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Housing Market Update

June 2018 statistics show that the eruption in East Hawaii is having little impact on the West Hawaii real estate market which is still showing median price increases for single family homes and days on market at only 22.  The real estate market is still very strong on Hawaii Island. 

Found 17 blog entries about Housing Market Update.

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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If you were to view homes on the local multiple listing service for homes and condos under $550k, you would see MANY of the homes are contingent, which means they are in escrow, which shows the condo market is very busy and lower priced homes are the sweet spot in the market right now.

According to the Hawaii Information Service statistics which were released this week, September 2019 showed a 97% increase in sales volume for single family homes and a 31% increase in condos in North Kona over September 2018, which could still be reflecting the aftermath in home prices after the eruption. The interesting thing to note from last year is that although the volume was down, the prices for homes did not drop drastically, as homeowners and investors were

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The headline here could read, “Home sales rise 88% year over year” which most likely would shock you. But they DID rise that much over last year because the numbers from July 2018 reflected what happened to the local real estate market due to the eruption of Kilauea, which started in May of 2018 and ended in August. However, even though home sales were at a relative stand still during the middle of the summer last year, the median price of homes did not dip that significantly, as sellers held their ground hoping for the eruption to end.

Thankfully, the lava stopped flowing on August 3, but it took another three months to get home sale activity back to where it was the year prior in the fall. Good news is that today, the market is healthy and is neither

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July West Hawaii Real Estate update The summer doldrums are here and the housing market is cruising along without too many ups and downs.

Overall, LUVA Real Estate Realtors noted seeing homes placed on the market in the spring where the listing prices were elevated due to hopeful sellers. Now some of those homes have been sitting on the market for 60 days and prices are starting to soften.

LUVA Realtor, Linda Swanson, remarked that sellers right now need to be working with a knowledgable agent who has gone on broker tours and has studied the available inventory to get a really good handle on pricing in order to put a realistic listing price on a home when it first hits the market. “If the price is too high, it sits. And when all the local agents and their buyers see it, and realize

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Can you imagine within ten years that new homebuyers won’t be looking at homes on golf courses, nor will they be here in Hawaii buying a second home?

According to Paul H. Brewbaker, Principal of TZ Economics, a Hawaii economics consultant who gave a thought provoking presentation to local Realtors this past week, it will happen, thanks to the homebuying habits of the Millenials, who will be in their mid to late forties in 2029, prime wage earning years when people start considering real estate investments. According to Brewbecker, Millennials don’t play golf. (Although they would gladly put on a GoPro and take off on a golf cart adventure!) Why would they spend the extra money in order to live on a golf course? So, how will that impact the value of

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It’s January and this is the time of year when pundits make predictions for the year ahead. Well, not being a pundit, but knowing a thing or two about the local housing market and keeping our fingers on the financial markets, LUVA Real Estate would like to share our crystal ball with you.

Buyers Head to the Condo Market

As we mentioned last fall, West Hawaii real estate prices plunged after the eruption, but started to pick up in November and December as buyers on the fence through the summer and early fall saw that the island was not going to sink or tip over and that real estate was still a great investment on Hawaii Island.

However, the single family market in North Kona has been slowing down and in December prices fell year over year 5%. This

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The government shutdown that began on December 21 is having a variety of local impacts to the state of Hawaii, which ranks 3rd in the nation for the number of federal jobs it has. But it is not just local federal employees who are being affected by the shutdown, but many people who are in the middle of a real estate transaction to buy or sell a home here in West Hawaii. LUVA Real Estate agents are not currently reporting missed closings, but we wanted to keep you abreast of what the potential impacts may be.

The shutdown includes all non-essential government employees and the many departments they represent. Some of these departments are directly related to the mortgage process. If you are selling a home, your buyer could directly be affected.

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LUVA Real Estate wishes you all Happy Holidays and Mele Kalikimaka as we head into the last few weeks of the year. The good news? The real estate market is looking MUCH better than it did when we reported the October numbers last month, when we saw a 45% decrease in single family home sales!

In most parts of West Hawaii, motivated sellers are placing their homes on the market to take advantage of the incoming slew of potential home buyers who will be looking for a new home during the holidays and into January. Combine the increase in listings with a small slowdown in the pace of sales, and buyers are finding a little more to choose from in a market that has been starved for inventory.

If you are looking at making West Hawaii home, the market has

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