Aloha Kakahiaka and welcome to the Sachi Hawaii Newsletter for August, 2021.
Hawaii Real Estate Market
The Real Estate market as a whole is still under a strong recovery versus much of the pandemic, but a couple factors may be slowing the number of sales. First, the number of available properties, or home inventory, remains low. Many home owners have been reporting that they would like to take advantage of the hot market, but that means either buying a replacement property, which is also being sold during a high market, or renting temporarily, where rental properties are also hard to find and may have higher rental prices than normal. This is leading many sellers to press the pause button on listing their home.
Another factor is the rising COVID-19 concerns as the Delta variant continues to spread. It's hard to say the exact effect this has on the market, but with prices as record highs and concerns of potential looming lockdowns to curb the spread of the highly infections variant, buyers may be taking a "wait and see" approach before resuming their home search.
With that said, the market still remains very strong. For Oahu, the number of sales in July are down by nearly 50 for single-family homes when compared to a month ago, but the median sales price has reached a new record high, just shy of $1,000,000. The number of condominium sales are also down by about 50 over the previous month. However, versus the same time period a year prior, you'll see very strong growth across the board.
Single-Family Home Sales (July, 2021)
|Number of Sales||Median Sales Price|
|2021||404 +11.9%||$992,500 +21.8%|
Condominium Sales (July, 2021)
|Number of Sales||Median Sales Price|
|2021||671 +57.5%||$475,000 +8.0%|
Sachi Hawaii Market Update
For July, Sachi Hawaii closed on another 8 properties, matching June's number. Our featured sale during July is 3030 Kiele Avenue, positioned just one block from the ocean in Diamond Head. This home had just finished a beautiful top-to-bottom renovation and featured an all-new high end kitchen with lacquer cabinetry, stainless appliances, soft-close cabinetry, and built-in bar seating. The spacious 6 bedroom, 6 bath floor plan opened up a lot of opportunities for creating unique living spaces, or perfect for multi-generational living. The property also featured old-growth Starfruit, Apple Banana, and Mountain Apple trees on property, adding to a sought-after sustainable lifestyle.
Congratulations to our Seller, and the new owners of 3030 Kiele Avenue!
Additional sales in July included a marina-front home in Hawaii Kai, a marina-front townhouse in Hawaii Kai, two sales at The Watermark, one at Allure Waikiki, a Kaneohe townhome, and a 2-bedroom condo in Punchbowl.
After prepping 87-579 Farrington Highway for the market, Sachi Hawaii is pleased to announce that the Konishiki Hale house is for sale.
Konishiko Hale belongs to Hawaii-Born Sumo Champion Konishiki Yasokichi. Listed by Sachi Braden and Ayako Ancheta of Sachi Hawaii – Pacific Century Properties, LLC, this breathtaking island retreat features 165 linear feet of sandy beach frontage on 58,439 sq.ft. of land. Situated on two parcels & featuring two structures, a commanding 5 bed, 4 bath, 5,804 sq.ft. main residence is positioned along sandy beach frontage, with a detached 1 bed, 1 bath, 1,048 sq.ft. guest house just mauka of the primary estate.
Hawaii Travel Update
The islands are still feeling a steady income of visitors to the island. While we await official numbers, the feeling is it may have slowed a bit as families prep for the school year.
Traveling to the islands remains easier for fully vaccinated visitors, as they may bypass the pre-testing program, as long as their vaccination records are verified by one of the Digital Health Pass Partners. For more information on traveling to Hawaii, visit hawaiicovid19.com/travel
Local officials have been discussing additional regulations due to the increase in COVID-19 infections across the state. As recent as a week ago, numbers have escalated to nearly double what they were during the previous height of the pandemic for the state.
Sachi Hawaii offers full-suite Buyer, Seller, Property Management and Concierge Services. For questions, contact Sachi Hawaii at (808) 596-8801 or firstname.lastname@example.org. Mahalo!