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Oahu Hawaii Real Estate Market-1st Quarter 2019

Snapshot of Oahu Hawaii’s real estate market for 1st quarter of 2019: The inventory of homes for sale on Oahu is growing by the week. The inventory of single family homes has grown 33.6% year over year. Sales prices are down 2.8% year over year. Conventional thinking is values will rise 2% in 2019. But in the past when inventories outpaced sales the values tend to get static or fall slightly as the buyer gains the edge in negotiations.

The sales volume has been slowing since June of 2018. March is when we see a seasonal uptick in sales as we hit Spring. We’re down 9.5% in units so far year over year.  Overall prices are holding and well priced homes move quickly as the demand is still there. If sellers want to sell they have to price right in the current market.


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Now is the Best Time to Buy for Hawaii Home Buyers

Rising interest rates and continued housing appreciation will impact future Hawaii home buyers ability to buy their dream home. As interest rates rise in 2018 through 2020 coupled with continuing appreciation of home values, buyer purchasing power will decrease. Hawaii Home Buyers need to take into consideration the impact of this decreased purchasing power and buy now if possible.

While some Hawaii Home Buyers are waiting on a hoped for market correction to decrease home prices, this is not the latest prediction by the National Association of Realtors (NAR) which is projecting homes will appreciate 3.1% in 2019 and 2.7% in 2020.   This is after a 4.7% expected appreciation in in 2018.

As of October 2018 on the island of Oahu, the median sales price for a single family home (SFH) was $800,000 according to the Honolulu Board of Realtors.  With NAR’s predicted appreciation the median sales price will increase to $824,800 in 2019 and 847,000 in 2020.

If this was the only factor impacting purchasing power, it might be manageable for some home buyers but with the predicted interest rate increases buyers are getting a double whammy. One more interest rate hike is expected in December 2018, two to three interest rate hikes are expected in 2019, and at least one hike in 2020. With the current rate being approximately 4.83% let’s estimate that with the final increase projected in 2018 and then two more next year the interest rate at the end of 2019 will potentially be 5.58%. Add one more projected increase in 2020 and the rate would be at 5.83%.

Below is a table that shows the impacts to Hawaii Home Buyers of the interest rate hikes and expected home owner appreciation.

2018 2019 2020
Median Sales Price for SFH on Oahu  $800,000  $824,800  $847,000
Expected Home appreciation 3.1% 2.7%
Loan at 80% of value          640,000 659,840 677,600
Interest Rate* 4.83% 5.58% 5.83%
Monthly Payment $3,402 $3,817 $4,028
Annual Payment 40,830   45,802 48,335
Total Payments over 30 year mortgage  $1,224,889  $1,374,073  $1,450,044
Total Interest Paid over life of loan  $584,889  $714,233  $772,444

*interest rate increase predictions were from CNBC article https://www.cnbc.com/2018/11/08/fed-leaves-rates-unchanged.html

What the chart above indicates is that if Hawaii Home Buyers were to wait to buy the same house in 2019 verses 2018, total payments will be $154,134 (interest and appreciation) more and in 2020 the increase will be $234,545. So yes. Now is a good time to buy.

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Luxury Kakaako Condo

One Waterfront Mauka Tower #3802 – large luxury Kakaako condo available. The amazing view of Honolulu’s commercial harbor and distant airport can keep you entertained for hours. Relax with your favorite beverage and feel the stress slip away.

Two large bedrooms with seating areas overlook the same view are separated by a central living area and open kitchen. Quality built high-rise and recently remodeled it rivals the new construction at a much more affordable price. Pool, tennis courts, outdoor gathering and grilling areas. Conveniently near SALT and Down to Earth Natural & Organic Food Store. Priced at $1,045,000.  See more info

Luxury Kakaako Condo 425 South Street #2802

Amazing ocean, airport reef runway and harbor views. One of the largest units in the complex. Very efficient kitchen with easy reach to all areas plus breakfast bar. Two dedicated parking spaces #49 & #219. Complex has recreation deck with tennis, swimming pool and spa tub. Cabanas and gym on same deck. You can walk to many restaurants, parks and other features of downtown living. Quick trip to airport or Waikiki. Huge savings over new construction in Kakaako.

