Sign up for a free monthly Honolulu Real Estate Market Report via email.  This report features graphs and numeric tables showing the trends in:

• number of single family home and condo sales
• median sales prices of single family homes and condos
• single family home and condo days on market (how long it takes to sell)
• sales figures for all Oahu neighborhoods
• inventory of single family homes and condos for sale

Summary
Ko’olani sales trends have been so good that in many cases, buyer choices are quite limited.  Sales are consistent and the number of apartments for sale continues its decline that began in mid-2008.  Certain floor plans are not available as I write and not much is available on higher floors.  Some apartments are priced above what the market will bear and their time on the market confirms that observation.  Buyers should stand ready to act when something they’re looking for comes on the market. 

Ko’olani Condominium
Address:  1177 Queen Street, Honolulu, HI 96814
Built:  2006 

Schools
Elementary School:  Kaahumanu
Middle School:  Central
High School:  McKinley

Would you like to learn more about Ko’olani?  If so, contact Michael Zimmerman, the condominium expert.  Please visit my web site to view Ko’olani condos for sale, request special reports or search for other Honolulu condos for sale. 

The Honolulu Board of REALTORS® released resale figures for the month of February.  According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single Family Home Resales

Condominium Resales

 
*Median price means half the prices were above and half below the given price.

During February, sales of 157 single-family homes and 231 condominiums were reported through the Board’s MLS, an increase of 21.7 percent for single-family homes and an increase of 44.4 percent for condominiums, compared to the same month last year.  The median prices paid for island properties in the February was $570,000 for single-family homes and $298,000 for condominiums, an increase of 3.6 percent for single-family homes and an increase of 0.3 percent for condominiums from February 2009.

Summary
Despite a sluggish Oahu economy, Nauru Tower sales really took off at the end of 2009.  That leaves very few apartments for buyers to choose from.  Nevertheless, there are a few high floor 2-bedroom apartments for sale and two parking stalls are also available.  In addition, there is a high floor 1-bedroom leasehold apartment for sale, but it is fairly expensive.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  As you can see, the number of apartments for sale steadily declined during the last year.  In the last six months, Nauru Tower averaged two sales each month and if that pace continues, it will take over 2.5 months to sell the 5 apartments on the market. 

Nauru Tower Condominium
1330 Ala Moana Blvd., Honolulu, HI 96814
Built: 1991

Features
Conveniently located across the street from the Ala Moana Beach Park and just one block from the Ala Moana Shopping Center and Ward Centers.

Availability
Apartments in the building:  302
Apartments available for sale:  5
Average days on market to date:  90
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  2.5

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  3
Average days on market:  20
Average price per square foot:  $743.09
Sales Price / List Price:  94%

Would you like to learn more?  Please visit my web site to view Nauru Tower apartments for sale or conduct your own Honolulu condo search.  Contact Michael Zimmerman for a no obligation consultation if you’re considering selling or buying a home or investment property.

Summary
It’s been more than two years since we’ve seen this many sales at Harbor Court.  Three apartments sold in the last quarter of 2009:  a penthouse sold for $800,000 and two other apartments sold for $560,000 and $545,000 (consistent with the sale at $550,000 in August 2009).  So, we’ve seen three non-penthouse apartments sell in the $550,000 range in the last five months.  That appears to be what a reasonable buyer is willing to pay in today’s market.  Further evidence of that is seen in the number of days higher priced Harbor Court apartments stay on market.  Apartments priced over $600,000 stay on the market for several months (some have been on the market for years) and ultimately sell for much, much less.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley

Availability
Apartments in the building:  120
Apartments available for sale:  1
Average days on market to date:  91
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  1.5

Sales
Apartments under contract in escrow:  0
Apartments sold in the last 90 days:  1
Average days on market:  121
Average price per square foot:  $410.56
Sales Price / List Price:  83%

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court apartments for sale, conduct your own Honolulu condo search or request special reports for home sellers or buyers.

The Honolulu Board of REALTORS® released resale figures for the month of January.  According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single Family Home Resales

 
Condominium Resales

 
*Median price means half the prices were above and half below the given price.

During January, sales of 162 single-family homes and 227 condominiums were reported through the Board’s MLS, an increase of 32.8 percent for single-family homes and an increase of 42.8 percent for condominiums, compared to the same month last year.  The median prices paid for island properties in the January was $597,500 for single-family homes and $299,000 for condominiums, an increase of 10.8 percent for single-family homes and a decrease of 2 percent for condominiums from January 2009.

