10% in North Kona year over year from $645,000 to $580,000, and dropped 4.61% in South Kohala from $608,000 last October to

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Sept Market Update

If you ask local merchants how is the market, they will tell you it has been one heck of a slow summer due to the VOG and eruption that started in May and finally ended in early August. Real estate followed much of that same lead, with buyers pulling back to see what was going to happen with the market.  Now that the eruption has ceased, the blue sky days are magnificent and you can see the sun diamonds sparkling upon the ocean, the buyers are coming back into the market.

Lance Owens, LUVA Real Estate agent and the President of the West Hawaii Association of Realtors said, “Basically the market is making a strong recovery.  Remember that the August numbers reflect month two of the lava flow and considering that July was off by 48 and 46% in terms

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Compliments of Old Republic Title

Looking at a snapshot of the West Hawaii housing market, you can see that the North Kohala, South Kohala and South Kona markets have seen double digit price increases for single family homes from January 2017 to January 2018. North Kona fell 12.5% year over year from a high of $640,00 for a single family home last January to $560,000 last month, according to data from the Hawaii Information Services.

According to Altos Research, the current median price for a 1300 sq ft 3 bedroom/2 bath home in Kailua Kona is $560,000 and a 2,100 sq foot 3 bed/2 bath single family home is $833,950. According to Zillow, home prices for single family homes are solidly where they were at the peak of the market in 2007 and condos

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