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Oahu Real Estate Market Snapshot for March 2018

Below is a snapshot of the March 2018 Oahu real estate market compared to March 2017.

The number of single-family homes sales was 305. That which is pretty comparable with only a 1.3% decrease from the 309 homes sold last March.  For the first quarter the change in homes sold was only a 0.4% decrease.   Again we are seeing a uptick in the median price moving from $752,000 last March to $760,000 for March 2018.  Year-to-date March price has increased 2.0% from $750,000 to $765,000.  The median Days on Market was 14 days.

The number of sales for condos in March decreased slightly to 485 which is a 2.0% decrease compared to 495 last year. For the first quarter of 2018 the number of condos sold increased 0.7% to 1,244 from 1,235 the prior year.  The median sales price increase was the big news, increasing 8.8% from $400,000 in March of 2017 to $435,000 in March of 2018. Over all the first quarter 2018 median condo prices increased 9.0% from $390,000 last year to $425,000 this year. Increase in the number of luxury condo sales in the Ala Moana/Kakaako area is listed as the primary cause of the increase.  The average Days on Market was 16 days.

Check out these Oahu real estate for sale:

Oahu Single-Family Homes

Oahu Condos

Oahu Real Estate Market March 2018

Data Source: Honolulu Board of REALTORS®


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Best Maui Surfing Spots

Honolua Bay
Located on the northwestern coast, Honolua Bay is one of Maui surfing spots favorite for skillful surfers. Surfing Honolua Bay on a good day can be the best experience of your life. Keep in mind though that you’ll be surfing with hundreds of other wave lovers. So, be sure to know what you’re doing out there in the water—the locals will make a good day bad if you do something wrong.

Maui Surfing Spots - Honolua Bay
Photo: Aussie Assault | Honolua Bay

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Queen Liliuokalani Village Home For Sale

Located only minutes from the hustle and bustle of Kailua-Kona town, this charming Queen Liliuokalani Village home with a guest house makes for a perfect retreat.

Queen Liliuokalani Village Home - deck with ocean view

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Top 10 Most Yelp Reviewed-Rated Restaurants in Princeville and Hanalei

From tiki bars to ice cream shops to barbeque stops, here is the Top 10 list of most reviewed and rated restaurants in Princeville and Hanalei according to Yelp.*

1. Bar Acuda | Tapas Bar
Restaurants in Princeville and Hanalei - 1
Bar Acuda is Kauai’s coolest place to relax with friends, share tapas and sip some wine. Chef and owner Jim Moffat’s culinary sensibility originates from the people and food he experienced during years of travel to the Mediterranean regions of Europe – including Southern France, Italy, Spain, and Portugal.

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Ward Village Condos at Kakaako – Projects & Developments

A Howard Hughes brainchild, Ward Village is a 60-acre master planned coastal community right in the heart of Honolulu. The plan allows for up to 9.3 million square feet of mixed use development, and at completion, the community will include more than 4,000 residences and over one million square feet of new retail shopping. There are currently 5 Ward Village condos being offered.


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Maui Real Estate Market Snapshot for September 2017

Presenting below is a snapshot of September 2017 Maui real estate market compared to September 2016 data.

There were 112 new listings for single-family homes which is an increase of 8.7% in comparison to 103 in 2016. For condos, 139 new listings were reported—a 13.9% increase from 122 last year.

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Big Island Ocean View Condo at Kanaloa at Kona by Outrigger

This Big Island ocean view condo gives one a closeness to the ocean that makes one feel like they are at the beach 24/7. So near to the blue Pacific that you can not only see the water, but hear the waves and smell the sea air. It is, by far, one of the best units in the complex because of its position.

Big Island Ocean View Condo - lanai

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