Oahu Real Estate Market Report – May 2018

Here is the sales activity for the month of May 2018 compared to the same month last year.  This covers resale homes for Honolulu County (Oahu) and does not include new construction homes, unless reported by the builder.  Contact us anytime for a customized Oahu real estate market report for your community or individual property.

Single-Family Resale Homes

# Sales                       Median Price    Average Price

May 2018                    332                              $778,000         $1,064,083

May 2017                    362                              $745,500         $927,615

 

Condos/ Townhouse Resale Units

# Sales                      Median Price    Average Price

May 2018                    495                              $430,000         $515,482

May 2017                    540                              $406,500         $487,412

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Single Family Home prices and sales volume were both up from the same month last year. The average sales price for the 2nd month this year topped $1 Million. The market is still moving along, even with the increase in interest rates and promises from the Fed to further increase interest rates. The summer months are historically the best months for real estate on Oahu.

Condos and townhouses saw a small dip in volume, following a big April. There was also a decrease in the number of condos listed for sale. The median price and average price did climb over the same month last year.

On Oahu, sales have been strong.  Lower priced properties are still moving extremely fast and seeing multiple offers in many neighborhoods.

Mortgage rates have seen small increases.  An interest increase will raise the monthly mortgage
payments for homes, faster than price increases. Buyers have been scrambling to get their home before they are no longer affordable. In some cases, sellers are putting their homes on the market sooner than they originally planned to take advantage of market conditions.

Contact us anytime for updated numbers for your property or individual community.

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*Median price means half the prices were above and half below the given price.  For additional stats, please contact us.

Data was taken from the Honolulu Board of REALTORS® MLS system.  It is deemed to be accurate, but not guaranteed.

Buy Oahu Real Estate with a VA Home Loan – Free Seminar – 6/21/18

VA Home Loan Seminar on Oahu

If you are a Veteran, Active Duty Personnel Reservist or National Guard member interested in learning more about using your VA Loan benefits to purchase Hawaii real estate there is an exclusive VA Home Loans Seminar on Oahu on Thursday, 6/21 from 6-8PM.

For more details or to register (space is limited!) visit OahuMilitary.com.  Register through OahuMilitary.Com and you will receive a free book that sells for over $20 on Amazon.com, “The Book on VA Loans.”

More details/register here.

 

Oahu Real Estate Market Report – April 2018

Here is the sales activity for the month of April 2018 compared to the same month last year.  This covers resale homes for Honolulu County (Oahu) and does not include new construction homes, unless reported by the builder.  Contact us anytime for a customized Oahu real estate market report for your community or individual property.

Single-Family Resale Homes

# Sales                       Median Price    Average Price

April 2018                    289                              $790,000         $972,727

April 2017                    280                              $712,500         $871,788

 

Condos/ Townhouse Resale Units

# Sales                      Median Price    Average Price

April 2018                    547                              $416,000         $512,405

April 2017                    486                              $415,500         $463,051

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Single Family Home prices and sales volume were both up from the same month last year.  The average sales price was down from last month’s record when it topped $1 Million.  It is still up tremendously over last year at the same time.  The median price sets a new high.  The market is still moving along, even in the face of threats from the Fed to further increase interest rates.  The upcoming months are normally our strongest months for Hawaii.

Condos and townhouses showed a strong increase in volume.  The median price has leveled a bit, but the average price has climbed.

On Oahu, sales have been strong.  Lower priced properties are still moving extremely fast and seeing multiple offers in many neighborhoods.

Mortgage rates have seen small increases.  Interest rate increases are creating a sense of urgency in the market.  An interest increase will raise the monthly mortgage payments for homes, faster than price increases.  Many buyers are scrambling to get their home before they are no longer affordable.

The new Federal tax code changes will impact homes with mortgages larger than $750,000.  The new law will also restrict the deduction for state and local taxes to $10,000.

Honolulu County has a tax category (Residential A) for investment properties that are over $1 Million in assessed value.  The taxes go up tremendously on those properties.  As you see, the average sales price of a single-family home in March was over $1 Million.  This tax penalty also applies to a home that the owner did not file their home-owners exemption form.  If you are not sure about the status of your property, we can look it up for you.

Contact us anytime for updated numbers for your property or individual community.

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*Median price means half the prices were above and half below the given price.  For additional stats, please contact us.

Data was taken from the Honolulu Board of REALTORS® MLS system.  It is deemed to be accurate, but not guaranteed.

2018 BAH Rates for Honolulu County

Here is a chart with the updated Basic Allowance for Housing for Honolulu County (Oahu):

2018 Basic Housing Allowance Honolulu

If you have any questions about relocating to Hawaii, please reach out today. We have helped a large number of VA/Military clients leverage their BAH and VA home loan entitlement to purchase Hawaii real estate.

MTA Cardboard Regatta Winners!

MTA Cardboard Regatta Winners

Congrats to Chuck and Taylor, lucky winners of 2 $25 gift cards to Ruby Tuesday!

Mililani Movie Night Winner!

Chili's Gift Certificate Winner

Congratulations to Jon of Mililani, lucky winner of a $25 Chili’s gift certificate at Mililani Movie Night on March 25th! The Prothero Group at eXp Realty was a proud sponsor of this event and was happy to be handing out popcorn to the many moviegoers.

Be sure to look for us at the next Mililani Town Association event for your popcorn and chance to win!

Lucky MTA Winner!

Here’s Darnelle with the lucky winner of a $25 gift card at a recent MTA event!

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Why Use a REALTOR?

Why should you use a REALTOR®? To find out, listen to this commercial that our very own Darnelle Prothero recorded for the Honolulu Board of Realtors.

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Another Happy Prothero Group Client!

Guy Prothero Group testimonial

Mahalo to Guy, another happy client! With the help of a beautiful listing video and website his property received multiple offers OVER asking price.

If you are considering selling your property, see the website and video we used to help sell Guy’s property at www.centurywestcondo.com/

Join us in Mililani on 10/28 for Goodies & Goblins!

The Prothero Group at eXp Realty is a proud sponsor of Mililani Town Association’s Goodie Goblins, happening on 10/28 at Rec Center 5. See the flyer for details and we hope to see you there!

Goodies and Goblins Mililani