January 2024 Monthly Newsletter Email

Rising Mortgage Rates, Limited Inventory Cool Oahu’s Housing Market 

The market was still cool last month with single family homes down 5.1% to $996,000 and condos up slightly 1.5% to $510,000. That's projected to change in 2024 with multiple rate cuts expected. Lower rates mean more buyers entering the market and more sellers willing to let go of their property with a low interest rate. The increase in activity will raise prices. Buyers should shop now and lock something in while there is decreased competition and refinance later. Sellers might want to wait and be patient before putting their property on the market. If interest rates go down to their projected 5-6% level later this year, competition and prices should go up. Are you looking to make a real estate move whether buying or selling in 2024? Contact me so we can chat about your options and come up with the best strategy for you.

Watch Market Update Video

ADTV Hawaii Food & Wine Festival

My latest American Dream TV episode aired on CBS (KGMB) on 12/23/23 featuring the Hawaii Food & Wine Festival at the Alohilani Hotel and Resort and a we toured a vacation rental unit across the street at Waikiki Beach Tower penthouse unit #4004. Enjoy!

3795 Diamond Head Rd $12M!

Million Dollar Listing Hawaii: Join me as we tour a $12 million Diamond Head masterpiece located at 3795 Diamond Head Road! This 4 bed home has over 4000 ft.² of living, beautiful ocean views, swimming pool, jacuzzi, daybed, sauna, wine cellar, elevator, and tons of parking. My good friend Daikichi Saito developed the property during the last 4 years and it’s completely newly constructed! Do you know anyone with $12 million who is looking in Diamond Head? Reach out for a private showing! 😍🏡 🏊‍♂️

Content Corner

Just listed 842 Mccully St, don't miss this opportunity to live in a newly renovated affordable single family home in town with no condo maintenance fees with opportunity to develop in the future on a valuable apartment zoned lot!

The Federal Reserve met last Wednesday and decided to keep the key interest rate steady for the 3rd straight time, but set the table for 3 rate cuts to come in 2024, 4 rate cuts in 2025, and 3 rate cuts in 2026.

Are you a buyer that has been waiting on the sidelines because interest rates are still too high?

Ko'olani Condo Review

Median sales prices steady month over month

Last Month Sales Stats

Elevated mortgage rates and limited inventory continue to have the most outsized impact on our local market. Our latest report summarizes the newest residential real estate data, looking back at 2023 and the latest from December 2023.

Download Full Stats Report

Last Chance: Launiu Ward Village

The next project to come to Ward Village is called Launiu. It will be on the corner of Ward & Ala Moana on the "front row" with unobstructed ocean views. It will be released to the public Jan 2024, but I can get my clients in before that with the best possible pricing:

Studios: 440 - 498 sqft and range from $714,000 - $842,000
1 BR: 782 - 812 sqft and range from $1,004,000 - $1,310,000
2 BR: 1,013 - 1,557 sqft and range from $1,731,000 - $3,137,000
3 BR: 1,630 - 1,677 sqft and range from $3,350,000 - $4,397,000

Register your interest for Launiu Ward Village below and schedule your private presentation so you can learn more about the project and see if it's the right fit for you:

New Listings

Waikiki

223 Saratoga Road, Unit 1921

0 BD   1 BA   441 SF   $680,000

Waikiki

300 Wai Nani Way, Unit II215

1 BD   1 BA   570 SF   $450,000

Waikiki

1765 Ala Moana Boulevard, Unit 280

1 BD   1 BA   651 SF   $750,000

Pearlridge

98-288 Kaonohi Street, Unit 4202

2 BD   2 BA   890 SF   $575,000

Ala Moana

1341 Kapiolani Boulevard, Unit 16B

2 BD   2 BA   1136 SF   $850,000

Lower Nuuanu

55 South Judd Street, Unit 2209

0 BD   1 BA   600 SF   $320,000

Waikiki

223 Saratoga Road, Unit 1420

0 BD   1 BA   491 SF   $550,000

McCully

842 McCully Street

4 BD   1 BA   801 SF   $1,140,000

Recent Closings

Upper Makakilo

92-787 Makakilo Drive, Unit D28

3 BD   2 BA   1113 SF   $525,000

Listing Neighborhood

Listing Address

0 BD   0 BA   0 SF   price

Interest rates are set to come down this year! Are you looking to buy or sell property in 2024?

Reach out to chat!

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

RealTrends Hawaii Rankings, Top 10 Agent on Oahu: #9 for Transactions, #32 for Volume 
Career: $200M+, 250+ Transactions

As Seen On "American Dream TV" FOX, ABC, CBS, Travel Channel 

Work: 808.400.7007
Email: Ben@Fieman.com
Website: 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.