Summary
As you can see below, a steady number of Keola Lai sales have driven the number of apartments on the market down to one third of what they were just six months ago.  That’s great news for the few owners selling their apartment.  However, that’s not good news for buyers because they have very few choices:  two of the six apartments on the market are Penthouses selling at $2.3 million each.

Keola Lai Condominium
600 Queen Street, Honolulu, HI 96813
Built: 2008

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Availability
Apartments in the building:  350
Apartments available for sale:  6
Average days on market to date:  126
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  2.4 

Sales
Apartments under contract in escrow:  1
Apartments sold in the last 90 days:  6
Average days on market:  108
Average price per square foot:  $616.88
Sales Price / List Price:  97%

Would you like to learn more about Keola Lai?  If so, contact Michael Zimmerman, the condominium expert.  Please visit my web site to view Honolulu condos for sale or request free reports for buyers or sellers.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
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The Honolulu Board of REALTORS® released the resale figures below based on data collected from its computerized Multiple Listing Service (MLS) system.  The number of homes and condos sold are for the year-to-date (2009 and 2008).  The median prices cited below are year-to-date for 2009 and 2008 as well. 

Single Family Homes

Condominiums

*Median price means half the prices were above and half below the given price.

Please visit my web site to order special reports for buyers and sellers or conduct your own Honolulu real estate search.

Summary
Take a look at the chart below.  The Capitol Place market has undergone a dramatic shift in the last nine months.  The inventory of apartments for sale is down 72% and look at those sales…red hot.  This leaves little for buyers to choose from.  One bedroom apartments have been a popular choice this year, but as I write, none are for sale.  The small inventory and lack of choice may set the stage for stronger prices in the coming year.  However, that may not come to pass if the economy continues to worsen or if the market is flooded by several owners trying to sell at the same time.

Capitol Place Condominium
1200 Queen Emma Street, Honolulu, HI 96813
Built: 2008

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Availability
Apartments in the building:  394
Apartments available for sale:  7
Average days on market to date:  108
Apartments listed for sale in the last 30 days:  0
Months of inventory available:  2.0 

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  11
Average days on market:  115
Sales Price / List Price:  97% 

What else would you like to know about Capitol Place?  Please visit my web site to view Honolulu condos for sale or request free reports for buyers or sellers.  If you’re thinking of selling your home, contact Michael Zimmerman for a no obligation consultation.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News
Subscribe via RSS to Honolulu Real Estate and Community News

Summary
The sales trend at Hawaiki Tower is very similar to that of other Kakaako condominiums; a rising number of sales coupled with a corresponding drop in the number of apartments for sale.  Should this continue, we may return to a seller’s market as buyers have much less inventory to choose from.  With just four Hawaiki Tower apartments for sale, the choices are already limited.  For example, there are no 1-bedroom and no 3-bedroom apartments for sale.  However, the 2-bedrooms apartments available are spread from low floors to high floors and offer Diamond Head or Ewa views.  One of these is a highly sought after 2-bedroom ‘09 floor plan with 1400 sq. ft. on the 19th floor.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  As you can see, the number of apartments for sale dramatically decreased in the last seven months.  In the last six months, 10 Hawaiki Tower apartments sold and if that pace continues, it will take just 2.4 months to sell the 4 apartments on the market now.

Availability
Apartments in the building:  422
Apartments available for sale:  4
Average days on market to date:  68
Apartments listed for sale in the last 30 days:  2
Months of inventory available:  2.4

Sales
Apartments under contract in escrow:  1
Apartments sold in the last 90 days:  4
Average days on market:  68
Sales Price / List Price:  93%

Contact Michael Zimmerman if you have a specific question about Hawaiki Tower.  Please visit my web site to view Hawaiki apartments for sale, conduct your own Honolulu condo search or request special reports for home buyers or sellers.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.michael-zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Summary
I am very excited by what I see in the chart below.  The number of apartments offered for sale is just half of what it was six months ago and despite a weak economy, sales have picked up dramatically.  The number of months of inventory determines whether we are experiencing a buyer’s or seller’s market.  If the inventory is six months or less, it’s a seller’s market and we are very close to reaching that point (6.5 months of inventory as I write).  This is the lowest number of Hokua apartments for sale I’ve seen since I began writing posts dating back to March 2008.

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  The building experienced a four month dry spell in the spring/summer months where no apartments sold, but sales have turned around in a big way!  In the last six months, Hokua averaged five sales every three months.  If that pace continues, it will take 6.5 months to sell the 12 apartments available.  Specific sales statistics are listed below.

Hokua at 1288 Ala Moana Condominium
1288 Ala Moana Blvd., Honolulu, HI 96814
Built: 2006

Schools
Elementary School:  Kaahumanu
Middle School:  Central
High School:  McKinley

Location
Conveniently located one block from Ward Centers and just a few blocks from the Ala Moana Shopping Center and Nordstrom located on Kapiolani Blvd.

