January Real Estate Market Stats Oahu, Hawaii

 Market Highlights:

• Closed sales fell significantly year-over-year, with single family homes dropping 54.0% and condos declining 50.2%. 
• There were less new listings in comparison to January 2022- 16.3% decrease for single-family homes and 21.5% for condos.
• Approximately 37% of single-family homes and 39% of condos closed at the full original asking price or more 
• At the end of the January, average mortgage rates continued to hover in the low 6% range, which is roughly 2.5 points higher than this time last year.

Full HBR Report

——Neighborhood Spotlight——

Waikiki was the neighborhood with the most condo sales in January- 61. That's 40% decrease in comparison to January 2022 and the lowest since February 2021.

——The Highest MLS Sales——

        

$10,300,000  (conventional loan)

148 Kaimoani Way #A, Kailua 96734

6 Beds, 6 1/2 Baths 

Sq. Ft: 8,579

Year Built: 2015

DOM:0 (off-market sale)

MLS 202301247

$9,990,000 (cash)

1388 Ala Moana Blvd #8404, Honolulu 96814 (Park Lane)

3 Beds, 3 1/2 Baths

Sq. Ft: 3,542

Year Built: 2016

List price: $9,990,000

DOM: 25

MLS 202221161

—Congratulations to the newest homeowners—

I am excited for my friends Melisa and John who recently purchased their condo in Waikiki. They are moving to Hawaii from cold Cheyenne and I am honored they chose me as their realtor. It was pleasure working with them and all the parties involved; I am happy we were able to negotiate and lower the sale price by $50,000.

If you have friends who are relocating to Hawaii, please let me know- I would be honored to help them with the homebuying process.

#greatful 

P.S. Melisa requested a Honu painting from me- and I am proud of the outcome.

—The latest "adventure"—

Baking my own sourdough :)

Thank you so much for reading my market update and please leave a comment below- your feedback is much appreciated.

Have a great February and let the spirit of Valentines be with you the whole year long!

Desi