December 2017 Market Update

Lila Kailua Real Rstate

HAPPY 2018! WISHING YOU HEALTH, HAPPINESS AND PROSPERITY FOR YOU AND YOUR LOVED ONES.

HERE IS THE LATEST ON HOW 2017 ENDED

“HOUSING MARKET SET SEVERAL NEW RECORDS DURING 2017″

During December 2017, sales of single-family homes rose by 5.9 percent, while condominiums sales decreased by 12.2 percent from December 2016. The median price paid for single-family homes in December 2017 increased by 2.7 percent from the same month last year to $750,000, while the median price for condos increased by 3.8 percent to $405,000. According to the Days on Market indicator, the median days for both single-family homes was 20 and 18 days for condominiums.

The housing market set several new records during 2017. Three records were set in June when the median price of single-family homes hit a high of $795,000 while also selling at a brisk 12 days on market for single-family homes and 13 days for condos. In July, the median price for condos reached $425,000 for the first time, which was repeated in September.

“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” said Sue Ann Lee, Honolulu Board of REALTORS® 2017 President. “In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed.

While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”

HOW 2017 COMPARED WITH 2016

HERE WE GO 2018!!! EXPECTING TO CONTINUE A STRONG AND STEADY REAL ESTATE MARKET AND ECONOMY

A Brief Outlook for the Economy: Hawaii’s economy is expected to continue positive growth for 2018. This outlook is based on the most recent developments in the national and global economies, the performance of Hawaii’s tourism industry, labor market conditions, and the growth of personal income and tax revenues. (Hawaii.gov)

LETS JUST SAY…YOUR RENT IS $3500.00 PER MONTH. THIS CALCULATES AT $42,000 A YEAR, AND $420,000 IN 10 YEARS. YOU WILL NEVER SEE THAT MONEY AGAIN. THINK ABOUT IT!

DON’T THROW YOUR MONEY AWAY! HOMEOWNERSHIP IS THE CORNERSTONE OF THE AMERICAN DREAM, AND A GREAT INVESTMENT

ATTENTION BUYERS: If you are renting, now would be a great time to speak with a lender to learn what loan options may be available to you. Did you know that you can possibly acquire a loan with as little as 0 to 5% down, or use family gift money for a down payment?

I am happy to refer you to a reliable lender that can advise you at no cost. Even if you are not financially ready to own yet, it makes sense to understand your options so that you can plan be a home owner someday. Knowledge is power!

ATTENTION SELLERS: Thinking of selling your property? We are in a climate where properties are receiving multiple offers. We are still in a seller’s market. We also have historically low interest rates, so if you are looking to sell and buy, it makes sense in the long run to do it while the interest rates are low. It is only a matter of time that they will be rising. I am happy to strategize with you with what will work best for your situation.

A bit of good news! The exclusion for single filers of $250,000 and $500,000 for married has been left intact in the final bill.

Capital gains exclusion: In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.

Feel free to pass this information on to anyone you know that may be interested. I appreciate your referrals and would be honored to assist your family and friends wtih their Real Estate needs.

Mahalo,

Lila Marino-Camacho