HAS THE BUYER'S MARKET ARRIVED?
According to the Honolulu Board of REALTORS® Monthly Statistical Report for data through February 2023, overall demand continues to slow, prices are coming down, the number of properties for sale have increased and it takes twice as long to sell a home.
Buyers interpret this to mean they are competing with fewer buyers, they have more choice, homes are more affordable, buyers have more time to make a decision and now sellers are willing to negotiate their price down. Does that mean it is a buyer’s market? Not so fast. There are still less than 700 homes for sale on an island of more than 1 million people and the median sales price of $987,000 for homes and $480,000 for condos is still 9.5% higher and 6.6% higher than 2 years ago.
Furthermore, the remaining inventory of homes is just 2 months. That means if nothing new comes on the market for sale, at the current rate of sales, everything would be sold in 60 days. While the market has softened significantly and it is moving towards a buyer’s market, we aren’t there just yet. It is more of a "neutral" market.
As this market normalizes, agent advice includes spending more time preparing a property before launching it on to the market, so that it can sparkle to attract buyers and prepare both a strategic marketing and negotiation plan.
Buyers can now take the time to brainstorm with their agent on a more comprehensive wish list, as well as, a negotiation style to ensure buyers buy the right house for them at a good price.
Keep in mind that every neighborhood is different. Email, text or call Team Maxey to find out if your neighborhood is consistent with the overall island and our analysis above.
Read the full report from the Honolulu Board of REALTORS® here.