Is selling your home in Hawaii opportunistic now?  The Hawaii real estate market is currently experiencing a period of moderation. While sales volume in October has remained relatively stable, median sales prices have increased for single-family homes and decreased slightly for condos.

Key Takeaways:

• Sales volume for single-family homes (-4.1%) and condos (-8.3%) has declined year-over-year.
• Median sales prices for single-family homes (4.8%) have increased, while prices for condos (-1.0%) have decreased slightly.
• The median days on the market for both single-family homes (18) and condos (21) remain under 30 days.
• Active inventory has increased for both single-family homes and condos.
• Both single-family homes (43%) and condos (38%) declined in closings at their full asking price or more.

Should You Sell Now?

If you are contemplating selling your home in Hawaii, now might be the opportune moment. Here are a few reasons why:

• Median Sales Prices Remain High: The median sales price for single-family homes in October stood at an impressive $1,100,000. This figure remains significantly higher than the pre-pandemic median sales price of $862,000.

• Quick Sales Remain: The median days on the market for single-family homes in October was 18 days. This indicates that homes are still selling quickly in Hawaii’s market.

• Rising Inventory Creates Buyer Options: Active inventory has been on the rise, providing buyers with more options to choose from. However, to attract buyers, ensuring competitive pricing for your property is crucial.

  

Notable Price Point Trends

• Condos:
  • Majority sold under $500,000
  • $500,000-$599,000 increased 44.7% year over year
  • $600,000-$699,000 had the most significant decline
  • Sales fell 27.1% compared to last year October
• Single Family Homes
  • Sales volume for $800,000-$999,999 fell 25.6%
  • Sales Volume for $1M+ increased slightly

Area Specific Sales Over 30 Days on Market

• Condos
  • Leeward (38) and the North Shore (37)
• Single Family Homes
  • Leeward (41), Hawai‘i Kai (38), Makakilo (34) and Waipahu (32)

Tips for Selling Your Home

If you are considering selling your home, here are a few tips to help you maximize the value of your sale:

• Competitive Pricing Strategies: Conduct thorough research to determine the selling prices of comparable homes in your area. This will help you establish a competitive price that attracts buyers.

• Be Creative: Consider offering credits to buyers to help pay down their mortgage rate.  Pay off assessments to help buyers lower their monthly payments.

• Staging for Maximum Use: Enhance the visual appeal by creating a canvass for any buyer.  Declutter, clean thoroughly, and make minor repairs. A well-presented home creates a positive, lasting first impression on potential buyers.

• Enlist a Knowledgeable Real Estate Agent: Collaborate with a real estate agent who has in-depth knowledge of the Hawaii market. Consider Earl Solidum to guide you through the pricing process, effectively marketing your property, and skillfully negotiating the terms of the sale.

5 Tips for Successfully Renovating Your Home to Maximize Value

Don’t Miss Your Opportunity

While the Hawaii real estate market is currently experiencing a period of moderation, there are still excellent opportunities to sell your home. If you are thinking about selling, contact Earl Solidum today. Seize the moment and take advantage of the favorable market conditions.

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