Hawaii Real Estate Market Data

Oahu Real Estate Market Report

Oahu Single-Family Homes Sales Price Sets New Record in August

The median price for single-family homes on Oahu reached an all-time high in August, according to resales figures released by the Honolulu Board of REALTORS®.

In August, the median price for single-family homes increased by 3.0 percent to reach a new record of $810,000, which was previously set in June 2017 at $795,000. The median price for condominiums rose by 1.9 percent to $427,000.

Sales for single-family homes dipped by 2.2 percent and condominium sales also decreased by 9.4 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 15 and 18 days for condominiums.

“While the median price for single-family homes has been pushed to a new high, homebuyers are also finding properties at or below the $600,000 price range,” said the President of the Honolulu Board of REALTORS®. “Though overall inventory is tight, we are seeing pockets of the island where inventory is increasing, including the Ewa Plain and to some extent, Central Oahu. With the decline in pending sales for both single-family homes and condominiums, buyers may be experiencing a bit of ‘fatigue’ in a market where multiple offers have been common and are taking a pause in their home search. It’s something that other markets are also seeing.”


Source: Honolulu Board of REALTORS®

To view the full report, click here.

Click Here to view the August Market & Neighborhood report from the Honolulu Board of Realtors.

 
Home Exemption Deadline is September 30, 2018

The first home exemption law was enacted in 1896 by the Republic of Hawaii to provide some tax relief, encourage home ownership and the settlement of land. In 1896, the home exemption amount was $300.

Currently, the basic home exemption is $80,000. This means that $80,000 is deducted from the assessed value of the property and the homeowner is taxed on the balance. For homeowners 65 years and older the home exemption is $120,000. To qualify for this exemption, you must be 65 years or older on or before June 30 preceding the tax year for which the exemption is claimed.

Property owners with an existing home exemption, with their date of birth on file, do not need to re-apply for the new exemption amounts. The exemption amounts will automatically increase depending on the age of the homeowner.
 
The deadline to file a home exemption for the next fiscal year is September 30th, 2018. To file a a claim for a home exemption go to: https://www.realpropertyhonolulu.com/

To learn more about the home exemption process, go to:
 https://www.realpropertyhonolulu.com/exemptions/exemption-information/

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