The market continues to move towards a balanced market where neither buyers nor sellers have significant negotiating leverage over the other. That means demand has slowed, allowing buyers to take more time to select the right property to purchase and consider their options. Fewer homes sold ...
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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 ...
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After months of demand declines, prices finally began to soften. The average sales price and the median sales price for homes took a 10.8% dive, landing at $1,139,294 and the median price for homes dropped below ...
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A massive shift in leverage has occurred over the last six months and that leverage applied downward pressure on sellers’ list prices. According to the Honolulu Board of REALTORS® Monthly Statistical Report, last month home sellers sold for 96.7% of their list price, while condo sellers sold for 98 ...
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A silver lining may emerge as the real estate market on O'ahu shifts. While mortgage interest rates and stable home prices affect the affordability of a home, it seems sellers are now willing to negotiate their prices with buyers. Additionally, the number of homes for sale on O'ahu ...
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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 ...
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