Hawaii's Housing Market Cools In Early 2023
Text: CENTURY 21 Hawaiian Style | Data & Statistics Courtesy of: Honolulu Board of Realtors (HBR); RIS Media; Hawaii Association of Realtors (HAR) | Image(s) Courtesy of: Honolulu Board of Realtors (HBR)
The Honolulu Board of Realtor's (HBR) statistics for the first quarter of 2023 reflect a substantial decrease in both single-family home sales and condominium sales in Honolulu.
Single-family homes fell approximately 46.6% (with a total of 202 closed sales at the end of December 2022) while condominium sales dipped by 39.3% (total of 360 closed sales at the end of December 2022). This is a slight uptick from November of last year by approximately 6%.
The real estate market in Honolulu remains strong, with the median single-family home price steadying at $1,049,500. Condominiums are coming in at $502,500 on average.
These numbers reflect a state of transition. What contributed to this seemingly steep shift? Experts cite to skyrocketing interest rates and changes in available inventory as variables. Despite increasing interest rates, mortgage applications are beginning to pick up traction again across the Nation. Despite a slight fluctuation in available homes, in the quarters to come, homebuyers and investors will see an increase in available options on the market. At the close of December 2022, the number of available homes in Hawaii was 4,758, reflecting a roughly 11.6% decrease. For potential homebuyers, however, inventory issues have been offset by the decrease in median home price.
If you're looking to invest in a new property, sell an existing property, or become a first-time homeowner, CENTURY 21 Hawaiian Style can help simplify the process of navigating the real estate market in Hawaii's ever-changing economic landscape.
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Patrick & Takako McMillen (R)
CENTURY 21 Hawaiian Style