Aloha Kakahiaka and welcome to the Sachi Hawaii Newsletter for July, 2021.
Continuing with the red-hot real estate market trend, June once again brings record-breaking numbres to Oahu's real estate market. As inventory remains very low, buyers are taking a second look at the condominium market, where June's number of sales are up an astounding 134% over the previous year, with 730 sales in 2021 compared to just 312 sales in 2020. Condominium prices remain more in-line with the previous year, with a gain of 9.1% over the previous year during the same period.
The limited inventory and high demand continues to drive single-family home prices sky-high, where the median sales price is nearing $1,000,000, with June 2021's numbers coming in at $979,000, 27.1% higher over 2020. The limiting factor in number of sales is likey inventory supply, although we still see a very large increase of 49.3% in number of sales, 451 in June 2021 versus 302 in 2020.
Single-Family Home Sales (June, 2021)
|Number of Sales||Median Sales Price|
|2021||451 +49.3%||$979,000 +27.1%|
Condominium Sales (June, 2021)
|Number of Sales||Median Sales Price|
|2021||730 +134.0%||$460,000 +9.1%|
Hawaii Market Update
Continuing on with our successful 2021, Sachi Hawaii is pleased to announced that we've just re-listed and immediately put into escrow 2999 Makalei Place in Diamond Head. This modernized luxury estate shares deep history with iconic architect Hart Wood, (architect of A&B Building, Honolulu Hale & more.) Dubbed Wei Lan Tien, or "House of Blue Heaven", this immaculately-kept property was later fully remodeled by Jeff Long in 1995, this 4-bedroom, 5.5-bath, 6,594 sq.ft. Asian-Western estate's appearance has been preserved yet modernized for today's lifestyle in luxury. Retaining many of its original features including "Moon Gate" doors, Japanese gable roof-line, and the grand living room's wood-beam and paneled ceiling, historic charm is blended flawlessly with upscale, contemporary refinement.
Situated on 11,752 sq.ft. of land on the southern slopes of Diamond Head's Makalei Place, one of Honolulu's most precious & prestigious "who's who" luxury neighborhoods, this unforgettable majestic ocean retreat is perfectly positioned minutes from Kahala, Waikiki, Ala Moana & Kaka`ako, the ideal location to enjoy the island's best water sports, dining, shopping, entertainment & more.
Sachi Hawaii closed on 8 properties during June, including 4714 Kahala Avenue, sold at $6,325,000, Waiea #1002, sold at $2,550,000, Anaha #610, sold at $1,100,000, and additional properties in Waikiki, Kaka'ako, and Hawaii Kai.
Back on the Market: 2549 Tantalus Drive
Newly re-listed with a reduced price, Sachi Hawaii has brought 2549 Tantalus Drive back on the market.
Perched overlooking Punchbowl Crater, the Pacific, urban Honolulu, with distant Waianae Mountain Range panoramas, this iconic 3-parcel property sale includes 3 structures: a 11,596 sq.ft. 4-bedroom, 4.5-bath main residence, a detached 3-bedroom, 3-bath guest house, & separate pool house. Anchored by an infinity-edge lap pool, multiple upper and lower grassy yard spaces, this private ultra-luxury estate features an upper motor court for guests, private garage entrway for its residents, and many more features that elevate this into Honolulu's Crown Jewel ocean view estate.
Hawaii Travel Update
Driving around Honolulu, and especially through Waikiki, you can tell that the tourism economy is rapidly recovering. Reports by the states tourism destinations indicate visitors to Diamond Head Crater and other attractions are exceeding pre-pandemic levels from 2018 and 2019 by nearly 20%.
Traveling to the state has become easier for vaccinated guests as of June 15th. With proof of vaccionation, visitors can skip the quarantine and pre-testing requirements.
International travelers still face more obstacles, so the state is primarily seeing out-of-state travelers from the mainland.
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!