In Hawaiis real estate market we are not currently predicting a full-on housing crisis. In an interview on sfgate.com, Hawaii RealtorJulie Peters, an agent with Island Boutique Realty said she sold 5 properties unseen. The Honolulu real estate market on the South Shore of Oahu, in particular, was reeling from the height of the pandemic. For sure, supply of single family houses, and even multifamily units is lacking. The Hawaii housing market has seen moderate appreciation for years. While the median sales price overall for Hawaii was $717,200 in July 2022. New listings declined during the month by 26.2% for single-family homes and 18.6% for condos, YoY. Hawaiis mortgage rates are currently higher than the national average. Closed sales fell by 40% and pending sales are down 32.6%. The book value of Alexandria Real Estate Equities Inc.'s Puget Sound area development pipeline tops $800 million, and includes a 10-story lab research building in Seattle's South Lake Union area. Over the last 3 years, homeowners saw their homes appreciate by 19.1% in 36 months which is moderate compared to many other states in the nation. Our property management software platform is a full-featured, all inclusive, property management application with a thorough, complete way to help manage rental property including the capacity to manage maintenance tasks, accept payments, conduct bookkeeping and accounting, screen tenants backgrounds, organize workflows, manage leases, conduct repairs, and store leases and documents securely. It adds that by 2025, Hawaii Countys population will grow 29%, Maui Countys by 25%, and Kauai County will rise by 19%. It's when we see more expired listings than usual. This dataset excludes all rentals data. And amid rising interest rates and slowing migration from other provinces, housing starts are forecast to decline by 15.8% in 2022 and by 6.4% . $983,500 on Maui. CLICK ANY OF THE BUTTONS BELOW TO SHARE THIS ARTICLE WITH ANYONE YOU KNOW WHO MAY BE PCSING TO HAWAII AND NEED THIS INFORMATION. The number of homes pending sale also fell . Want to save money when you buy or sell your home? There are currently 4,837 residential homes for sale in the United States.. This month we're looking at levels of happiness data. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. It shows a downtrend in price. Waimalu is just a few minutes away from Waikiki beach. While this would mark a fall in the current price growth of the market, it would still represent a strong growth by historical standards of the real estate market. Billions of real estate investment dollars have flowed into the Hawaii real estate market in the last few years. Hawaiian lenders may prefer owner-occupied property financing, and those investing in rentals may face higher financing costs. The small town gives residents a relaxed way of life with surrounding natural beauty. Redfin Hawaii Home Prices. Hawaiis market continues to be one of the most expensive in the United States. The median home list price in Honolulu is $849,000, which is a 23.5% increase when compared to the same period last year. A steep incline from the 652.15 rating the state received in Q2 of 2020. And that's just not true. Most people find the spring season the best time to buy a house. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. On average, Clever sellers save $7,000 on commission!Our agent matching service is 100% free with zero obligation. The population size in Hawaii is 1.4million. So they may have a higher rate in the beginning but did not have to come out of pocket with an extra $50,000. And thats how the word about Hawaii real estate has always spread. 6 out of every 10 homes on Oahu sold for more than the list price and 5 out of every 10 condos sold for more than the list price. Visitor arrivals are projected to increase to 10.1 million in 2024, 10.4 million in 2025, and 10.5 million in 2026. What's The Average Hawaii Real Estate Commission In 2021? This is an indication as to the level of affordability in the state, which is not one of the most affordable states in the country. We offer this because we're confident you're going to love working with a Clever Partner Agent. Note: if youre interested in international real estate, please check out our posts on the Australian housing marketand Berlin and London UKrental property market and the UK housing market. We talk to so many people about buying a house in Hawaii every single day and we absolutely love it. Talk of housing market crashes are rife across the country, based on continued rising interest rates and therefore mortgage rates. As you can see in the image below with Hawaii real estate market data as of June 2022, The figure is there on the right and this average is the average sales price over the last 6 months for both single-family homes and condos/townhomes. Maui is a market of few listings and big price increases. Affordable housing in Hawaii can be harder to find but there are a few areas where first-time buyers or new investors can find housing at lower prices. Between home prices hitting record highs and . Hawaiis economy is very dependent on US overall economic activity, tourism and upon Japans economy. As of Sept 2022, the median price of homes in Pearl City was $875,000, up 19.9 percent from 2021. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors, predicts that the median home price in Atlanta will rise to $385,800, a minimal increase of only 0.3% from the previous year. Hawaii Realtors Monthly report on Hawaii, Kauai, Maui and Oahu home sales and prices. 6 Steps to Choose the Software You Need Finding, comparing, evaluating, trying out and selecting the correct property management software is the most important process ahead of you in 2023. Fortunately, the Hawaii economy is poised to be more resilient than other states due to its higher income earnings and purchases from out of state buyers who are well heeled. Homes are selling for $29,004 more than the annual average. