Positive Start for O‘ahu Real Estate in Fourth Quarter

Single-family homes and condos report year-over-year gains, median prices remain stable

Nov 2024 Oahu Real Estate Market Update: the Feds just met and decided to lower the rate by another 0.25%. Interest rates are at about 6.8% and haven't come down quite yet because of inflation concerns and the lower treasury bond prices. But as the Feds continue to cut rates eventually we should expect to see mortgage rates to come down. This will create a lot more buyer competition, but also unlock some extra inventory from sellers who are sitting on a low interest rate mortgage. Now that the presidential election is over, we expect some stability to enter the market and buyer confidence to improve. So far 2024 has been about 0% to 5% higher each month than 2023 and I expect the same for next year in 2025. If you have any specific questions regarding your particular neighborhood, building, or situation, please reach out and I'd be happy to have a conversation together. Have a great Thanksgiving and looking forward to connect connecting with you next month in December for your next Oahu real estate market update.

New Project Spotlight: Aria Lane (Manoa)

Aria Lane Mānoa is an exciting new residential community that is currently in the early stages of permitting. The project is proposed to be located on the former Saint Francis School property at 2707 Pamoa Road, spanning across 11.12 acres of land currently zoned for residential use (R-7.5).

The 79 single family units will be priced from $1.5 million to $2.2 million but the final pricing of these units will be subject to change depending on the permit requirements and the extent of the duration for receiving those permits needed to complete the project. 

Want to learn more about Aria Lane in Manoa and see if it's the right fit for you? Register your interest by clicking the link below and I'll set up a private virtual Zoom presentation for you so you can discover more renderings, floorplans, and pricing.

Last Month Sales Stats

As we enter the fourth quarter, the O‘ahu housing market shows promising signs of recovery. Single-family home sales grew 22.5% year-over-year, from 213 to 261 sales, while condo sales observed a modest 1.5% increase, rising from 399 to 405 sales. Month-over-month activity also improved, with single-family homes up 20.3% and condos increasing by 10.7%.

Our October Monthly Statistics Report shows:

• Median prices for single-family homes remained unchanged from last October at $1,100,000, while condo median prices experienced a modest 1.9% increase, reaching $525,000.

• Single-family homes and condos recorded a median days on market of under one month, at 16 and 26 days, respectively.

• Both markets saw an increase in new listings in October, with 298 for single-family homes, a 9.6% year-over-year uptick, and 597 for condos, up 5.5%.

• Active inventory remained elevated year-over-year, with single-family homes up 18.4% to 741 listings and condos up 49.8% to 1,957 listings; month-over-month, single-family homes dipped 1.9%, while condos rose 3.7%.

Just Sold Victoria Place #2300 for $4.4M

Just Sold Victoria Place #2302 for $2.5M

Victoria Place, Howard Hughes’ newest creation in Ward Village just completed construction! I SOLD unit #2300 for $4.368M and #2302 for $2.477M. The building came out spectacular and the amenities are beautiful. There are a number of resale units coming back on the market so if you are interested in taking a look at this BRAND NEW building, reach out and I’d be happy to give you a tour.

Just LISTED 2333 Palolo Ave

MULTI-GENERATIONAL LIVING at its finest! Stunning unobstructed ocean views. Discover the perfect blend of space, comfort, & convenience with this large home nestled in the heart of Palolo Valley. With 8 bedrooms, 6 bathrooms, 3 bonus/office spaces, and 3,631 sq ft of living this home can accommodate large families or investors seeking high rental income. Recently remodeled & move in ready with new laminate flooring, quartz countertops, wood shaker cabinets, stainless steel appliances, & standing seam metal roof. Host large family BBQs, perfect for relaxation and gatherings. Step outside to 2 large outdoor lanais. Visualize yourself waking up every morning with hot coffee in hand taking in the serene mountain views of the valley all the way to Diamond Head & out to Waikiki & the ocean! Centrally located just minutes from Kaimuki & local eateries on Waialae Ave, & easy access to the H1 freeway, this home offers the convenience of urban living while maintaining a tranquil neighborhood atmosphere. Don't miss this rare opportunity to own a large multigenerational home with so many bedrooms & bathrooms in Honolulu. Schedule your private showing today & see the possibilities for yourself!

Just LISTED Ka La'i Waikiki Beach#1103

Priced under tax assessed value! Don't miss this rare opportunity to own in a 5-star hotel in the heart of Waikiki. Be the first to invest in Ka La'i Waikiki Beach (former Trump Tower Waikiki) Hilton’s new luxury LXR Hotels & Resorts. Perfect for owner occupant, 2nd home, long term rental, or hotel pool program. Seller will payoff common area assessment at closing so you get to enjoy a brand new renovated hotel! This large 2 bed 2 bath unit features 1,139 sqft of living and a 73 sqft lanai overlooking the ocean and Fort Derussy Park, fully furnished with upgraded furniture, Brazilian cherry wood flooring, and lower residential property tax rate. Building amenities include maid service, room service, 3 high-end restaurants, infinity pool & jacuzzi, 24hr fitness center, luxury spa for massage & facials, business center, surfboard & bike storage, and free valet parking for owners. Maintenance fee includes access to all amenities and utilities except electricity. Located across the street from the world famous Waikiki Beach and next to many shopping and dining options. Come take a look today and enjoy this Waikiki resort vacation and executive lifestyle!

Current Listings

Waikiki

223 Saratoga Road, Unit 1501

0 BD 1 BA 418 SF $415,000

Hillcrest

1340 Aupupu Street

4 BD 4 BA 2702 SF $2,080,000

Heeia

46-086 Ipuka Street

4 BD 3 BA 2112 SF $1,690,000

Waikiki

2463 Kūhiō Avenue, Unit 203

0 BD 1 BA 254 SF $249,000

Off Market Listings

- Wailupe oceanfront home $5M

- Moana Pacific high floor 3 bed 2 bath 2 parking $1.2M

- Aukai Ave 12,000 sqft vacant land w/ permits & plans $2.8M

- Kailua Beachside oceanfront about $10M

- Ka La’i Waikiki Beach Penthouse $8.9M

- Portlock oceanfront $10M

Inquire directly for any of these off market opportunities!

Potential Fixer Uppers

Kaimuki

717 Ocean View Drive

4 BD 2 BA 2551 SF $1,388,000

Real Estate In The News

New HBR video shares latest local market insights

In this latest installment of our local market series, HBR President Fran Gendrano shares what's happening in O'ahu's single-family home and condo markets for the month of September, providing key insights and housing trends on neighborhood activity.

Bill 46: Empty Homes Tax

The Honolulu City Council introduced Bill 46 (2024), which proposes an "Empty Homes Tax" targeting vacant residential properties within the County of Honolulu. This supplemental real property tax aims to help to alleviate Honolulu's housing affordability crisis and homelessness by encouraging property owners to either rent or sell homes that are sitting vacant.

Inflation is back under control and I expect interest rates to come down next year which is going to send the market into a frenzy again. Want to get ahead of the mad rush?

Ben Fieman Realtor Broker | RB-23470 | MBA Compass Hawaii, Founding Agent

RealTrends Top 10 Oahu Agent: #9 Transactions, #8 Volume. Career: $200M+, 250+Transaction

Work: 808.400.7007 Email: Ben@Fieman.com

Website: www.Fieman.com

Henry Hume

Assistant to Ben Fieman

RS-87091 | DRE-02159332 Compass HI & CA

Team FIEMAN and HouseofHume

P: 310-775-0676

E: henry.hume@compass.com

Compass Profile: Click Here

Address: 4211 Waialae Ave Ste 100, Honolulu, HI 96816