It’s true that the latest statistics compared to last year show a decline in activity. It was May 2022 when the Federal Reserve announced its plan to raise the federal funds rate to curb inflation. That was the impetus in the slowing of the market which is what the Fed intended. Yet, despite interest rate hikes and negative influences nationally, the local real estate market has remained vibrant.

This May 2023 resulted in the highest number of single-family home sales over the last eight months. Additionally, single-family home sales closed at 99% of the original list price reflecting the continued strong demand for homes on Oahu. Inventory of new single-family home listings are down 30% from last May while new condo listings are down 15%. Read on for more details and what you can expect.

Just a few days ago, the Honolulu City Council unanimously approved permit fees exemptions for a high-rise condominium project that will add 1,005 new housing units on Kapiolani Boulevard in Moiliili. Of these units, approximately 60% will be affordable housing with the remaining 40% priced at market rates. Developed by the Kobayashi Group, sales will begin this year for 1, 2, and 3-bedroom units with construction planned in the last quarter of 2023. Completion of the project is slated for 2026. Please reach out if interested or have any questions. Read more.

Higher-end homes and condos continue to sell, inventory up in 2023

Even with mortgage interest rates being twice what they were a year ago, according to a CNN report, our local real estate market is off to a strong 2023. The 2022 annual stats from the Honolulu Board of Realtors reveal that while sales have slowed overall, the annual median sales prices from 2021 to 2022— in single-family and condos — have continued to rise.Here’s the latest update.

Please contact me if you would like to discuss your real estate goals for the new year, or receive a copy of the latest trends and activity in your neighborhood.

Higher-end homes and condos continue to sell, inventory up in 2023​​​​​​​

Even with mortgage interest rates being twice what they were a year ago, according to a CNN report, our local real estate market is off to a strong 2023. The 2022 annual stats from the Honolulu Board of Realtors reveal that while sales have slowed overall, the annual median sales prices from 2021 to 2022— in single-family and condos — have continued to rise.

Is your neighborhood one of the market standouts in the median sales price? Find out here and contact me if you would like a copy of the latest trends and activity in your neighborhood.

Single-family home median sales price falls below $1 million

It’s the first time in nearly a year and a half that the median single family home price has dropped below the $1M mark on Oahu. Condo prices have also decreased. Sales volume have dropped 54% for single family homes and 50% for condos. This presents opportunities for buyers who were unsuccessful in getting their offers accepted over the stiff competition over the last two years. It also presents opportunities for sellers since inventory of homes is still limited depending on their location on Oahu. (read more)

Oahu market update

Sales slow in October as prices hang tough

Normally, as the summer selling frenzy has calmed and we approach Thanksgiving, inventory goes up some, and sales slow. Closed sales ebb and flow with the market — peaking in the summer months when school’s out and then slowing in the fall and into the winter months when people are distracted by the holidays. So, in some respects, October’s market slowdown is not surprising. (read more)

Highest Property Sale in October

59-389 Ke Nui Road, Haleiwa, HI 96712 (off-market)

• List Price: $$6,500,000
• Days on Market: 23
• 4 bedrooms, 3-1/2 baths
• 8,140 sq. ft. land

• Sold Price: $6,500,000
• Built: 1971
• 1,378 sq. ft. living
–> $4,717/sq. ft.