February 2023 Monthly Newsletter Email

New Year Sees Home Sales Fall by Half, Median Sales Prices Dip Modestly

Single family home median sales price falls below $1 million

For the first time in a long time Oahu median home prices actually came down, 7% for single family homes and 3% for condominiums. There's no need to panic because it's nowhere near the amount of appreciation our market experienced in the last 2 years, but it is worth noting as buyers have more opportunities in today's market than in years past. More expensive financing is putting some downward pressure on prices and sellers will have to adjust in order to meet new decreased buyer demand from increased interest rates. Average days on market are now 24 days and so while there are still fewer new homes coming on the market, inventory is starting to grow because properties are taking longer to sell.

My buyers who are winning are the ones offering 10-15% below asking and still going into escrow with seller credits. My sellers who are getting their properties sold are the ones who are being patient in finding a buyer, making it move in ready, and pricing according to the higher interest rates. Here's the change that many buyers asked for so lets see who makes a move. Like I always say, it's more important to find the right property and a motivated seller than it is to try and time the market. There are opportunities out there!

Market Update Video

January 2023 Sales Stats

The new year began with closed sales of O‘ahu properties falling significantly year-over-year, with single-family homes dropping 54.0% and condos declining 50.2%. After 17 consecutive months of single-family home prices reaching $1,000,000 or more, January ended with a single-family home median sales price of $970,000, representing a 7.6% decline compared to January 2022. The condo market also saw the median sales price dip 2.9% to $495,000. The main driver is because costlier financing is placing some downward pressure on prices. Sellers are having to adjust their approach as buyer demand wanes due to elevated interest rates.
 
Properties are spending a median of 24 days on the market, roughly double the time compared to last year when the median for single-family homes was 12 days, and the condo median was 14 days. New listings are also slowing, dropping 16.3% for single-family homes and 21.5% for condos. Despite this, active inventory continues to grow compared to 2022, up 77.2% in the single-family home market and 23.7% in the condo market.

Download Full Stats Report

New Condo Alert: Kuilei Place!!!

Introducing Kuilei Place! The latest development from the Kobayashi Group and my company Compass as the exclusive project broker.

Located off of Kapi‘olani Blvd between Iolani School and Market City this project will consist of 2 buildings with 1,005 total units comprised of 1, 2, and 3 bedrooms. The main tower with have 40% market priced units on the Diamond Head side starting at $685,500 for 1 bedrooms, $893,500 for 2 bedrooms, and $989,000 for 3 bedrooms. On the Ewa side of the main tower and the low rise there will be 60% affordable units starting at $370,600 for 1 bedrooms, $521,800 for 2 bedrooms, and $695,900 for 3 bedrooms. Affordable buyers must meet HHFDC 201H requirements.

1 year owner occupant market applications are due on March 5th, and affordable applications are due on April 16th. Projected completion is second half of 2026. Register your interest with me below to receive more information, brochures, renderings, floor plans, pricing, and to fill out an application.

Content Corner

Kuilei Place sales center is open! Contact me for a private tour

What home improvements make you the most money when selling?

What should you do if you get a lowball offer for your property?

How to reset your days on market to 0?

Recent Closings

Kakaako

1288 Kapiolani Boulevard, Unit I4203

3 BD   2 BA   1206 SF   $985,000

Ewa Gentry

91-1189 Puamaeole Street, Unit 26R

2 BD   2 BA   717 SF   $455,000

Moana Pacific #I-4203 just sold for $985,000. How did we do it? We took professional photos and virtually staged the property. As you can see it came out very nice and we got a lot of showing requests. We ended up finding the buyer on our own and closed with a strong all cash offer.

Sold for $10,000 above asking! How did we do it? We took professional photos and then marketed it professionally with nice flyers to hand out to guests and digitally online on thousands of different websites and social media. We ended up getting 3 offers and chose the highest one who was motivated to close.

Current Listings

Upper Manoa

2406 Oahu Avenue, Unit A & B

6 BD   0 BA   2880 SF   $2,700,000

Upper Manoa

2406 Oahu Avenue, Unit A

3 BD   3 BA   1440 SF   $1,350,000

Upper Manoa

2406 Oahu Avenue, Unit B

4 BD   3 BA   1440 SF   $1,350,000

Kaimuki

3032 Harding Avenue

4 BD   0 BA   1352 SF   $1,100,000

Kaimuki

1139 9th Avenue, Unit C107

0 BD   0 BA   227 SF   $170,000

Kakaako

425 South Street, Unit 302

2 BD   2 BA   1195 SF   $625,000

Waikiki

1850 Ala Moana Boulevard, Unit 816

0 BD   1 BA   321 SF   $409,000

Mililani

95-640 Hamumu Street, Unit H205

1 BD   1 BA   537 SF   $425,000

Real Estate in the News

Slight Uptick in Mortgage Rates, But Costs Remain Low

Rates in the 6% range are helping to bring buyers back to the market in time for the spring selling season. Mortgage rates ticked up slightly this week, but they continue to remain well below their November 2022 peak, which eclipsed 7%. (Click to read)

Compass Curated

Welcome to Compass Curated, a collection of our most prestigious properties across the country, delivered to your inbox each month. Explore the top Compass listings in Hawaii by clicking here.

January 2023 Statewide Housing Statistics

Interested to see how the other islands are performing relative to Oahu? Check out the latest islandwide statistics by clicking here.

My business is built on referrals from people like you so if there's anyone you know of that I could help with their real estate goals please don't hesitate to ask. Ready to achieve your next real estate goal?

Reach out to chat!

Ben Fieman

Top 1% Real Estate Agent on Oahu
$100M+ sales, 150+ transactions

Realtor Broker | RB-23470 | MBA
Compass Hawaii, Founding Agent

M: 808.900.4487
E: Ben@Fieman.com
W: www.Fieman.com

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Concierge

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.