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Market Update
Harvard University's Joint Center for Housing Studies (JCHS) recently released "State of the Nation's Housing 2012" report that shows after a few false starts, that there is reason to believe that 2012 will mark the beginning of a true housing market recovery. With rental markets turning the corner, home sales strengthening, and new home inventories at record lows the housing market is finally at its early stages of recovery. The key factor will be steadier employment growth to boost consumer confidence and help distressed homeowners for it if the economy weakens, then the housing market will stall.
The report provides a current assessment of the state of the housing market and foreclosure crisis; economic and demographic trends driving housing demands; the state of mortgage finance; and ongoing housing affordability challenge.
Here are some key findings from the report that shows signs of recovery in owner-occupied market:
- By the first quarter of 2012, existing home sales (single family & condo) were 5.2 % above year-earlier levels, with single family sales up 6.3 %.
- Sales of newly constructed homes had a 16.7 % increase from 1st quarter last year.
- Inventory of existing homes for sale shrank by some 23 % in 2011, reducing the supply in the first quarter of 2012 to its lowest level since 2006.
- The monthly mortgage payment for a typical home currently compares more favorably to rents than at any time since the early 1970s.
- According to Freddie Mac, interest rates on a 30-year fixed mortgage slid below 4.0 % in early 2012 - its lowest level since 1971.
We recently opened escrow for a first time home buyer that decided to buy a home versus renting. His monthly mortgage payment will be around $1250 a month and the current tenant pays $2300 a month for the same property. It is definitely a great time to buy.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - We are very proud and please to announce that The Smith Team was once again recognized as one of the Top 100 Realtors in Hawaii. We are one of only 3 agents in the State that has made this list for 6 straight years since the inception of the program. For more about this award please visit Hawaii Business Magazine's website.
P.S.S. - Today is a special day for it is Ken's birthday! Happy Birthday Dad!
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for June 18th, 2012
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Active |
Pending |
Sold |
Change |
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Homes |
549 (239) |
254 (31) |
895 (120) |
-6 |
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Condos |
831 (165) |
250 (14) |
1166 (74) |
-7 |
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Land |
452 (112) |
33 (5) |
146 (16) |
NC |
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Total |
1832 (516) |
537 (50) |
2207 (210) |
-13 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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26 Uweloa Place
Makena
$8.295M (FS)
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Papaanui Makena lot #1. Matching this trophy location, building materials, appliances and fixtures have been carefully chosen and are of superior quality. The brilliant single level layout has 5 bedrooms with 4.5 bathrooms. South facing 50' infinity edge pool with separate spa, offers private swimming and pool-side relaxing with unobstructed ocean views towards the South and the neighboring islands. Custom mahogany pocket doors, windows, louvers, screens and cabinets throughout the home.
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Homes Under $1M
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17 Maha Road #10
Makawao
$194K (FS)
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Short Sale. One of the newer homes in Na Hale O Kilinahe built in 2008. It's a 2 bedroom, 1 bath floor plan with a 2-car carport and underground utilities.
Customer Listing Synopsis
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767 Honowai Street
Kahului
$299.9K (FS)
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Bank Owned. 3 bedroom 1.5 bath split level home on corner lot.
Customer Listing Synopsis
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255 Aliiolani Street
Pukalani
$610.5K (FS)
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Bank Owned. Be the king/queen of the hill and become the new owner of this home in Pukalani. Room for everyone. This large spacious home needs some work to bring it back to it glory but will be worth all the work. The ocean and mountain views cannot be beat.
Customer Listing Synopsis
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33 Lahaole Place
Wailuku
$924.9K (FS) |
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Bank Owned. Horse lover's paradise, just 15 min from Wailuku Town. This Gated community is very private; home has 2 bd. + loft, 2.5 baths, with great North Shore ocean views. Separate 4 stall stable has 1,800 sq. ft. plus 2 riding corals that are fenced.
Customer Listing Synopsis
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737 Mililani Place
Kihei
$926.2K (FS) |
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Dead on views of Molokini and Kaho'olawe from this beautifully remodeled Maui Meadows cul-de-sac home. No power lines and no street lights--dark, dark nights for gorgeous stargazing. The remodel, completed in 2007 includes all new wiring and plumbing, security system, custom patterned travertine floors, granite counters, new cabinetry, hand-troweled skip finish on walls and ceilings, and old-school stucco exteriors.
Customer Listing Synopsis
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Vacation Condo Over $1M
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Ho'olei P-4
Wailea
$2.695M (FS)
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Spectacular ocean views. This 3BD/3.5BA town home has been tastefully furnished with designer pieces that reflect the spirit of the Hawaiian islands and is ready to go as a luxury rental or as your own private retreat. Featuring king sized beds in all bedroom suites, state of the art televisions, electronics, and private elevator. The attached garage is a convenience seldom found in condominium residences.
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Vacation Condos Under $1M
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Hale Mahina B-102
Honokowai
$275K (LH)
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A rarely offered ground floor unit just 25 steps away form the sandy beach and ocean. Watch year round sunsets and during whale season, watch the whales breach and frolic from your lanai. With the pool and Jacuzzi just 10 steps away from your condo, relax after Bar B Q at waters edge. This unit has been upgraded with granite counters and stainless steel appliances. The bathroom has been enlarged for convenience and the Murphy bed in the living area makes it easy for sleeping arrangements.
Customer Listing Synopsis
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Sugar Beach #202
Kihei
$299.9K (FS)
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202 is a beautiful corner unit with an extra side window. Great ocean and garden views from the lanai. Sit on the lanai and enjoy your own private sunset over the West Maui Mountains. The bedroom window gives you a full view of Haleakala.
Customer Listing Synopsis
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Ka'anapali Plantation #35
Ka'anapali
$450K (FS)
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Spacious two bedroom ground floor condo at Ka'anapali Plantation with ocean views and warm tropical breezes. Features include corian counters, stainless steel refrigerator, beautiful custom wood cabinets, tiled baths, wood flooring and recessed lighting. Enjoy the view of Lanai from the covered lanai, with bar-b-que included.
Customer Listing Synopsis
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Residential Condos
Villas at Koele 15A
Lanai
$475K (FS) |
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Short Sale. Enjoy the beautiful weather and setting at the Villas at Koele. The Experience at Koele championship golf course is steps from your patio. This spacious condo is a corner unit with a large patio. Cool weather is a great time to relax by your fireplace in the great room of this beautiful unit. Ownership of this home allows you to join the Island Club. The Island Club gives you access to the entire island of Lanai.
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Vacant Land
408 Ehilani Street
Pukalani
$275K (FS) |
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Your piece of the block and a fine piece it is. Over 1/2 acre. Water meter has been installed. Owner may help with financing.
Customer Listing Synopsis
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