Leane Darling Horton - Hawaii Life Real Estate Brokers

03/06/2021

O‘ahu Real Estate Market Continues a Record-Setting Year
Single-family homes reach a new median sales price high of $917,500 while
condo market activity heats up.

The O‘ahu housing market continued to see strong sales throughout February, with single-family home sales increasing 5.3% and condominium sales soaring 41.1% over last year. Most notably, the single-family home market set a record median sales price of $917,500, a nearly 20% year-over-year increase and a 3.9% jump above last month’s record of $883,000.

Fierce competition between buyers continues, with 48.5% of single-family homes and 29.1% of condo sales sold above asking price last month. The record-setting pace of sales continued in February, as single-family homes spent only nine days on the market.

“Demand for limited inventory and increased purchasing power through low-interest rates has placed sustained upward pressure on prices,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “While the record-setting median price and pace are good news for sellers, it creates a challenging environment for buyers who are up against the tough competition.”

01/12/2021

Info courtesy of the Honolulu Board of Realtors:

O‘ahu’s Housing Market Rebounds with Year-End Spike in Activity
Record-low mortgage rates and low inventory drive heightened competition and modest increase in median sales prices for O‘ahu’s real estate market in 2020

Closed sales of single-family homes on O‘ahu were up 35.9%, and condo sales rose by 20.1% compared to the same period in 2019. New listings increased by 15.3% and 3.6% year-over-year for single-family homes and condos, respectively. Median sales prices for December 2020 were up 6.1% at $870,000 for single-family homes and 6.9% to $455,000 for condos.

“Instead of the typical seasonal lull, the O‘ahu real estate market saw steady – and even slight increases – in activity through the year’s end despite the ongoing effects of the pandemic,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Record-low mortgage rates paired with cautious optimism around reopening continued to drive activity, allowing the market to surpass sales and near new listing levels compared to the fourth quarter of 2019.”

Total annual single-family home sales were up 2.3% over 2019, but condo sales remained down, declining 13.0%. Increased purchasing power from lower mortgage rates and heightened competition spurred by low inventory resulted in annual median sales price increases of 5.2% to $830,000 for single-family homes and 2.4% to $435,000 for condos. Total new listings were down by 17.7% for single-family homes and 14.4% for condos compared to 2019.

12/07/2020

The housing shortage is tangible. If you are a buyer, you are definitely feeling the struggle to find a home...maybe you're on your fourth purchase contract.
If you're a seller, you're working hard to figure out who is the safest buyer during these changing times....who will actually receive their loan? Will your house appraise for what the buyers want to buy it for? How can you ensure that you get the most for your property...and not have to cancel escrow three times to get that?
Call me, and I'll tell ya..... ;)

Info below from the Honolulu Board of Realtors:
"O‘ahu’s Housing Market Holds Strong Despite Limited Inventory
Overbidding and low inventory drive ultra-competitive market amid ongoing pandemic

Closed sales of single-family homes on O‘ahu increased 5.6% and remained relatively steady from last month, while condo sales decreased 6.2% compared to this same period the previous year. Year-to-date, single-family home sales are almost back on track with 2019 activity and were down just 0.7%. Meanwhile, the condo market is struggling to recover to pre-pandemic levels and remained down by a double-digit percentage of 15.8%.

The number of single-family homes and condos sold above the original asking price skyrocketed 210.2% and 79.2%, respectively, compared to this time last year. Sales in both markets continue to move quickly, with single-family homes and condos spending a median of 10 and 16 days on the market, respectively.

“This seemingly new normal of buyers entering bids tens of thousands of dollars over asking price clearly reflects the urgent need for more housing,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “Despite limited inventory, the high demand for housing is keeping O‘ahu’s real estate market strong and steady throughout the public health crisis.”"

11/02/2020

Congratulations to my buyer client!
SOLD
Beautiful home on the North Shore of Oahu.
$1,073,000
5 bedrooms
2 bathrooms
Lovely outdoor living space
Enclosed garage
Ocean views
Roll down the hill to surf. 🏄🏼‍♀️🚲
I💙my

10/06/2020

Most people I have spoken to are surprised at the rate that the Residentail Real Estate Market has increased. No one could have foreseen this coming, and most people are wondering how long it will last. Conversely, others are thinking that this is the new normal...and go ahead and buy now, because demand for Hawaii Homes will not likely decrease with so many remote workers. I don’t know what to tell you about the future....but here’s what’s happening right now (courtesy of the Honolulu Board of Realtors):

O‘ahu Single-Family Home Market Drives Activity Breaking Two Records
Single-family home market marks new record and steady recovery,
while condos continue to trail 2019 activity

O‘ahu’s single-family home market continues to make a steady recovery, the summer season ended on a high note with closed sales of single-family homes surpassing year-over-year activity by 12.7%, while condo sales marked a steady month-over-month improvement of 11.5%. Dynamic activity in O‘ahu’s single-family home market drove the median sales price to a record of $880,000 and properties are spending a record-low of just nine days on the market.

“The spike in demand for single-family homes may correlate to buyers’ pursuing a different quality of life and a new environment following the sharp shift in people working from home,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities.”

09/25/2020

Ever wonder when you should get a loan? And how the process works? Take a look at this helpful illustration created by Nicky Cruz of Element Mortgage.

08/26/2020

IN ESCROW
7 days
17 offers
I’m happy to have worked with my clients and my team at Hawaii Life to get this one into escrow. Strategy is incredibly important right now in a fast paced market.

07/21/2020

Great Read:
Have a look....some great info about home ownership and current trends.

The pandemic so far has not had a major impact nationally on the residential real estate market but there are interesting trends worth watching, says...

06/26/2020

Oahu's Lush East Side has been calling to me recently.
Many people label Oahu as an island of traffic, fast pace, hustle and bustle. There is that....and so much more. Have a look at my three favorite activities/spots to cruise on the Windward Side.
Mahalo Doug Falter photographer for the beautiful opening image.

Oahu’s East Side, or Windward Side, is a playground for activity or for relaxation. From beautiful reefs and lush coastline to the rugged Ko'olau

06/24/2020

New Ocean Front Listing on Oahu's East Side in Punalu'u.
One of the most affordable pieces of oceanfront property in Hawaii, bring your contractor and make your dreams come true.

For Sale : 53-231 Kamehameha Hwy Hauula, HI 96717 : 1 bedroom, 1 bath, 1,328 sq. ft. - This level 7200+ sq ft oceanfront property is less than a mile north of beautiful Kahana Bay and just south of Punaluu Beach Park. The property has been reinforced with coastal work to mitigate erosion. The primar...