O?ahu’s Housing Market Marks Positive 2021 for Sellers

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I am so honored for the opportunity to serve all of my clients with their real estate needs and thankful for another record breaking year in sales. While other agents negotiate just to get a deal done, I always negotiate to get my clients the BEST deal possible. I earn their loyalty by saving/earning them as much money as possible while looking out for their best interest. If there is someone you know who is looking to make a real estate move in 2022, please let me know and I would be honored to help. Wishing you a safe and prosperous new year!

Ben's Corner

I bought a house! I always hear some saying this is the worst time to buy a home or I'm going to wait until the market crashes. My new home is a prime example of being able to find a good deal in this market. I was able to close on this Kaimuki home for far under appraisal value and with a nice credit back that will help me with my renovations. Can't wait to fix it up and move in!

I am an avid soccer player and on 3 different leagues. Our men's team was able to play for 3rd place in the Waipio Soccer Stadium. Unfortunately we came up short losing 3-2 but I did score a goal. If you enjoy playing soccer as I do please reach out and I'd love to play with you.

Recent Closings

68-179 Au Street
North Shore
3 Bed | 2 Bath | $2.4M
98-911 Noelani Street, Unit 55
Waiau
3 Bed | 1.5 Bath | $649K
501 Hahaione Street, Unit 1/14G
Lower Hahaione
1 Bed | 1 Bath | $518K
400 Hobron Lane, Unit 2605
Waikiki
1 Bed | 1 Bath | $265K
1910 Ala Moana Boulevard, Unit 28C
Waikiki
2 Bed | 2 Bath | $905K

I had a busy December of closings starting with my North Shore listing finally closing at $700k over the last highest comp in Waialua! My seller was very happy when we finally closed. In Waiau I set the record for the highest priced 3 bedroom ever sold in the complex for my seller. In Lower Hahaione I sold my client's Mauna Luan condo that was sitting empty for too long. In Waikiki I sold my client's leasehold Eaton Square unit. And also in Waikiki I set the record for the 2nd highest price every sold in Canterbury Pl for my seller!

Current Listings

1415 Victoria Street, Unit 816
Punchbowl Area
2 Bed | 1 Bath | $448K
2979 Kalakaua Avenue, Unit 803
Diamond Head
1 Bed | 1 Bath | $1.74M
1350 Ala Moana Boulevard, Unit 512
Kakaako
2 Bed | 2 Bath | $828K

I have some nice new condo inventory to choose from so please let me know if you or anyone you know is interested in any of the listings above.

The O‘ahu housing market ended 2021 with a slight decline of 10.0% in single-family home sales and a healthy 15.4% increase in condo sales year-over-year. The median sales price for single-family homes tied the previously set record in August 2021 at $1,050,000, while condos saw a median sales price of $485,000, slightly up from December 2020.

While O‘ahu’s single-family home market saw new listings, pending sales, and total inventory in escrow all drop year-over-year, the condominium market remained strong, with new listings up 13.1%, pending sales jumped 16.7% and total inventory in escrow rose 11.5%. 

It was clearly a seller’s market in 2021. Not only did properties enter escrow at a record pace, but they often marked multiple offers and sold for a premium. 

Single-family homes were in high demand throughout 2021, but sales leveled off in the last quarter of the year as buyers faced low inventory and a slight rise in average mortgage rates since the summer and early fall. 

With high demand and dismal inventory of single-family homes, buyers turned their sights to condos, driving competitive activity in some areas and leading to low supply in this market as well. As a result, every price point in the condo market saw more sales in 2021 and every region across Oʻahu marked more sales.

Real Estate 

in the News
Where the Housing Market Is Going in 2022

As Told by 7 Leading Forecast Models

A perfect storm. That's the best way to describe the red-hot housing market we've seen from coast-to-coast during the pandemic. It was spurred by a combination of recession-induced low mortgage rates, remote work allowing buyers to sprawl further away from their workplace, and a wave of first-time millennial homebuyers entering into the market. Of course, years of under-building means there simply aren't enough homes available to meet this demand. Cue record price growth. 

But how much longer will this run last? 

Local Events

Sony Open in Hawaii

January 10 – 16, 2022

 

One of Hawaii's largest charity sports events returns to Oahu! The PGA tour will be at the Waialae Country Club.

Learn more here.

Lifestyle Tips & Tricks

Two Factors That May Impact the Real Estate Market in 2022

It's no secret that 2021 has been a hot year for the real estate market. Houses are selling at record prices, bidding wars are frequently taking place for the limited inventory available, and it's not unusual for buyers to pay for home purchases entirely in cash. 

Though the market appears to be normalizing somewhat as more listings become available, 2022 is poised to have some unique issues and challenges of its own when it comes to real estate sales. Two factors in particular are likely to impact the market in the year ahead.

 

Home Appraisals: What You Need to Know

A home appraisal may not be top of mind when you're looking to buy, sell or refinance a home. But maybe it should be. Appraisals are necessary when buying and selling a home because banks won’t lend money if the appraised value of the house is less than the loan amount. However, there are other times when an appraisal may be required or can help save you money.

 

Realtor Broker | RB-23470 | MBA
M: (808) 226-8612
W: www.fieman.com
E: [email protected]

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