Howzit everyone! Hope you’re doing well after, what seemed like, such a weird month. It’s still snowing in April, we couldn’t eat any Romaine Lettuce, the rain was ridiculous for a weekend, and most recently: “Oahu median home price rises 11% as condo sales jump 13%.” That last one doesn’t seem as major next to real crisis headlines, but that didn’t stop news outlets from stoking the “housing crisis” fire this past weekend. Let’s take a step back, break down the numbers, and see if the panic is legitimate.
Happy April Everyone, so happy to be back on the web! Mercury is out of retro-grade, I’ve launched this new website, and I think I actually saw this sun today! All good things pointing to another productive Spring season in the real estate market, but has that translated to the numbers? Let’s take a look. [Read more…] about Are We Plateauing? Condo Median Price Says “NO!”
Happy Fall Everyone! The leaves are beginning to turn brown…well, the leaves that are dead are brown, but the rest are still green #fallinhawaii. In fact, thanks to a couple HEAVY rain storms, the island is extra green and lush!! Speaking of green, green arrows mean median prices are up along with closed sales! Let’s take a look at the stats for October and see if there’s anything new to report… [Read more…] about No Fear in Homebuyers, Despite Halloween! 🎃
What!? Fall already!? School is back in session, the REAL summer heat has set in, and real estate prices continue to set year-over-year gains. A quick shout-out before we get into the numbers, as my thoughts are with all of the people affected by the unprecedented weather in the southeast United States. I have a lot of friends and family affected by all of it, and ask that everyone do their best to help out those in need this fall! Anyway, on to the stats… [Read more…] about The Real Estate Balloon Keeps Soaring Higher! 🎈
You may have seen the recent article titled, “Prices Through the Roof,” in the July 7th issue of the Star-Advertiser. Besides the fact that they used the exact same title, almost to the day last year, it’s a headline that will catch some eyes and sell some papers. While I’ve been talking about this climb for a while now, let’s take a look at the June numbers to see just how “through the roof” we are.
The biggest number on the board is the median sales price of single-family homes at $795,000. That’s to say, if we were to take all of the closings last month, put them on a list in order of sales price, and looked at the one smack in the middle, it would have sold for $795,000. On its own, that’s a big number and eerily close to $800,000. But if we look at the entire year as a whole, the median price is only up 3.2% year to date. Versus June 2016, which was up 6.1% year to date, that median number may seem large, but the overall market is showing slower growth. Yes, we may see that median price jump over $800,000 in the near future, but let’s not get ahead of ourselves and start predicting a million dollar median price by 2022.
The most surprising number, in my opinion, is the number of closed sales in the single-family home market. In June, that number jumped 14.2% over last year, and continues up year-to-date. With all the industry talk about limited inventory, the number of closed sales continue to climb. This is especially surprising as the months of inventory (the number of months it would take to sell everything, if nothing else came on the market) dropped 10% to 2.7 months.
Condos saw their numbers dip a little, but continue to rise year to date. At $400,000 median price for the month of June, and $399,000 median price year-to-date, they are also on track to close the year as expected. I don’t see any real reason to believe that the growth should change, but will be interested to see as a lot of new listings came on the market last month (692, up 18.5% over June 2016, and up 9.8% year-to-date over 2016).
Looking forward, I don’t see any shortage of growth in prices but will be watching the inventory numbers closely. I’ll be looking to see if that ratio between new listings and closed sales still pushes the months of inventory down, or if the high prices start a shift.
Happy July everyone!
Happy June Everyone, I can’t believe the year is almost half over! I remember being 7 years old and thinking, “Summer’s here! I’m so excited! Summer Fun! Days at the beach! No school!” Now all I think is, “Summer’s here! It’s gonna be so hot.” Haha, how adulthood has changed my views of the world! Anyway, the Real Estate market is also warming up, so let’s take a look at the stats for April. [Read more…] about Warmer Weather Signals Warmer Markets
Happy May everyone! As we say “Goodbye!” to Spring, and “Hello!” to Summer, the market had a mixed bag of good news and not-so good news to report in April. Let’s break down some stats and see if we can see any trends building as we head into the (traditionally) busier Summer months. [Read more…] about A Mixed Bag of Market News for April
Aloha Everyone, hope 2017 is moving along! It feels like the sun is finally starting to shine in Hawai‘i, and it’s a welcome respite after some torrential rains this Winter. On the Real Estate front, the market continues to have low inventory numbers, while median prices rise. Let’s take a look at some specifics and see what February looked like. [Read more…] about Experts Still Say Year is Moving Strong! 💪