Agao Team - Realtor Associate

01/06/2023

🏝🏡

HBR's latest stats report shows that in December, sales for 🏠 single-family homes fell 46.6% 🔻, while 🏙 condo sales dipped 39.3% 🔻 year-over-year. However, sales picked up since November 2022, with single-family home and condo sales rising 5.2% 🔺and 5.9% 🔺, respectively.

The median sales price for a 🏠 single-family home ticked down to $1,049,500 🔻, while the median 🏙 condo sales price rose to $502,500 🔺.

Overall data for 2022 reflects that O‘ahu’s real estate market was marked by transition. The year began similarly to 2021 with intense competition among buyers, with mortgage rates still hovering near historic lows and ended with headwinds when these rates rapidly and sharply rose. As a result, O‘ahu home sales cooled as single-family home and condo sales volume saw double-digit declines.

“While O‘ahu’s real estate market started the year strong, the steep rise in interest rates and fluctuation in inventory are shifting the market dynamic,” says Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS. “Although buyers face higher financing costs, they now have more options to choose from, and competition isn’t as fierce.”

01/06/2023

The Federal Housing Finance Agency announced an increase in the conforming loan limit, which means that more credit will be available, creating more opportunities for people to become homeowners.

In Hawai'i, the baseline loan limit will be $1,089,300 for one-unit properties ($1,394,775 for two-unit properties | $1,685,850 for three-unit properties | $2,095,200 for four-unit properties).

If you’re considering a home purchase next year, connect with an expert REALTOR, your local advisor, and a member of the Honolulu Board of REALTORS to see what this news means for you.

12/07/2022

November 2022 🏡🏝

HBR's latest stats report shows that home sales remained sluggish in November, resulting in more price adjustments.

🏠 Single-family home sales fell 48.2% 🔻 and the median sales price for a single-family home rose 9.5% 🔺 to $1,149,500 compared to November 2021.

🏙 Condo/townhome sales declined 43.4%🔻 year-over-year while the median condo sales price dipped 4.0% 🔻 to $480,000.

Although new listing volume fell in both markets, active inventory remained steady. Active inventory continued to build across Oʻahu, with single-family home supply more than doubling in the Central Oʻahu, the Ewa Plain, Leeward, Pearl City, and Waipahu regions compared to a year ago. The condo supply increased in all regions except Diamond Head and Pearl City.

“We’re seeing more sellers adjusting the price of their listings to remain competitive on the market in the face of the gradual increase in new inventory and properties spending more days on the market. Though buyers are dealing with higher financing costs than a year ago, contracts are closing daily, albeit at a slower pace and volume than in 2021, ” says Chad Takesue, president of the Honolulu Board of REALTORS®.

12/05/2022

04/20/2021

March 2021 🏡🏠🏘🏢

HBR's latest stats report shows that the O‘ahu housing market continued to see sales and prices climb in March.

🏡 Single-family home sales increased 19.1% and set another record median sales price of $950,000, a 17.3% year-over-year increase and a 3.5% jump above last month’s record.

🏢 Condo sales jumped 52.7% over the same period last year, and the median condo price climbed to $451,000.

New listings for single-family homes and condos added much-needed inventory to O‘ahu’s housing supply. Single-family homes marked a 12.6% jump with 439 new listings while the condo market added 715 new listings, a 17.2% increase compared to this time last year.

Despite new listings, demand continues to outpace our limited housing inventory. This lack of inventory is driving a very active and competitive market for prospective homebuyers on O‘ahu.

For more info on real estate and to see what’s on the market, visit hicentral.com.

01/28/2021

A lottery via Zoom to select
tenants for new low-income rental housing in Kapolei is scheduled for Thursday.

01/07/2021

The months of remaining inventory for single-family homes on Oahu, or the amount of time it would take to sell every home currently listed, dropped 44% in December to 1.4 months.

01/07/2021

December 2020🏠

HBR's year-end stats report shows that instead of the typical seasonal lull, the O‘ahu housing market rebounded with a spike in sales and new listings in December despite the ongoing effects of the pandemic. Closed sales of single-family homes rose 35.9% and 20.1% for condos compared to the same period in 2019. Median sales prices also increased in December.

In 2020, total annual single-family home sales ticked up 2.3% over 2019, but condo sales dipped 13.0%. Increased purchasing power from record-low mortgage rates and heightened competition spurred by low inventory resulted in annual median sales price increases for both markets while total new listings were down for the year compared to 2019.

For more info on real estate and to see what’s on the market, visit hicentral.com.

01/10/2020

Our monthly market report revealed single-family home sales on Oahu were up 19.3% and sold in 40% less time at a median of 18 days on market this December compared to last year. In 2019, we saw a steady and stable market with more active listings, slightly more days on market and median prices remaining relatively flat compared to 2018. These conditions, paired with low interest rates and favorable economic conditions continuing to drive healthy market activity, create an advantageous environment where buyers have purchasing power and sellers have more potential buyers for their properties. For more info on real estate and to see what’s on the market, visit hicentral.com.

06/06/2019

Prices for Single Family Homes in Honolulu are slowly dropping.

Oahu's housing market is experiencing activity similar to that being seen nationally, especially in major metropolitan areas, with moderate shifts in both median prices and sales, along with increases in available inventory. In addition, the 30-year fixed mortgage rate recently fell below 4% for the first time since January 2018.

05/14/2019

Affordable Rental Units

For rent: New apartments in Kakaako for less than $1,000 a month with partial ocean views and a short walk from Ala Moana Center, the beach and a planned rail station.

09/12/2018

We will never forget.