Features
P.F. Chang’s China Bistro and the Tango Contemporary Café are located on the bottom floor.

Availability
Apartments in the building:  246
Apartments available for sale:  12
Average days on market to date:  85
Apartments listed for sale in the last 30 days:  3
Months of inventory available:  6.5

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  10
Average days on market:  156
Sales Price / List Price:  90%

Are you interested in learning more about Hokua at 1288 Ala Moana?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Hokua apartments for sale, order special reports for buyers and sellers or conduct your own Honolulu condo search.

The Honolulu Board of REALTORS® released the resale figures below based on data collected from its computerized Multiple Listing Service (MLS) system.  The number of homes and condos sold are for the year-to-date (2009 and 2008).  The median prices cited below are year-to-date for 2009 and 2008 as well. 

Single Family Homes

Condominiums

*Median price means half the prices were above and half below the given price.

Please visit my web site to order special reports for buyers and sellers or conduct your own Honolulu condo search.

Summary
As mentioned in the June 2009 report, the Moana Pacific Association of Apartment Owners is litigating with the developer.  In many instances, banks will not lend on property in litigation.  While eight of the ten 3rd quarter sales were for cash, two apartment sales were financed.  That is good news for owners trying to sell or contemplating a sale of their Moana Pacific apartments.

The chart below depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month.  In the last six months, Moana Pacific averaged just over 2 sales per month and if that pace continues, it will take 8 months to sell the 17 apartments currently available.  The number of apartments for sale is just half of what it was six months ago.  I think that’s a huge step forward and a healthy sign for the building in general.  Sales are slower than a year ago, but that’s no surprise given the state of Hawaii’s economy.

Summary
The number of recent sales and apartments currently for sale at Ko’olani is very, very encouraging.  I am very optimistic by these sales dynamics.  Look at the graph below and you’ll notice that two very positive trends continue:  sales are solid the number of apartments for sale is still falling.

Given that the number of apartments on the market has decreased to its lowest level in three years, not all floor plans are available as I write.  For example, if someone is looking for a 3-bedroom ‘09 apartment, none are for sale.  In addition, a few other floor plans are not available on higher floors, so buyers should be patient, but be ready to act when something comes on the market.

Ko’olani Condominium
Address:  1177 Queen Street, Honolulu, HI 96814
Built:  2006 

Schools
Elementary School:  Kaahumanu
Middle School:  Central
High School:  McKinley

Would you like to learn more about Ko’olani?  If so, contact Michael Zimmerman, the condominium expert.  Please visit my web site to view Ko’olani apartments for sale, request special reports or conduct your own Honolulu condo search.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Summary
Just one Harbor Court apartment sold in the last year, however the two-bedroom 41st floor penthouse is in escrow for the third time.  What I and no doubt others find disturbing is the dollar amount of the most recent sale.  Apartment 2701 sold for $550,000 after 261 days on the market.  To put that amount in perspective, apartment 1602 sold for $735,000 just over 12 months earlier.  That is more than a 25% annual drop while the Oahu median condo price fell 11.5% ($328,000 in 2008 to $290,000 in 2009).

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  The number of apartments for sale has been in flux and there has been just one sale this year.

Harbor Court Condominium
66 Queen Street, Honolulu, HI 96813
Built: 1994

Feature
Conveniently located just a few blocks from Chinatown and right across the street from Aloha Tower Marketplace.

Schools
Elementary:  Royal 
Middle:  Central
High:  McKinley

Availability
Apartments in the building:  120
Apartments available for sale:  2
Average days on market to date:  25
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  12.0

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 90 days:  1
Average days on market:  261
Sales Price / List Price:  79%

Contact Michael Zimmerman if you have a specific question about Harbor Court.  Please visit my web site to view Harbor Court apartments for sale, conduct your own Honolulu condo search or request special reports for home sellers or buyers.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

There is always one question on my clients’ minds; what’s next for the Honolulu, Hawaii real estate market?  I always begin my answer with, “I don’t have a crystal ball.  No one does.”  Nevertheless, here are some inter-related thoughts.  Consider them and you decide what’s in store for the Honolulu real estate market.

Swine Flu.  In May and June, Japanese travel to Hawaii plummeted due to Swine Flu concerns.  The Hawaii Tourism Authority expects arrivals from Japan to recover beginning this month.  However, in August, the World Health Organization predicted an explosion of Swine Flu cases in the coming northern hemisphere winter flu season.  The outcome of these events will certainly affect the Hawaiian economy, but by how much?

