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Hope your August is going well, just a few short weeks until the end of summer! Everyone has been asking me about what's going on in the market so here is what I'm noticing. Prices are still higher from last year but inching lower from previous months. Closed sales are down 22.8% for Homes & Condos so that means sales activity is way down. Days on market are starting to inch longer. For my listings I’ve been offering seller credits to buyers which has been helping to put them in escrow and get it sold. It allows the buyer to buy down the interest rate and/or help with closing costs. Buyers in this market can get creative by going with ARMs instead of 30-year fixed loans and get seller credits to buy down the rate. It’s much easier to buy now because you don’t have to give up as much in your offer and you can run a normal escrow with all of your due diligence. I think buyer activity should pick back up again once the interest rates stabilize. Would love to hear your comments, click below to play the August 2022 Oahu real estate market update! |
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Closed sales in both single-family home and condominium markets declined by 22.8% year-over-year. Sales also slipped from a month ago, down 12.6% for single-family homes and 17.3% for condos. Demand continued to cool in July, likely due in part to the rise in interest rates. However, properties are still moving into contract quickly with median days on the market at 11 days for single-family homes and 12 days for condos last month, despite the decline in sales. Pending sales were down year-over-year 31.4% for single-family homes and 26.4% for condos. Fewer new listings were added to the market compared to a year ago, with 386 single-family home listings, a 17.7% year-over-year decline, and 616 condo listings, down 7.2% from last July. However, the active inventory of single-family homes was 38.8% more than last year, and the active inventory of condos was up 8.4%. |
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Content Corner |
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On the next episode of MDL Hawaii we check out this Lanikai beauty at 326 Lanipo Dr listed at $5.8M. 5 beds 4.5 baths with 5,361 sqft of living, a private wine cellar, and views of the Mokulua Isles. Listed by fellow Compass agent Joel Cavasso. It’s still available so let me know if you want to take a look at this beauty in person 🏖 (Click to play) |
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Recent Closings |
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1) A'ali'i #2303: We marketed this property well by taking professional photos, sending postcards throughout the building, and advertising digitally on websites and social media. We were present for every showing so we could present the home in the best light with the AC on. In the end we ended up selling it for $25,000 more than ones in the same stack including 12 floors higher! Strong negotiations and creating a sense of helped us find a motivated cash buyer who was able to close in under 30 days. 2) 1335 Manu Mele St: $127,000 over asking! We used our @compass_concierge program to give our seller $75,000 to upgrade the home with a brand new kitchen, fresh paint, and repaired the roof. Our client didn’t have to pay anything out of pocket and it was reimbursed at the close of escrow. This helped us achieve a much higher sales price with multiple offers because the home was move in ready. We are the only ones in Hawaii with this program so ask us how we can do the same when the time is right for you! 3) Capitol Place #3708: Happy for my first time homebuyer Bradley. He moved back home after going to school and working on the mainland. He’s been living with family and works downtown so he’s excited to be able to walk to work now. We were able to get this 1 bedroom unit for $11,000 less than the most recent comparable sale because it was tenant occupied and hard to show. Congrats Bradley! 🥳 4) Waialae Gardens #4: We sold our clients Kailua home for $250k over asking which give her the funds needed to purchase this new home in cash. We beat out 9 other offers and weren’t the highest, but our escalation clause helped. We were also able to get a $2,500 credit back from the seller. Happy for my buyer to be able to enjoy their new home in town debt free! 🏡 |
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Current Listings |
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Off Market Opportunities |
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1) 22,000 sqft of vacant land in Portlock with ocean view offered at $3.5M. 2) Large, newly built, Napili Haweo home in Hawaii Kai offered at mid $3M range. 3) 2 North Shore oceanfront homes offered at $4M and $6M. 4) Diamond Head Apts (2069 Kalakaua Ave) 2 bedroom 2 bath 1 parking oceanfront units for about $2M. |
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New Project: Alia |
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The Kobayashi Group has been selected to develop Block I in the vibrant urban community of Our Kakaʻako. The project name, Ālia, is the latest mixed-use development in Kamehameha Schools’ Kaiāulu ‘o Kaka‘ako master planned community. Ālia is the Hawaiian word for salt bed and represents the salt flats that historically comprised the region. Ālia features a diversity of 477 new homes in the planned 400-foot structure, of which 437 units will be available at market price and 40 homes will be in reserve housing. It will also include 3,500 square feet of ground-floor commercial space that will create a pedestrian friendly experience, community interaction, and urban outdoor living. Construction is expected to break ground in 2023. The project is bordered by Ala Moana Boulevard, Koula and Auahi Streets. The Diamond Head border adjoins the former Bank of Hawaiʻi property on the corner of Ward Avenue and Ala Moana Boulevard. Fill out the form below to get more information: https://www.fieman.com/buyers/ |
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Real Estate in the News |
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Moves that Homebuyers Can Still Make to Find a Lower Mortgage Rate With inflation and the possibility of further rate increases, here are some tips and tricks to find ways to lower your rates. |
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28 Creative Ways to Grow a Garden, Even When You're Short On Space: Flowers and plants bring so much beauty to every space, big or small, inside or outside. Given the benefits of gardening, the practice shouldn't be limited to wide-open outdoor spaces and large greenhouses. Get your green thumbs ready for window-box flowers, hanging plants, tiny veggie gardens, and more. |
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The Top Interior Design Trends to Watch, According to Experts: In 2021, people focused on pieces that mix style and practicality — think self-cleaning bidets for a more luxurious bathroom, for example. But this year, everything from bringing the outdoors into experimenting with pattern and texture, and finding design inspiration from past decades are of interest. |
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Thinking of buying a new home or investment property? Ask me how I can help you save time and money in getting you the best deal possible! |
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Thinking of selling your home? With interest rates rising now might be the best time. Do you know anyone looking to sell in 2022? Ask me for a FREE valuation! |
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Are you in the research phase and want to be kept up to date on the latest real estate market information that pertains to you? Or do you have a referral for me that I will take great care of? Fill out the contact form below! |
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