December In Honolulu

Nathalie's Newsflash

"Optimism shouldn't be seen as opposed to pessimism, but in conversation with it. Your optimism will never be as powerful as it is in that exact moment when you want to give it up. The way we can all be hopeful is to not negate the feelings of fear or doubt, but to ask: What led to this darkness? And what can lead us out of the shadows?"
Amanda Gorman

Mele Kalikimaka! Tis the season for optimism, opportunity, and a chance to review the past year and prepare for the upcoming one. What is something you are happy to have accomplished in 2022? What do you hope to create more of in 2023?

For me, I was surprised and grateful to have received such positive feedback from my fellow Honolulu Realtors who tuned in to a 3 hour webinar on discrimination and steering in Long Island that I co-hosted with Pulitzer Prize winning journalist Bill Dedman and another agent. I also moderated a panel on how to uphold Fair Housing Law and serve our local clients with integrity, sensitivity, and inclusivity here in Hawai'i. In 2023, I hope to facilitate more spaces where people can have these important conversations in a supportive environment.

Real Estate in the News

As 2022 draws to a close, real estate report predicts recession, housing shortfall in 2023

Housing affordability and the ongoing housing shortage has been a topic of intense scrutiny over the last few years—especially in large metro centers. Driving these conversations, there has been an unprecedented rise in rental and real estate costs across the United States. As 2022 draws to a close, the latest market report from the New York-based commercial real estate firm Newmark doesn’t paint an optimistic picture for cities in the coming year.

“Housing remains undersupplied, with a 400,000-unit shortfall in 2021, when comparing single-family and multifamily completions to new households established,” reads the “United States Multifamily Capital Markets Report.” The lack of housing supply, in turn, “has resulted in an annual average effective rent growth of 13.5 percent.”

Meanwhile, interest rate hikes enacted by the Federal Reserve to combat rising inflation have driven the 30-year fixed-rate mortgage average to a 40-year high of 6.7 percent. This represents a 122.6 percent increase over last year’s rate, and further adds “to the elevated cost of single family homes,” the report says. In correlation, as rates have climbed, “mortgage applications have fallen 65.3 percent year-over-year as of September.”

Read More at American City & County

Honolulu Real Estate Stats & Tips

Price Reductions Increase Amid Sluggish O‘ahu Home Sales

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.

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. 

Read More from the Honolulu Board of Realtors

Festival of Lights
Dec 10

The highly anticipated annual Festival of Lights Christmas Boat Parade will light up the marina at sunset on Saturday, Dec. 10, at the Hawaii Kai Marina. Be sure to get good seats at Liko's Tap & Table or Island Brew Coffeehouse

Click here to sign up/learn more

Blue Note Hawai'i
December 2022 Shows

There is an amazing lineup of talented performers this holiday season at the Blue Note Hawai'i! Lineup includes 2022 Female Vocalist of the Year Paula Fuga, 
ukulele master Taimane, Grammy Award winning Motown artists The Commodores, & much more!

Click here to learn more

Holiday Happenings at 
Ward Village

Give back to the community with Toys for Tots, The Hawai'i Food Bank and Blood Drives, and The Senior Giving Tree. You can also support local artists by shopping the Art+Flea Urban Market on 12/10-11 or the Farmers Market every Saturday, or participate in the ongoing elf scavenger hunt, the holiday workshops, and much more!

Learn more about events here

Justin Willman
January 21, 2023

Justin Willman wants to melt your brain while making you laugh. If that sounds like your idea of a good time, please check out his amazing show Magic For Humans on Netflix or come with me to enjoy his show in real life at the Hawai'i Theater next month!

Click here to buy tickets

Champion Lifestyle & Local Tips

How to Hula, in-person and virtual classes

Dancing the hula is more than just displaying a skill or telling a story - it's about sharing your heart and giving a gift to others that is unique and memorable. Hula is for any occasion: a celebration, remembering someone special, dancing with friends or a family member, or simply for personal enjoyment.
Hula IS meant to share. It is not something to be kept hidden, but rather a way for us to communicate stories, feelings and emotions in a special and unique way, as well as give a gift or "makana" to someone special that is unique and extraordinary.
If you're new to learning the hula, or returning to it, find someone to hula with. It's more fun when you get to share this experience with someone. Happy hula!

Learn more at iHulaHawaii.com

Visiting Hawai'i during the Winter Holidays

Hawaii is a wonderful destination any time of year, but being in the Hawaiian Islands around the holidays is even more special! We go all out to celebrate, so remember to make reservations to popular restaurants, activities and events early!

Mauna Loa erupts for the first time since 1984

Mauna Loa volcano began to erupt in Moku‘āweoweo Caldera on November 27, 2022, at approximately 11:30 p.m. Interested locals and lava chasers have been capturing spectacular views of the active volcano, prompting many to research and explore what Pele represents to Hawai'i. 

Read more at KHON

Whale Watching

Whale watching season in Hawai'i  typically runs from November to around March, and my favorite way to experience them is by heading to Maui and booking a tour through the Pacific Whale Foundation, a top tier and responsible company dedicated to education and preservation.

Read more at GoHawaii

Local Listings

Kaneohe

45-920 Wailele Road

7 BD   6 BA   3414 SF   $1,650,000

Downtown Honolulu

785 Kinau Street, Unit 804

1 BD   1 BA   536 SF   $270,000

Ocean Pointe

91-1078 Kaikohola Street

3 BD   3 BA   2175 SF   $1,500,000

Moanalua Gardens

1473 Lalamilo Street

5 BD   3 BA   1583 SF   $1,650,000

Wilhelmina

3795 Anuhea Street

3 BD   3 BA   1687 SF   $1,489,000

Mahalo for reading and subscribing! How can I help achieve your next real estate goal?

Reach out to chat!

Nathalie Champion

GRI, MRP, e-Pro, PSA, CLHMS
RB-23526
nathalie@nathaliechampion.com
(808) 859-0027
COMPASS RB-23206

Rotary E-Club of Hawaii - Immediate Past President
Honolulu Board of Realtors - Diversity Committee Chair

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.