Hawaii market trends can change your investment strategies.  Are you thinking about selling your home? If so, now is the time to do it! The market is shifting in favor of sellers, with more homes on the market in August.

Let’s surf into the trends, and analysis of the Honolulu market.  Read on to view the general market and area specific trends that will change your investment opportunities.

Strategize to get multiple offers and sell your home quickly for top dollar.

Home sales are down

Closed sales of single-family homes and condos declined year-over-year in August 2023, dropping 19.7% and 16.9%, respectively. However, compared to a month ago, single-family homes recorded a 12.5% uptick in sales, while condo sales remained steady.

Home prices are stable

Compared to 2022, the median sales price for a single-family home dipped 1.4% to $1,110,000, while the condo median sales price increased 3.3% to $515,000.

From a year-to-date perspective, the median sales prices for O‘ahu properties fell.   For single-family homes, $1,050,000, a 5.7% decline from last year, and for condos to $502,000, down 1.6%.

Inventory is increasing

August showed an increase in active inventory of single-family homes in the $799,999 and below range, a 33.8% increase from a year ago.

Area specific, Kāne‘ohe and Leeward regions had the largest increase in units of active inventory. Year-over-year showed increases of 52.9% and 16.7%, respectively.

Condo inventory showed increases at most price points.  Specifically, the $300,000 to $699,999 range showed a 20.7% increase compared to last year.

Kāne‘ohe and Leeward regions had the largest increase in units of active inventory

Homes are selling consistently

Homes in both markets are selling at a consistent pace, but it’s taking about five days longer than it did last year.

The median time on the market for both single-family homes and condos is 18 days.

Slowest Escrow pace (median days on market): Homes in Leeward Region (50 days) & Waipahu condos (41 days)

Should you sell now?

There are several reasons why you should sell your home in Hawaii now:

• The market is favorable for sellers.  Inventory is slowly increasing and home sales are picking up. Now would be the time to take advantage.
• Home prices are stable. The median sales price for a single-family home has dipped slightly from last year, but it’s still a strong market with low inventory.  This means that you’re likely to get a good return on your investment.
• Low Inventory. Although inventory is increasing, there is still less competition.  Take advantage!

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Conclusion

Knowing these Hawaii market trends are key to making investment moves.  If you’re thinking about selling your home, now is the time to do it! The market is favorable for sellers and you’re more likely to get top dollar for your home.

The 4th quarter tends to be slower for active inventory, so take advantage of having less competition in the market.   Contact Earl Solidum today to get started.