Oct. 30, 2022
Market Movement Creates More Choices for Buyers
As expected, rising interest rates have softened the demand for housing, illustrated by a decrease in sales for both homes (-34%) and condos (-19%). However, sales prices continue to move up by close to 5% (4.8% - homes, 5.1% - condos). Additionally, it still took less than 3 weeks for properties to accept an offer on their home.
A slowing market means that buyers will have more choices and more time to find the right home for them. Inventory of homes for sale increased by 43% last month as compared to the same time last year, while condos increased by 10.8%. Buyers should also be thrilled that, for the first time in years, the average buyer paid less than 100% of the list price for properties sold (99.2%). This may be a sign that buyers now have room to negotiate with sellers as the market shifts.
During a shift in the market, it is important that buyers and sellers stay in close communication with their trusted real estate advisors. Not all neighborhoods may be moving in the same direction or at the same pace. When you're ready to make your move, Team Maxey is here to assist you every step of the way.
If you are interested in selling, having experienced realtors by your side is critical during this shifting market. Even though the overall housing market has softened, each neighborhood's market trends are unique in their own way. There are still fantastic opportunities for Hawai'i sellers!
If you are interested in buying, we're here to guide you through the nuances of Hawai'i real estate. Our lifelong tenure within the local community means that we often hear of listings before they hit the market. Furthermore, we are often able to gather intel on properties that can assist with your negotiating power.
Whether you're interested in buying or selling, the Maxeys are your advocate and your team, here to advise and encourage you throughout your real estate journey.
With change comes opportunity. Ask us about the opportunities in today’s market.
Read the full report from the Honolulu Board of REALTORS® here.