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Nathalie's Newsflash |
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Welcome to the wonderful month of October! Autumn in Hawaii brings rain, cooler weather, and our famous Waimanalo and North Shore sunflowers. We also celebrate Honolulu Pride Month, with many wonderful opportunities to enjoy brunches, parades, and other events to commemorate the theme "Rooted In Pride". These will be the first in-person celebrations since 2019, so please be safe and enjoy Pride Month responsibly! My hope is that you find beauty, inspiration, and value in this newsletter. It is a work in progress, so please connect with me and let me know what you'd like to get updates on! |
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Real Estate in the News |
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The Fed admits a sharp home price decline is possible Fed Chair Jerome Powell was asked at the FOMC press conference in September to clarify what he meant when he said a few months earlier the U.S. housing market would “reset.” His response? We’ve entered into a “difficult [housing] correction” that will see the U.S. housing market transition to a more “balanced” market for buyers and sellers alike. However, Powell still hasn’t addressed the elephant in the room: Will U.S. home prices fall? Fast forward to this week, and we finally got a better understanding of the central bank’s view on home prices: On Thursday, Fed Governor Christopher Waller told an audience at the University of Kentucky that it’s possible we could see a “material” drop in U.S. home prices. “ While this [housing] market correction could be fairly mild, I cannot dismiss the possibility of a much larger drop in demand and house prices before the market normalizes,” Waller told the crowd. That’s the first time a Fed official has acknowledged that the ongoing housing correction could see home prices fall at a national level. Waller also admitted the home price correction might end up being more than a small tick down. It could, he says, be a “material [home price] correction.” |
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Local Events |
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Bishop Museum Presents Month-long Schedule of Halloween Activities Times vary, Bishop Museum This October, Bernice Pauahi Bishop Museum invites local ʻohana and visitors to its campus for a month long series of Halloween activities, including “spooky editions” of behind-the-scenes tours of its Natural Sciences collections; Halloweekend: A Saturday of Play; and, a special Halloween Night tour of its Ichthyology collection. |
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Hallowballoo 2022 October 29, 2022, Chinatown, 5-10pm The Hallowbaloo Street Festival's lineup is one of the best ever featuring both the 2022 and 2019 Nā Hōkū Hanohano Favorite Entertainers of the Year, a pop-up Chinese "herb shop" that is sure to amaze and delight, $2,000 cash given away to costumed revelers, craft beer tastings, ono eats and more. #1 Tip: Arrive early! The earlier you arrive, the less you miss and less the stress. |
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Honolulu Pride - Rooted in Pride Events throughout October With the first first in-person celebrations since 2019, Honolulu Pride takes place in October to coincide with LGBT History Month, National Coming Out Day, and Spirit Day. VIP Passes available for purchase until 10/10 and the 2022 Honolulu Pride Parade kicks off from Magic Island at 10am on Saturday, October 15. |
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Local Stats & Tips |
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Sales of O‘ahu Homes Cool Amid Rising Mortgage Rates Median sales prices remain relatively flat, active inventory builds gradually Rising mortgage rates are weighing on home sales. Year-over-year, single-family home and condo sales dropped 34.4% and 19.3%, respectively, and compared to August 2022, single-family home sales were down 11.5%, while condo sales dipped 2.4%. Pending sales activity was also muted compared to last year, with contract signings falling 43.7% for single-family homes and 30.7% for condos. Median sales prices remained relatively flat over the last several months and saw a slight bump up compared to the same time last year. In September, the single-family home median was $1,100,000, up 4.8%, while the condo median sales price was $502,500, a 5.1% increase from a year ago. “With rising rates and inflation, buyers are reevaluating what they can afford, and this is having ripple effects across supply and demand in our local housing market,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “Fortunately, our 10-year appreciation rates on O‘ahu have been historically favorable, so despite interest rates being about 6%, real estate is still a smart investment. It’s important to remember that the market varies from neighborhood to neighborhood, and housing opportunities are available for everyone.” 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. |
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Airfare wars continue: Hawaiian, Southwest both offering $29-39 inter-island flights |
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Honolulu Ballot Proposal Would Steer Money To Affordable Housing Proponents of a measure to dedicate money to Honolulu’s housing fund see it as an opportunity to help solve Oahu’s affordable housing shortage. Critics, meanwhile, say there are better ways to achieve that goal: chiefly by following the standard budgeting process in which the City Council decides how to spend money each year. In any case, the public will soon have the chance to decide — the measure will appear on the Nov. 8 ballot that goes to voters on Oahu. |
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Fall Harvest 2022 in Waimanalo is back! Come and enjoy the day at the farm! Check out the pumpkin patch & beautiful sunflower fields, and don’t forget to stop by the country market and grub stand for fresh picked Dakota super sweet corn, famous fresh squeezed lemonade, honey, handmade coasters, yummy cornbread and so much more! Feel free to walk around on the designated paths as well as throughout the fields and other photo op areas to snap your photos. |
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Featured Listings |
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