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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 25 blog entries about Housing Market Update.

oahu real estateMonth over month the number of total sales and number of new listings have steadily increased for single-family and condos on Oahu. This is a promising sign that the real estate market is moving in the right direction. 

Comparing the data to the same time last year, the market is in a considerably less desirable position - however, that is to be expected with the ongoing global uncertainty. The condo market remains to be the market hit the hardest, with number of sales down 34% when compared to last year. The number of single family home sales are down 7.6%

 LUVA Realtors are seeing that buyers are returning to the market to take advantage of the historically low interest rates and decreased competition. LUVA Broker Kimi Correa has commented that on

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As the state continues to reopen, statistics show there have been signs of slight improvement in the Real Estate industry across the state. On Maui, the number of new condo listings almost doubled in May when compared to April, with 61 new listings. For single family homes, there was a 43% increase in new listings with 79 homes coming onto the market. The increase in this number signifies that some sellers are ready to emerge into the market, where they may have been holding off since the pandemic shut down the economy in March. Maui Market Report June 2020

However, as reported by the Realtor Association of Maui, "Buyers have been quicker to return to the housing market in force than sellers." Buyers are eager to take advantage of historically low interest rates, and with more

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As the state continues to reopen, statistics show that there were slight signs of improvement in the Oahu Real Estate market last month.

The number of sales are still down for single-family homes when compared year over year, but month to month the number of sales remained the same, with 248 sales in each April and May. This is a 22.5% decrease from last May. For condos there was a slight decrease in number of sales this month when compared to April, dropping from 343 in April to 254 in May. Real Estate Market Update Oahu June 2020

Last month we saw an increase in the number of new listings for both single-family homes and condos, which is a healthy sign. New listings for condos rose from 474 to 547, and new listings for single-family homes increased from 827 to 926. However, these

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Hawaii Island June 2020 reportAccording to recent statistics released from the State Department of Labor and Industrial Relations in April, almost one in every four people on the Big Island was out of work. It is clear that for Hawai'i, the halt in tourism heavily contributes to this statistic. Beginning this month, some of those workers are returning to work as businesses and restaurants open their doors once again. However, the limitations on visitors due to the travel quarantine has forced many mainland buyers to put their search on halt. Our agents are seeing that there is a lot of pent up buyer demand. LUVA Realtor Lance Owens commented that "we have several clients waiting for the 14-day quarantine to end so they can come in and buy." In May, Big Island saw a 25% decrease

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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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