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Mitigating that loss is a predicted recovery of the Japanese visitor market and surging construction in the public sector construction which may make a recession in the islands unlikely. Explore the features of a truly modern software for property management. Based on Redfin calculations of home data from MLS and/or public records. In January 2023, 23.7% of homes in Hawaii sold below list price, down 18.3 points year. Again, because of the high income status of the local market, and the fact that most purchases are discretionary, higher rates all around will have less of an impact on the Hawaii market than other markets, perhaps. Screenshot courtesy of HiCentral. In Sept 2022, 24 homes were sold with a median price of $800,500. All indications point towards a more balanced housing market as society moves into the new year. Copyright: 2023 Redfin. now that we are shifting into the buyer's market, here are some of your key indicators that are going to give you leverage when writing your offer. Going forward, home price growth cools, but it has remained hotter for longer than originally anticipated leading to an upwardly revised projection of 6.6% home price growth for 2022 Home sales. In November 2022, most homes spent 56 days on the real estate market18 days less than typical pre-2020 levels. When we say inventory we're talking about homes available for sale on the market. Days on market up substantially at 43% YoY. However, buyer behavior may change instead. The population in Oahu is 953,207 as of 2022. On average, the number of homes sold was down 47.9% year over year and there were 734 homes sold in January this year, down 1,410 homes sold in January last year. A buyer's market is what we are now shifting into as of July 2022. the exact opposite of what was just described above. The islands of Hawaii are some of the most attractive places to live in the United States, the area is also one of the most expensive Real Estate markets in the nation. This volatility has led to new trends and changes in the real estate market. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. Is the Hawaii real estate market going to crash? READ REDFIN'S, Do not sell or share my personal information. Condominium sales report for November 2022. However, it appears homeowners are withdrawing properties from the Hawaii market and are perhaps unwilling to sell for what buyers are willing to pay. Nationwide, 25% of homebuyers searched to move to a different metro area between Dec '22 - Feb '23. At the close of Q3 2021, the median interest rate was 2.8%. Meanwhile, house prices are high. The Hawaii Real Estate market has been BOOMING for the last couple of years. As of August 2022, mortgage rates for a 30-year fixed loan in Hawaii were 5.77%, and for a 15-year fixed loan were 4.78%. The large metropolitan in Hawaii has been ranked as the third least-affordable market across the US with Oahus median home prices surpassing $1million in 2022. Hawaii is one of the most attractive places to live in the US, and also one of the most expensive. Whereas a large portion of the nation is experiencing a slowdown in sales, Kailua is holding steady. They said Hawaiis labor market is better than the US average, and inflation will ease below 4% in 2023, and further down to 2.5% by 2024. In Sept of 2022, there were 38 homes sold in East Honolulu, a 42.3 % drop in sales from the same period in 2021. Oahu real estate, home sales and prices, November 2022. Housing inventory is declining across the state, and mortgage applications have dropped by 40% over the course of 2022. You have been added to the ManageCasa mailing list. Bond-tapering and Fed rate hikes started on March 16, 2022. 2022 Clever Real Estate. See this forecast chart on economic indicators forward to 2021. Homes that sold above list price likely received multiple offers. On average, the number of homes sold was down 47.9% year over year and there were 734 homes sold in January this year, down 1,410 homes sold in January last year. These are the counties that ranked the worst in the state. Hawaii falls in the top 10 highest median household income brackets in the US, at $83,173. In light of this, people have been flocking to the beautiful islands of Hawaii for a long time. , Homes that sold above list price likely received multiple offers. Dec 7, 2022 COVID-19, Data, Housing Demand, Housing Supply, Market Outlook November 2022 Monthly Housing Market Trends Report The national inventory of active listings increased by. There was a 98.1% sale-to-list price, down 2.2 points year over year. And you never know which tourist will decide to buy property on the Hawaiian islands. The steep rise in mortgage rates has shrunk affordability across the nation. Hawaii is likely to fare better than many other areas of the country for a few reasons. Listings (homes for sale in the market) expire all the time and that's not always due to a shifting market. Rents are forecast to . The first thing that comes to mind for a lot of people is what happened in 2008. The median sales price in Hawaii in 2021 topped $828,125 and in 2022 it cumulatively topped just over $1million across the 4 main islands. Pearl City has a median household income of $91,122, one of the biggest in the state. If you are a home buyer, you may want to consider buying in the winter. So, residents can experience the buzz of Honolulu, without the high home prices. Definitely a sellers market. Learn more about it in our guide to real estate investing. The median price of a home in the United States is currently $677,700. GDP was predicted to grow strongly through 2022. Some have expressed concern with the high interest rates and are playing the waiting game hoping they come back down. Looking back over the past 3 years, sales peaked at 56 april 2021. Median Sale Price All Home Types Median Sale Price One thing you should never do as a home buyer is try to time the market. Read on to find out our Hawaii housing market forecast for 2022. 23 homes sold in Sept 2022, down 11.5% from Sept 2021.