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O'ahu Home Sales Dip Amid Rising Borrowing Costs |
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Active inventory and days on market increase as sales volume continues to decline |
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We are all deeply saddened by what happened on Maui and we can only hope to rebuild Lahaina as quickly as possible. I had a few friends who lost their homes in the fire, but they are in great spirits and the community is coming together to help one another. We did have a Compass office in Lahaina and our leadership team has so done a great job so far by reaching out to Compass agents on the mainland and so far raised about $100,000 to help our Compass Ohana (agents, employees, families of our community) directly affected by the fire (click for donation link). Lets please do everything we can to help Lahaina in the weeks, months, and years to come. On Oahu our market has been moving steady at about the same pricing as last year. Less sales because of the higher interest rates and low inventory but I've been noticing a lot more offer activity and buyers accepting the 7% interest rate. If the interest rate were to go up they are happy they locked in, and if it goes down they are happy to refinance. There is that saying "you marry the home, but you date the rate" and most buyers are becoming less concerned with the interest rate as more sellers are hanging onto their properties with lower interest rates. If you have any particular questions about the market, shoot me an email back and I would be happy to chat. Have a safe rest of your summer, hug your loved ones, and I'll see you next month on your next Oahu real estate market update. Mahalo, Ben. |
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| Both single-family homes and condos experienced a slump in sales as elevated borrowing costs continued to dampen summer buying activity. Single-family home sales fell by 28.2%, and condo sales dropped by 18.5% compared to the same time last year. In both markets, properties that sold in July spent a median of 16 days on the market, just a slight jump up from July 2022, where single-family homes had a median of 11 days and condos had 12 days.
Median sales prices were stable year-over-year, with single-family homes down 1.6% to $1,090,000 and condos even at $500,000. Approximately 53% of single-family home sales closed for the full asking price or more, compared to 65% a year ago. In the condo market, 47% of sales received the total asking price or more compared to 60% of sales in July 2022.
The market also experienced a decline in new listings, with a 28.8% year-over-year drop for single-family homes and a 15.4% fall for condos. However, active inventory for single-family homes and condos remained relatively unchanged from the previous year, with a modest 2.6% growth in active single-family home listings and 9.9% in active condo listings. |
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| We, like all of you, stand united for Maui. As housing advocates, community builders and good neighbors, we must rally support and help those affected by the devastating crisis.
Here are a few ways we are contributing to the recovery and how you can get involved: HBR REALTORS® Care Fund grants $50,000 to Hawai‘i Community Foundation’s Maui Strong. Mahalo for your incredible generosity to support those in need. You can donate through hbrcares.com or directly to Hawai‘i Community Foundation. HBR donated 500,000 Hawaiian Miles to the American Red Cross. The Red Cross is coordinating closely with state and local emergency management teams to shelter, feed and comfort victims. More information and how to help is available on their website. NAR REALTORS® Relief Fund approved $1.5 million in disaster relief aid for Maui. We’re grateful and appreciate REALTORS® nationwide joining us in support of our neighbors on Maui. The state’s Hawaiʻi Fire Relief Housing Program connects those in urgent need of housing due to the Maui fires with Hawaiʻi homeowners willing to assist. We encourage you to share this information with those in need and those who can help.
Our community’s aloha for Maui and its people is truly inspiring and gives us much hope that we can rebuild stronger than ever by working together. |
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| | | 3 BD 3 BA 1440 SF $1,300,000 |
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| | | | 7000 Hawaii Kai Drive, Unit 2117 |
| 3 BD 2 BA 1086 SF $985,000 |
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Used $75,000 from Compass Concierge and got full asking despite several canceled escrows. |
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| 2 units for the price of 1! I helped my buyer beat out 8 offers to win this vacation rental property. |
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| | | 4 BD 0 BA 1352 SF $1,080,000 |
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| | | | | 3 BD 3 BA 1860 SF $1,299,000 |
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Rented out at $4600/mo, great investment property! |
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| In escrow, multiple offers received! |
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| | 92-914 Welo Street, Unit 77 |
| 3 BD 2 BA 1137 SF $530,000 |
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| | | | 1212 Punahou Street, Unit 2003 |
| 2 BD 2 BA 981 SF $250,000 |
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Multiple offers received, open house this Sunday 2-4pm. |
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| Leasehold at $250,000 or fee simple at $600,000 ($350,000 fee) |
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| If you recently bought your primary residence or haven't filled it out yet, the deadline for every year is fast approaching on September 30. This will dramatically lower your property taxes by giving you the lowest residential property tax rate. Ask me for help with this if you have questions. |
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| | | | HILSTRA filed a lawsuit against the City of County of Honolulu and DPP regarding Ordinance 22-7 (relating to short-term rentals). On October 13, 2022, Judge Watson issued a stay of the 90-day minimum rental from being implemented, temporarily keeping the 30-day minimum rental in place. A Motion for Summary Judgment was filed on Monday, July 31, 2023. |
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Has this market update brought value to you? Send it to a friend and email me back, I'd love to hear your thoughts! |
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| | Ben Fieman
$43M Sold in 2022 (RealTrends): #9 in Hawaii for Transactions, and #8 on Oahu for Sales Volume Career: $200M+ in Sales, 250+ Transactions Realtor Broker | RB-23470 | MBA
Compass Hawaii, Founding Agent
M: 808.400.7007
E: Ben@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. |
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