Overall, the Honolulu Market continues to go from strength to strength, with price increases unbothered by increasing inventory. Often, when inventory rises, prices take a hit as buyers with more choice have increased bargaining room. Not in Hawaii. The only hint of more inventory has been an increase in days on market

For single-family homes, the median time to sell was 29 days compared with 15 days a year ago – nearly double the time. However, for condos, days on market only increased from 21 days last year to 25 days in October 2018. The inventory bump has been welcomed by Darryl Macha, president of Honolulu Board of Realtors.

“The inventory of homes and condominiums available for sale has been rising, providing more options for potential homebuyers and leading to an increase in the days on market,” Macha said. “Oahu’s housing market continues to be a stable environment for both buyers and sellers.”

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Ward Gateway 1

Figure 1: Recently Approved Phase 2 of Hughes’ Kaka’ako Plans

The market for Honolulu condos makes Dallas look like Sleepy Hollow.  Even the ultra-tony Bleu Ciel with its recent price hikes is only pricing its smallest unit at a meager $640 a square foot.  Compare that with still-being-built Honolulu high-rises Anaha and Waiea where a 435-square-foot studio on a no-view floor will run ya nearly double that.

And while sales in Dallas for these costly homes chugs along, Bleu Ciel, Museum Tower and its kin must dream of Hawai’ian voraciousness with 2016’s Anaha already 80 percent-plus sold.  After a recession hiatus, Honolulu is again seeing buyers (likely their staff) camping out on sidewalks when new blocks of units are released for sale.

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