December 2022 Monthly Newsletter Email

Price Reductions Increase Amid Sluggish Oahu Home Sales

Median Sales Price for Condos Drops 4% Year-Over-Year to $480,000

Median single family home prices on Oahu went up 9.5% vs November of last year! While some keep waiting for a potential crash the market moves further and further away. Condos did go down by 4% to $480,000 with perhaps more inventory choices there. Instead of waiting for interest rates to come back down, why not buy now with the decreased buyer competition, get a good deal, and then refinance later when interest rates go back down? No crash or drop in prices will be significant enough compared to the amount of appreciation we have experienced in our market in the last 2 years. Interest rates actually dipped back down a bit and most of my buyers are looking at 5-6% instead of 6-7% just a month ago. If you have been thinking about making a move in this market whether buying or selling property, reach out to me today for a FREE consultation and I'll be able to walk you through your options. Click below to watch my latest market update video.

December 2022 Oahu Real Estate Market Update

O‘ahu’s single-family home and condo markets experienced a significant year-over-year decline in sales, falling 48.2% and 43.4%, respectively. The median sales price for a single-family home rose 9.5% to $1,149,500, while the median sales price for a condo dipped 4.0% to $480,000 compared to November 2021.

The number of single-family homes and condos sold over the original asking price dropped significantly, falling 73% and 68%, respectively. More active listings underwent price adjustments in November 2022, with approximately 46% of single-family home active listings and 36% of active condo listings experiencing a price reduction at some point during their time on the market.
 
Active inventory continued to build across Oʻahu, with single-family home supply more than doubling in the Central Oʻahu, the Ewa Plain, Leeward, Pearl City, and Waipahu regions compared to a year ago. The condo supply increased in all regions except Diamond Head and Pearl City.
 
We’re seeing more sellers adjusting the price of their listings to remain competitive on the market in the face of the gradual increase in new inventory and properties spending more days on the market. Though buyers are dealing with higher financing costs than a year ago, contracts are closing daily, albeit at a slower pace and volume than in 2021.

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Modern Luxury "Modern Man" Celebration at Sky Waikiki

Thank you Modern Luxury Hawaii for throwing an awesome "Modern Man" celebration at Sky Waikiki! Congrats to all of the other Modern Men from different industries also featured in the magazine. Click here to read my blog post and see more photos.

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Content Corner

The Lei Stand is now open for business! Invested in this project with a few friends and they did an amazing job. Book your reservation today!

Throwback to one of our Million Dollar Listing videos of the Imperial Plaza Penthouse #3901! It was originally priced at $4.60M, and the last price was $3.99M. 

Thank you @modernluxuryhawaii for throwing an awesome Modern Man celebration! Congrats to all of the other Modern Men featured in the magazine and missing @hidesakurai who got stuck in Japan🕺🏼🥂 #modernluxury #modernman

Step 1: find a good realtor. Don’t try to do it on your own. Real estate changes so much and there’s so many tips and tricks that come with experience in every market so you don’t want to make a mistake or not get the best deal possible.

2406 Oahu Ave in Manoa for $2.8M or the B unit half for $1.43M. Open house today 2-5pm. We took advantage of @compass_concierge and I was able to get my seller $75,000 for each side to renovate and make it ready for sale without having to pay any money out of pocket.

Condo maintenance fees on Oahu hover at about $1/sqft. But it’s important to know what utilities that includes in order to figure out if it’s high or low. Also, condos with more amenities and services can expect higher maintenance fees to maintain those added benefits.

When selling, if the property has been sitting on the market for a while, did you know you can take it off and re-list it the very next day to reset the days on market and make it look like a brand new listing? When buying, it’s important to look at the cumulative days on market to understand the true activity of the property.

There’s a lot of amazing great agents out here in Hawaii so if you have an agent who you like and trust they will save you a lot of time in your search. If you are still looking for an agent, one thing we provide is the ability to get you the best deal possible. Our strength is in our negotiations so it’s important to try and save as much money as possible so vou can feel at ease knowing you are getting the best deal possible. Contact us today for a free consultation 🏡 🔑 ☎️

First step? Get pre-approved! Interest rates have gone up quite a bit so your qualifications may have changed. It's important to know what you can afford before going home shopping.

Recent Closings

Kailua

1020 Aoloa Place, Unit 305A

3 BD   2 BA   1320 SF   $770,000

Makiki

1717 Mott Smith Drive, Unit 2304

1 BD   1 BA   644 SF   $394,000

This one was a tricky sale and one of my first transactions representing both sides. We physically and virtually staged the property and made the photos look a little too nice. In reality the unit had a lot of deferred maintenance. We had to think outside of the box so we looked into our own database to see if we might have a buyer for it. Sure enough it worked perfect for one of our past clients who we sold a property to across the street. We made it a win/win situation and both sides are very pleased. Real estate is always about negotiating to make it a win/win for everyone involved.

Helped my buyer get this 1 bedroom unit at Mott Smith for a very low price. They enjoy all of the amenities the building has to offer. There are some really good deals out there right now with the decreased buyer competition so now is the time to send out some offers and see which ones have a motivated seller.

Koko Head Terrace

377 Lunalilo Home Road

3 BD   2 BA   1128 SF   $1,470,000

Our buyer was renting a home for quite a bit so we helped them switch to this beautiful home and start earning equity and appreciation instead of helping out their landlord. Such a beautiful home with a brand new renovation!

Current Listings

Upper Manoa

2406 Oahu Avenue, Unit A & B

6 BD   0BA   2880SF   $2,800,000

Upper Manoa

2406 Oahu Avenue, Unit B

4 BD   3BA   1440SF   $1,450,000

Upper Manoa

2406 Oahu Avenue, Unit A

3 BD   3 BA   1440 SF   $1,398,000

Kakaako

1288 Kapiolani Boulevard, Unit I4203

3 BD   2 BA   1206 SF   $998,000

Kaimuki

1139 9th Avenue, Unit C107

0 BD   0BA   227SF   $225,000

Kakaako

425 South Street, Unit 302

2 BD   2 BA   1195 SF   $625,000

LAST CALL for Alia Kaka'ako!!!

LAST CALL for Alia in Kaka'ako! The friends and family release will be completed in a matter of weeks. This will be the best possible pricing and no restrictions on the units. However, you must schedule a presentation with me to learn about the project and give your preferences to see if there are any units left. Contact me ASAP for a private presentation to learn more about floor plans and pricing.

Real Estate in the News

Thank you to my clients again for nominating me for the 2022 Aloha 'Aina Realtor Awards!

This award is very special to us because it is client driven, not numbers driven. This is my 7th year in a row being nominated to the Aloha 'Aina Awards Program. Thank you again to our many clients who continue to put their trust in us and give us the opportunity to help them achieve their real estate goals! Click to view post.

Thanks for reading! If you have received value from this please email me back or send this to a friend. Ready to achieve your next real estate goal?

Reach out to chat!

Ben Fieman

Top 1% Real Estate Agent on Oahu
$200M+ sales, 250+ 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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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.