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Housing Market Statistics

Found 14 blog entries about Housing Market Statistics.

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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MLS Listing ID:612927

The 2017 West Hawaii real estate market saw a solid increase in the median price of a single family home to over $550k by June, which, compared to historical housing prices over the past decade in the region, came within over 90% of the median price record of $575,000 reached in 2007. Median condo prices stayed under $310,000 in 2017, but the West Hawaii housing market was definitley cooking last year.

“Just like the rest of the country, what we are faced with now, at the beginning of 2018, is a huge problem with inventory”, stated LUVA Real Estate Realtor, Lance Owens. “I have a few clients for condos under $325,000. The total for sale condos in Kailua-Kona, under $325k right now is only 20 units. If you want maintenance

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Amid discussions in the US Senate and Congress about a new tax bill that would cut state and local taxes which would take a toll on the mortgage interest deduction, the one thing for sellers to take note of is that the new proposed tax bill and the prospect of rising interest rates make predictions for next year’s market tenuous at best. If you are considering selling in 2018, now may be the time to act. Waiting for the spring market to get top dollar for your home may be a gamble according to real estate experts discussing high priced housing markets, such as West Hawaii where the median price of a single family home is over $500,000.

With interest rates raising as early as December, buyers should consider acting now especially if they are financing

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As we head into fall, sellers are pondering getting their homes on the market for the winter rush of mainlanders who are finally making their retirement dreams come true and looking to buy a home. But don’t forget, that there are people looking EVERY DAY right now for homes in West Hawaii, so if you are considering a move, breaking away from the pack early to avoid the jump in inventory, which routinely happens in January, may actually yield a better price for your home. To illustrate this point, take a look at the chart on the left, showing how low current inventory is compared to January of this year.

The good news for buyers right now is that the median price of single family homes in North Kona has dipped a bit from $647,500 in 2016 to $620,000k

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North Kona continues to be one of the most desirable places to live on the Big Island according to statistical data released by the Hawaii Multiple Listing Service for both August home sales and year-to-date data.

For single family home sales, North Kona saw median home prices increase from $685,000 in August of 2016 to $715,000 in August of 2017. Year to date, the amount of closed sales in North Kona rose by 13% from 321 closed sales to 363. South Kohala experienced a slight dip in closed home sales year to date and North Kohala saw a slight increase. South Kona saw a 36% increase year over year in closed sales, and a slight increase in median sales prices from $500,000 last August to $525,000 this August.

Vacant land prices in South Kona dropped

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July was quite a busy month for condo sales in North Kona with a 108.33% increase year over year from 24 sales in 2016 to 50 sales in 2017 and a 108% increase in sales volume year over year, as well. In South Kohala, the sales volume for condos was up 66.73% over July of 2016. There was a slight uptick in single family homes in North Kona sales year over year, with a 11.3% increase from 44 sales in 2016 and 49 in July according to statistics from Hawaii Information Service, the local MLS service.


Al Gulick, Realtor and Broker with LUVA Real Estate said about the current market, “My observation is that this summer what we are seeing for lower priced condos, those listed for under $400,000, is that they are selling like hot cakes—many are on the market

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