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| old patterns decide for you authentic things you can do" One of the things I love most about March in Hawai'i is the constantly changing weather. In a world where reality is often defined through the lens of duality, it's nice to have grey, windy, and rainy weather to more fully appreciate blue skies and sunshine! Tis the season for growth, and green rewards. If you enjoy gardening, Hawai'i really delivers the goods, with our temperate climate and ample rain to augment all the times I forget to water. I enjoyed the first (and only) lilikoi from a vine I planted in early 2021, and I have to say, it was the most delicious passionfruit I have ever eaten. Now I just have to figure out how to best pollinate the flowers so I can enjoy more this year... Any tips? During this season of increased light and warmer weather in the Northern Hemisphere, what brings you joy and makes you want to take advantage of the start of this new cycle? |
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| 7 economists and real estate pros on what to expect in the housing market this spring: |
| Experts weigh in on the changes March and beyond will bring to the housing market. 2022 saw higher home prices and higher mortgage rates that sidelined many buyers. So what’s in store for spring 2023? Here are more predictions from pros. Prediction 1: Mortgage rates are a wildcard “Buyers who had been sitting on the sidelines were likely encouraged by mortgage rates that fell from higher than 7% in November to just about 6% in early February. But while it’s widely expected that rates will fall this year, mortgage rates shot up in early February, showing that no one can count on a consistent downward trajectory for rates this year. If rates rise in March, buyers could pull back right as many sellers are planning to list their homes,” says Jeff Tucker, senior economist at Zillow. For her part, Nadia Evangelou, NAR senior economist and director of real estate research, says: “With mortgage rates projected to stabilize below 6% in the second half of the year, more Americans will likely become homeowners, boosting the homeownership rate.” And Holden Lewis, home and mortgage expert at NerdWallet, says: “The biggest events of the month will be the release of the consumer price index on March 14 and the Fed’s monetary policy meeting that concludes March 22. If the inflation rate doesn’t slow significantly, the Fed will maintain its aggressive stance and that could push mortgage rates higher and home prices lower. But if inflation cools, the upward pressure on mortgage rates will ease.” |
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| | | | Women’s History Month is a celebration of women’s awesomeness in history, culture and society. I'm showcasing the life, death, and work of Alice A. Ball, a brilliant young chemist whose groundbreaking work was posthumously stolen from her and published by a former president of the University of Hawai'i. |
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| The 27th Annual Honolulu Festival is Back! |
| From March 10-12th, this festival celebrates the people and culture of Hawai'i and the Pacific Rim Region, promoting understanding, cooperation and harmony. Events include fireworks, dance, sake tasting, genki ball tossing, and so much more! |
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| | | | This year, I made a commitment to myself to enjoy the beauty of O'ahu through exercise, and so I'm excited to be participating in the Hapalua Half Marathon on April 16th! Let me know if you want to walk it together. as I plan on jogging for the first and last 40 feet of the run, and then enjoying a gorgeous spring day walking with friends. |
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| Honolulu Real Estate Stats |
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| | O‘ahu February Home Sales Pick Up Month-to-Month, Remain Down Year-Over-Year
Single-family homes are taking nearly four times longer to sell, and condos are taking two times longer to sell compared to 2022. |
| O‘ahu’s housing market remained sluggish in February, with closed sales of single-family homes and condos down 28.2% and 33.1%, respectively. However, single-family home sales rose 15.3%, and condo sales increased by 18.2% compared to January 2023.
Median sales prices in both markets declined, dipping 12.3% for single-family homes from $1,125,000 to $987,000 compared to 2022. The condo market experienced a modest 3.4% decline from $497,000 to $480,000. Roughly 189 O‘ahu properties sold for under $500,000 in February. In February 2023, single-family homes nearly quadrupled the median days on market, skyrocketing to 47 days compared to 13 days in February 2022. The median days on market for condos doubled to 28 days compared to 14 days a year ago. Here is more detail about the O'ahu market in general, but please reach out to me if you want more specific information about a region or neighborhood. Interested in a bridge loan or keeping an eye on the latest mortgage rates? Compare local lender rates throughout Hawai'i here, compiled by the Honolulu Board of Realtors and updated weekly. |
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| Champion Lifestyle & Local Tips |
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| The Spring Decorating Trends Designers are Excited to Try in 2023 |
| We turned to some of our favorite experts to find out what trends they’re seeing ahead of this season, and to find out how we can incorporate them into our own homes. |
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| The first-ever Keiki Street Festival will fill two blocks of Our Kakaʻako with educational ʻāina-based and Hawaiian cultural activities, local food vendors and a variety of retailers, offering a day of free fun and enrichment for the entire ʻohana. Located from Keawe and Pohukaina to Coral and Auahi, with additional attractions inside The Barn at SALT. |
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| | | Hawai'i Int'l Film Festival |
| Program: March 10, Tix: March 17 Shows: March 31 – April 6
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| | | 3 BD 3 BA 1749 SF $2,228,000 |
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| | 46-010 Aliikane Place, Unit 212 |
| 2 BD 2 BA 974 SF $685,000 |
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| | | | 92-1337 Punawainui Street |
| 3 BD 3 BA 1721 SF $1,075,000 |
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| | | 3 BD 3 BA 1430 SF $1,045,000 |
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| | | | 98-1759 Kaahumanu Street, Unit 43D |
| 3 BD 2 BA 1157 SF $699,000 |
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Mahalo for reading and subscribing! How can I help you achieve your real estate goals? |
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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. |
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