More than half of single-family homes – 58.9% to be exact – sold above the asking price last month. Meanwhile, high demand for single-family homes continues to keep the median days on market at a low of just nine days.
 
In April, 30.9% of condos sold above the asking price and condo properties spent a median of 13 days on the market, which tied the record low set in June 2017.

“A year ago, O‘ahu’s real estate market saw a steep decline in sales and listings as we were confronted with uncertainty about the pandemic’s impact on our community and economy,” said Shannon Heaven, president, Honolulu Board of REALTORS^®. “Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low interest rates, it creates the fast-paced, competitive environment we see in today’s market.”

Nothing can stop the real estate market right now!

It's a very Happy Aloha Friday for Jeremy Cheng's clients! They just closed on a 3BR home in Ewa! Thanks to Jermy and our escrow officers at Title Guaranty, and their loan officer Tyker Olds, it was a smooth and successful transaction! If you are looking for a home in Ewa Beach and want to work with a dedicated Realtor, please contact Jeremy Cheng at www.AlohaTony.com today!

AVA PYSZCZYMUKA and her client Robert for the purchase of his Mililani townhouse today! Robert is a Veteran who just purchased his first home in Hawaii with the help of his excellent VA loan officer Tyler Olds from Aligned Mortgage, and Realtor extraordinaire Ava Pyszczymuka of the Kawaguchi Group at EXP Realty. Tyler and Ava helped fix a few things that the seller was not able to so Robert and his step-daughter were happy with the property. If you want to work with agents and loan officers who go above and beyond their regular duties to assist veterans with their home purchase, please contact Ava at www.AlohaTony.com and and Tyler Olds at Aligned Mortgage today to discuss your goals!

Even though everyone is wearing a mask, we can tell Jeremy's clients are very happy to be homeowners!! With the expert assistance of Loan Officer and President of Infinite Financial, LLC, Ian and Jennifer signed closing docs for their new Ewa Villages home! They look forward to moving in once the property records. If you have any questions about the home-buying process or need financing questions, contact Jeremy Cheng at www.AlohaTony.com and contact Duncan Hsia at Duncan@infinitefinancialllc.com today to make your home-buying experience a happy one!

Why buy North Shore Real Estate?

Oahu's North Shore has some of the highest real estate prices on the island. What sets them apart from the rest of the island? Here are a few insights:

● The North Shore of Oahu is a surf mecca. The winter months see towering waves and legendary surf competitions like the Vans Triple Crown, Billabong Pipe Masters, and The Eddie Big Wave Invitational. A North Shore beach house with front row seats to these competitions could easily run you $5,000,000 to $10,000,000.

● Where there's beach, there's value!

● Tourists flock to Haleiwa when they want an experience that contrasts Waikiki. Tourist presence tends to be a leading indicator of high home prices. Waialua and Mokuleia home prices range from $700,000 - $1M, with Waialua beach homes ranging from $1.4M to $3M. Luxury beach homes on the North Shore can run you from $3M - $14M.

● The majority of North Shore, Oahu condos will be found in the Waialua neighborhood, ranging from $350,000 - $900,000+.

So how can you know if Oahu’s North Shore would be a good fit?

1. You prefer a slower pace of life.

There is a large desire to “Keep the Country, Country” so there are no high rises or late-night night-life. The main thoroughfare is Kamehameha Highway, a simple, two-lane road. While there are several restaurants, surf shops, grocery stores and small retail locations, there is one theater in Laie and no big box stores or malls.

2. You love being outdoors.

The North Shore is a unique combination of surf culture and agriculture. Locals in the area grew up fishing, diving, and hunting. Communities are filled with outdoor adventurers who you’ll find biking past Kaena point, jogging the bike paths, snorkeling in Shark’s Cove and surfing Pipeline. We have skaters and dirt bikers as well as ranchers and hikers.

3. You love space and privacy.

If you’re feeling claustrophobic, an ocean front property can do wonders! Even properties across the street and tucked into the hillside can offer ocean views. Several north shore communities offer large lots: check out Pupukea, Kawailoa, Mokuleia, and Poamoho.

If you need assistance with your North Shore Real Estate research, we would love to help you explore your options, and to equip you with everything you need to secure your new North Shore home with confidence.

CONGRATULATIONS to CHELSEA PFERSCHY and ELAINE VAN de ZANDE for the Sell and Buy transactions for their client. Chelsea and Elaine assisted their client to sell her property and quickly found a perfect upgrade for their client to move to right away, in a building with more amenities and a great location!

If you are planning to sell and upgrade, work with professionals who know how to fit the pieces of your puzzle together in this super-competitive market. Contact Chelsea and Elaine at www.AlohaTony.com today to discuss the logistics of selling and buying simultaneously!

I've lived through 2 real estate bubbles: the Japanese Bubble of the 90's and the 2008 mortgage bubble, but are we in another one now? In March, Oahu’s Housing Prices shattered records with a new median sales price of $950,000

Closed sales of homes and condos saw double-digit growth of 19.1% and 52.7%, compared to March 2020. Single family home prices rose 17.3% year-over-year a 3.5% increase in one month.  

But is it a bubble? I really don't think so. In the 1990's, we had Japanese speculators buying up property with almost no knowledge of the market, and no intent to hold long term.  They were investors throwing money around, buying at stupid prices with hopes of making crazy money.  

In 2007, we had investors buying properties with no money down, interest only, no credit, and speculating on prices continuing to rise forever. I remember one guy said to me, "Real estate prices always rise."  That's when I knew the bubble was about to burst, so I sold all my properties as fast as I could.  

But today it's different.  We have owner occupants with huge down payments, many with all cash, buying properties they want to live in forever.  It's not a bubble, it's a shift.  A shift of people leaving crazy California and coming to paradise. It's a tech shift of people working from home, others retiring.  It's a global shift, and I don't see a bubble anywhere except in the US debt, which is a different topic, but somewhat related.  

Government debt means inflation, and inflation means real estate prices rise.   

With low inventory and high demand, the number of single-family homes and condos sold over the asking price nearly tripled compared to March 2020. During the first quarter of 2021, single-family homes sold over asking price made up 50% of the sales compared to just 19% in quarter one last year, while condos sold above the list price accounted for 29% of the sales compared to 10% in the previous year’s first quarter.

It's not a bubble.  It's an opportunity.