March 2023 Monthly Newsletter Email

Oahu Home Sales Pick Up Month-to-Month, Remain Down Year-over-Year

Single family homes are taking nearly 4 times longer to sell, and condos are taking 2 times longer to sell compared to 2022.

The main story from last months numbers is Single Family Homes are taking nearly 4 times longer to sell, and Condos are taking 2 times longer to sell compared to 2022. Average days on market for a Single Family Home is 47 days now compared to 13 days just a year ago. The median days on market for Condos doubled to 28 days compared to 14 days last year. The median Single Family Home price is down -12.3% versus last year but that’s still only about half the amount of appreciation during 2021-2022. Condos are only down slightly at -3.4% which I believe is due to the fact that Condos aren’t as dependent on interest rates as Single Family Homes because a lot of the time they are purchased with cash.

With Silicon Valley Bank going down we think the Feds will stop raising rates for now and could even lower them slightly in the short term. If that happens there could be increased sales activity. It’s important to keep an eye on interest rates week to week or even day to day to see if there drops that could help you get a low mortgage and a really good price on a home. If you have any questions about the market or your specific real estate goals please reach out and I’d be happy to offer my guidance. Thanks for tuning in and see you on next month’s Oahu Real Estate Market Update!

March 2023 Market Update Video

February 2023 Sales Stats

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.

O‘ahu’s housing market is in a very different place from a year ago, with activity calming across all facets. Notably, properties are spending significantly longer on the market before closing. Average mortgage rates began to dip heading into February but started to tick higher throughout the month, weakening buyer purchasing power compared to one year ago.

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New Condo Alert: Kuilei Place!!!

There's still time to get your application in for 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

A day in the life of a realtor. Buyer $2-4M from Hawaii Kai to town.

Should you allow a lockbox on your property for showings?

The average 30-year mortgage interest rate is now at 7%. Buyers lost about 40% buying power.

Interest rates shot up to 7%! What should you do?

2255 Round Top Dr in lower Makiki Heights! 3 bed 3 bath $1.388M

Recent Closings

Kailua

322 Aoloa Street, Unit PH1

3 BD   2 BA   1229 SF   $1,300,000

Listing Neighborhood

Listing Address

0 BD   0 BA   0 SF   price

Just sold Windward Passage #PH1 for $100,000 over asking! We used nearly $75,000 from Compass Concierge to upgrade the home prior to putting it on the market. This allowed us to make the property more presentable and achieve a much higher sales price. Our seller didn't have to pay anything out of pocket and it was reimbursed at the close of escrow, dollar for dollar with no interest or added fees. We did a mixture of our own staging and virtual staging at no cost to our seller and received 5 offers by the first open house.

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

Honolulu

1212 Punahou Street, Unit 908

0 BD   0 BA   0 SF   $450,000

Waikiki

201 ʻŌhua Avenue, Unit MAKAI 1906 (NUC)

0 BD   0 BA   0 SF   $500,000

Real Estate in the News

Compass ranked #1 in the US!

For the second year in a row RealTrends has named Compass the #1 brokerage in the United States by sales volume! Amidst one of the most difficult years for the real estate industry Compass defied the odds and sold more residential real estate than any other brokerage in the country, helping thousands of families find their place in the world.

Kuilei Place Affordable Seminars

Saturday, February 25, 2023 at 10:00am, 1:00pm, or 3:30pm. Sign up to learn more about how the affordable lottery will take place and what the buyer qualifications are. Make sure to put me down as your agent as it doesn't cost you a thing and I can help you select the right unit. Register for the seminar by clicking here.

Alia sales gallery now open! 

Innovative by design and sustainable to the core, Ālia represents a new era of inspired Island living. Discover the next evolution of luxury. There are still amazing units available at a great price. The sales center is open 11am to 5pm daily. Register your interest to schedule a private presentation and take a closer look at floor plans and pricing. Click here.

GIFT Foundation beneficiary applications now live!

Do you know a local nonprofit who could benefit their cause with a $10k-$100k grant? As a GIFT board member I can help them get their application in. We have gifted over $3M to date. Applications are due March 31, 2023. Click here to apply.

What is your opinion on the value of your home compared to it's value on Zillow? Enter your address here and let me know your thoughts: Zestimate. 

Could you finish this sentence for me? "If I could sell my house for ______, I would list my home this spring." I'm excited to hear your answer!

Reach out to chat!

Ben Fieman

Top 1% Real Estate Agent on Oahu
$150M+ sales, 200+ transactions

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

M: 808.400.7007
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.