Nick Kawakami

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Real Estate

Home sales flatten, but condos still ablaze! 🔥🔥👍

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Happy October Everyone, and happy beginning-of-holiday-parties season! It’s crazy to think we are here already, and I hope you are all gearing up for Halloween and other fun things as we close out 2016! The stats for September 2016 are out, and here’s my take on the local market…

Single-family homes saw a stall in growth versus last year, as the number of closed sales remained the same. It’ll be interesting to watch this number as we end the year, and see if the trends continue “normal.” We did see a slight bump in median prices versus last year, but it remains inline with the growth of the overall year. The “outlier stat” for September single-family homes was the days-on-market (DOM), which has remained at 16 days for the third straight month. Usually in September, we start to see a little longer DOM, but not this year!

As for condos, number of sales climbed for the third month in a row and rose 6.7% versus last year. It’s hard to predict where condos will go month-by-month, because their production is so heavily tied to market factors and the products vary so greatly. In fact, median price is down versus last month, while last September saw a bump versus that August. DOM are back up to 20, and look for that to shorten again as less new inventory came on the market.

Like I said, it will be interesting to see how the year will fill out. There some factors that seem to follow market trends, and some that don’t. I’m also going to be watching the election results to see if that has any affect on our little island home as well!

Happy Halloween everyone, and a quick note of love to my friends and family in Florida! Hurricane Matthew sucks, but we are here if you need us!

Low Inventory Means a Bump in Prices & Faster Sales

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Hope everyone is enjoying this beautiful weather, as we end summer and welcome fall, haha! One day it’s pouring rain, the next is sunny and 197% humidity. Meanwhile, the housing market continues its torrential pace in 2016 as inventories continue to be slim and median prices hover around record-highs!

As our Board President Kalama Kim has stated, “During the month of August, the number of homes for sale dropped compared to last year, and it took just 16 days before the homes which sold accepted an offer. There are buyers who have been in the market for over a year because of market conditions, and run the risk of being priced out of the market as demand pushes prices up.” I don’t have any buyers like that (thankfully), but I can personally attest that the competition out there is intense!

In my opinion, the real news is that prices continue to remain high while days-on-market fall. That’s saying that Buyers are paying near what Sellers are asking, regardless of price, and locking properties into contract earlier than ever. This is even more evident when you dive deeper into the stats and see that 38% of home sales, and 27% of condo sales are bid up over asking price (the highest levels in Oahu’s history). These signs mean Buyers must be fully armed when they enter the market and Sellers have plenty of action. If you’re even thinking about buying or selling, let me know and I’d be happy to dive into your specific needs and help you navigate this crazy market!

As the Summer Finishes, Price Strength Continues

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Happy August everyone, and as the mainland braces for the coming fall, we continue to see a strong sales market here in Paradise! As expected, the low inventory has restricted the number of sales last month and pushed median prices higher than last year!

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While median prices dropped slightly versus our record-breaking June, both Single-Family (SF) homes and condos are up 6% and 14% over July last year. On top of that, both SF homes and condos are seeing close to 100% listing-to-sold pricing, meaning that even though Sellers are pushing prices, Buyers are willing to pay. The inventory trend will probably soften a little, especially as we enter the cooler winter season, but don’t expect to see a shift from this up market anytime soon.

Snapchat at my Open House!

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Is it a sign of the apocalypse? Am I grasping at any attempt to feel young again? Will anyone even use this? Whatever the case, I know you all have been desperately waiting for…SNAPCHAT FILTERS COMING TO OPEN HOUSES! Yes, Ladies and Gentlemen, don’t turn that television dial just yet, because I have got a deal for you!

In actuality, this is merely me trying out something new. Here’s a preview of it, designed after a famous cartoon hunter…

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I don’t know how it will go over at tomorrow’s open house, but I figured I should give it a shot and see how it goes! It’s more about the experience anyway, learning how the process works and figuring out applications in the business. If anyone does decide to actually use it tomorrow, then whoopdeedoo!

Limited inventory and market uncertainty continue to push record numbers

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“Prepare housing market for ludicrous speed! Fasten all seatbelts, seal all entrances and exits, close all shops in the mall, cancel the three ring circus, secure all animals in the zoo!”

It’s amazing to see prices continue to rise, but with limited inventory and uncertainty in the marketplace, it’s easy to see why. Elections? Low Interest Rates? Rail? Job market? There are a lot of reasons why people are looking to settle into a new home, and competition is fierce!

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With only about 3,000 active properties on the entire island of O’ahu (condo & single-family homes), it’s no wonder that there is a lot of competition for buyers in the market. The market shows condos as the biggest gainer, possibly due to the squeeze down from high home prices. It may also be due to the fact that many of the Sellers coming from houses are taking advantage of the juicy market and opting to downsize. Either case, it will be interesting to see if this trend continues through the summer.

Hawaii Mortgage Application Defects Fall 6.67% in 2015

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The First American Loan Application Defect Index, which estimates the frequency of fraudulence and defects in mortgage applications, shows Hawai‘i defects fell in 2015. Good news for those in and around the mortgage market! [Read more…] about Hawaii Mortgage Application Defects Fall 6.67% in 2015

5 Ways Marijuana Legalization Affects Hawaii Real Estate

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Change is coming (whether you like it or not), and the legalization of marijuana will have an impact on the local real estate market. Over the next couple of decades, and with earnings estimates in the hundreds-of-millions of dollars, it will become a legitimate business and a part of our daily lives. Here are five major ways that it will affect Hawaii real estate, and what to look out for in the years to come. [Read more…] about 5 Ways Marijuana Legalization Affects Hawaii Real Estate