Tourism.  The Pacific Business News reported Hawaii visitor arrivals rose in July, the first increase since February 2008.  The question is, will this continue and what caused the July increase?  Is this a trend reversal or a blip caused by severe hotel room rate cuts?

If the Swine Flu comes back in a big way or if it mutates and makes millions of doses of just-produced vaccine useless, I would not be surprised if Hawaii tourism falls even further.  That isn’t good news for the Hawaiian economy.

The Hawaiian economy.  The same Pacific Business News visitor arrivals article reported that average daily tourist spending fell dramatically, reflecting lower prices being charged by hotels and attractions.  The state Department of Business, Economic Development and Tourism predicts the local economy will stabilize in 2010, followed by modest growth in 2011.  That recovery depends on the Swine Flu’s severity and tourism’s rebound.  Consequently, the real estate recovery will likely follow an economic turnaround.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Summary
During the last four months, there has been a bit of a sales drought at One Waterfront Towers.  Just one apartment sold during that time.  Based on conversations I’ve had with owners and potential buyers, some people are concerned about the possibility of additional maintenance fee increases.   

Since my April Report, two short sales have entered escrow (a 1-bedroom and a 2-bedroom).  Time will tell if the lenders approve the sale and they actually close.  There is a low floor 2-bedroom leasehold apartment for sale as well.  Many other apartments are for sale, but one wonders why the owners have chosen listing prices that no one has paid for many years, let alone in the economic times we face. 

One Waterfront Towers Listed vs. Sold

One Waterfront Towers Condominium
415-425 South Street, Honolulu, HI 96813
Built: 1989

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Features
Located right next to Restaurant Row which includes Ruth’s Chris Steak House and it’s just steps away from Kakaako Waterfront Park. 

Availability
Apartments in the building:  302
Apartments available for sale:  16
Average days on market to date:  121
Apartments listed for sale in the last 30 days:  3
Months of inventory available:  24.0 

Sales
Apartments under contract in escrow:  3
Apartments sold in the last 90 days:  1
Average days on market:  60
Sales Price / List Price:  97% 

What else would you like to know about One Waterfront Towers?  Please visit my web site to view One Waterfront Towers apartments for sale, request free reports for buyers or sellers or conduct your own Honolulu condo search.  If you’re thinking of selling your home, contact Michael Zimmerman for a no obligation consultation.

Contributed by Michael Zimmerman
Direct:  808-457-9683
Michael@Michael-Zimmerman.com
www.Michael-Zimmerman.com
Subscribe to Honolulu Real Estate and Community News

Summary
As you can see in the chart below, Imperial Plaza sales have perked up since the slow winter months.  Standard size (around 1000 sq. ft.) 2-bedroom apartments have accounted for most of the recent sales.  There are no standard size 2-bedroom apartments currently on the market.  Five of the seven apartments for sale have three bedrooms and all are larger than 1200 sq. ft.  Three offer more than 2000 square feet of living space.  Those three apartments carry a maintenance fee ranging from $1800-2500 and unfortunately, many buyers prefer to spend those dollars in another manner. 

Imperial Plaza Listed vs. Sold

The chart above shows the number of sales recorded each month vs. the number of apartments available for sale at the end of the month.  The number of apartments for sale has fallen sharply since last fall and that’s a good thing.  In the last six months, Imperial Plaza averaged one sale per month and at that pace, it will take 7 months to sell the 7 apartments listed for sale. 

Availability
Apartments in the building:  205
Apartments available for sale:  7
Average days on market to date:  107
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  7.0

Sales
Apartments under contract in escrow:  1
Apartments sold in the last 90 days:  3
Average days on market:  52
Sales Price / List Price:  99%

Do you have questions about The Imperial Plaza?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Imperial Plaza apartments for sale or conduct your own Honolulu condo search.

The Honolulu Board of REALTORS® released resale figures for the second quarter of 2009.  According to the analysis conducted by the Board, using data collected from the MLS system, the resale statistics are:

Single Family Home Resales

Condominium Resales

*Median price means half the prices were above and half below the given price.

During the second quarter, the number of sales declined from one year ago and the median price paid for a single family home decreased by 10.5% while the condominium median price decreased by 6.8%.  The following table provides the quarterly median prices for the Oahu neighborhood groups (change compares 2nd Quarter 2009 to 1st Quarter 2009):

Contact Michael Zimmerman if you have questions about Honolulu real estate.  Please visit my web site to conduct your own Honolulu home search or request special reports for home buyers or sellers.

This information is provided as a courtesy only, is not a warranty and should be independently investigated by buyers.  This information is deemed reliable, but NOT guaranteed.