July 2024 - A-TEAM OAHU - Panana Newsletter & May 2024 Market Report

Aloha July!! July is a sizzling hot month for real estate, buzzing with excitement and patriotic flair! Whether you're hunting for that perfect Town loft or a cozy Kaneohe nest, July offers a star-spangled mix of opportunities and fun in the real estate world. JULY 2024 NOTABLE DATES JULY 4: Independence Day 🇺🇸 JULY 5: National Hawai'i Day 🌈 National Bikini Day 👙 JULY 8: National Day of Rock n Roll 🎶 JULY 10: National Kitten Day 🐱 JULY 15: National Give Something Away Day 😇 JULY 18: National Tropical Fruit Day 🍍 🥭 JULY 21: National Ice Cream Day 🍦 JULY 22: National Hammock Day 🥱 JULY 24: National Cousins Day 🥱 JULY 24: National Wine & Cheese Day 🍷 🧀 JULY 31: National Avocado Day 🥑

Real Estate in the News Insurance Crisis Worsens in Hawai‘i’s “Condoland” About 400 condominiums carry less than 100% insurance coverage. The shortfall means that many potential buyers can’t get mortgages It’s been a bad year for Hawai‘i Condominium Associations, with many seeing the price of their master insurance policies increasing 300% or more in one year. A few buildings saw those premiums increase by an extraordinary 900% to 1,300%. It’s unlikely to get better any time soon. READ MORE COURTESY OF HAWAII BUSINESS MAGAZINE

O‘ahu Housing Prices Dip Modestly Compared to 2023 More than a quarter of single-family homes sold in May in the $899,999 or less price range. ~ Single-family home sales in May fell 5.0% year-over-year and month-over-month, while condo sales increased 9.1% year-over-year and 10.9% from the previous month. ~ Median sales prices for both single-family homes and condos saw a slight decline compared to May 2023. Single-family homes ended the month with a median price of $1,085,000, reflecting a 2.2% decrease year-over-year, while the condo median price of $495,000 marks 2% dip year-over- year. ~ However, year-to-date median prices for single-family homes and condos experienced a modest increase of 2.4% and 1.0%, respectively.

~ When it comes to affordability, single-family home sales in the $899,999 and below range accounted for 28% of sales for the month of May. In this price range, buyers closed on properties in multiple regions, from Leeward and ‘Ewa neighborhoods to Central Oʻahu, Pearl City, Kaneohe and the Metro Honolulu area. ~ Meanwhile, condo sales in the $300,000 to $399,999 range surged by 43.6%, reaching 89 units and representing the largest share of sales at 18.7%. This contributed to the lower median sales price for condos this May. Additionally, another factor contributing to the decrease in median prices for condos was smaller-sized units seeing the largest increase in sales, particularly studios and one-bedroom condos. ~ Buyers in the single-family home market acted decisively, with properties spending a median of 14 days on the market—entering contract a week quicker than last year. ~ Conversely, condos took slightly longer to sell compared to a year ago, though they moved faster month-over-month, with a median of 25 days in May. Please call us for more information!

Local Happenings

Your Guide to 4th of July Fireworks Shows and Entertainment on O‘ahu-

SUNDAYS, 10:30-11:30AM Yoga and Pour at Hana Koa Brewing In the heart of Honolulu, start your week with a certified instructor guiding you through an all levels class to reset and unwind, then wash it down with an included beer, mimosa, bloody mary, or mocktail! Reserve your spot! Saturday July 20, 9am-4pm 47th Annual Prince Lot Hula Festival Presented by MGF Hawaii Frank F. Fasi Civic Grounds Downtown Honolulu Click here for more info and tickets Friday and saturday, July 27 & 28 Hawai‘i Symphony Orchestra Live Performance & Film Screening Waikiki Shell Experience Jurassic Park as never before: projected on the big screen in HD with the Hawaiʻi Symphony Orchestra performing John Williams’ iconic score live to picture. Welcome… to Jurassic Park! Click here for more info and tickets.

Lifestyle Tips and Tricks

The Hottest Summer Ever Is Coming: What Extreme Heat Can Do to Your Home - And How to Prevent the Damage The Realtor.com® 2024 climate risk study found that nearly a third of all homes in the U.S. are located in areas that are prone to extreme heat exposure. Courtesy of Realtor.com

Common Seller and Buyer Mistakes Buying and selling real estate is littered with costly obstacles, but you can steer clear of many of them. Courtesy of U.S. News Houzz Emerging Summer Design Trends Reports Reveals What's Hot Houzz has released its Emerging Summer Design Trends Report, which includes organic modern style, reading rooms, Japanese influence, and more! Courtesy of Forbes America's Top 10 Buyer's Markets Where you can still land a bargain below the asking price Courtesy of Realtor.com

Featured Listings ACTIVE Kailua 322 Aoloa Street, Unit 612 3 BD 2 BA 1244 SF $950,000 Kakaako 987 Queen Street, Unit 2105 1 BD 1 BA 493 SF $738,000

IN ESCROW

Kaaawa 51-002 Lau Place 3 BD 2 BA 1242 SF $1,185,000 Haha'ione Valley 941 Hokulani Street 4 BD 3 BA 2326 SF $1,760,000 JUST SOLD Lilipuna 45-111 Alina Place 4 BD 2 BA 1720 SF $1,505,000 Ewa Gentry 91-1841 Keaunui Drive, Unit 521 3 BD 2.5 BA 1302 SF $907,000 Kakaako 987 Queen Street, Unit 1509 0 BD 1 BA 364 SF $580,000 Kakaako 987 Queen Street, Unit 1716 0 BD 1 BA 347 SF $600,000 Manoa-WOODLAWN, HONOLULU 3036 Kahaloa Dr, Unit 2 2 BD 2 BA 1016 SF $1,419,500 Manoa-WOODLAWN, HONOLULU 3498 Alani Drive 3 BD 2 BA 2302 SF $1,900,000

COMING SOON & PRIVATE EXCLUSIVES off-market listings marketed or pre-marketed exclusively to only our clients Call us to get a sneak preview!

CHATEAU WAIKIKI 411 Hobron Lane, Unit #2002, Honolulu 1 BD-1 BA - 1 Parking Listing Price: $518,000 ~ Assumable VA Loan!!! ~ Please call for More Details KOKO ISLE - HAWAII KAI 822 Koko Isle Circle, Unit #2207, Honolulu 4 BD-3 BA 1,670 SF Listing Price TBD ~ Please call for More Details

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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