GUNG Hei Fat Choi! It's the year of the snake
I can't believe it's February 2025 already! I hope all of you had a great Lunar New Year. It's the year of the snake and these are the snake birth years 1929, 1941, 1953, 1965, 1977, 1989, 2001, 2013, 2025. Hopefully you were able to eat some gau or jai to celebrate!
Here's a recap of the Residential Resale information for 2024 From the Honolulu Board of Realtors
Overview of 2024 Year-End Statistics
Compared to 2023, in 2024:
Both markets ended the fourth quarter with heightened sales activity, as sales rose 20% year-over-year for single-family homes and 9% for condos.
Median sales prices remained stable throughout the year. By year-end, the annual median sales price for single-family homes increased to $1,100,000, up 4.8% from $1,050,000 in 2023. The annual condo median price rose to $515,000, a modest 1.3% gain from $508,500 last year.
Seller activity increased in 2024, with new listings rising 13% for single-family homes and 18.9% for condos compared to 2023.
Projects to watch in 2025
Ward Village expansion
Ward Village is continuing sales at Park at Ward Village, Kalae, and Launiu. Victoria Place, which opened at the end of last year, is sold out, and the adjacent park is nearly finished. The walkway connecting the park to Kewalo Basin and Ala Moana Beach is also expected to be completed sometime this year.
Keep an eye out for the upcoming sales of the ultra-luxury Melia and Ilima building
Kamehameha Schools - Our Kaka'ako plan
Increment II, located Diamond Head of SALT and owned by Kamehameha Schools, envisions the development of land located Ewa of Ward Village. Sales for the luxury tower Alia, situated Ewa of Launiu, have already begun. Alia will be 39 floors with 458 residences. "Floor-to-ceiling windows allow natural light to fill the residence while the unit’s windows and lanai capture the natural flow of the tradewinds. Boasting a collection of luxury Gaggenau appliances, Duchateau European white oak wide-plank wood flooring, and carefully considered home layouts, Ālia condos capture the best of contemporary luxury." Additionally, Kali'u, a smaller boutique building, will soon begin its sales as well.
ARIA LANE - Manoa
This development will be at the site of the Old St. Francis School in Manoa. Avalon Group owns the property and after meeting with the community has scaled back the housing development to 85 CPR single family homes with maintenance fees. Reservations are currently underway and price points are somewhere right below $2 million
Let's make this an auspicious 2025 and contact me for any of your real estate needs!
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