3 min
June 2023 Oahu Real Estate Market Update Keeping it Real Estate
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- Investing
June 2023 Oahu Real Estate Market Update: Hope your June is going well so far! I'm starting to notice multiple offers on listings again and it's starting to feel a little like 2022. But there are also a lot of escrow cancelations and the buyers in today's market seem very fickle in their decision making. Before when a buyer went into escrow it was like winning the lottery. Now it feels like they must be making a mistake and so they cancel at the slightest discomfort. ⠀
⠀
For sellers it's important to find a buyer who you think will actually close instead of offering the highest amount in today's market. Inventory remains low because Hawaii homeowners are sitting on so much equity due to the recent appreciation in our market and most likely they have an interest rate at around 3% which they don't want to lose by selling. Buyers are starting to accept 6% as the new norm for interest rates and willing to stomach it for now and hope that it will go down in the future so they can refinance. ⠀
⠀
When looking at last month's numbers it's much of the same story. Median price just down very slightly from last year, closed sales down by about a quarter, and days on market about doubled. Unless the interest rates go up further to 8%+, it looks like the worst of the market decline is already behind us. ⠀
⠀
Each neighborhood and condominium is unique so I'd love to hear more about what is important to you so I can help offer real estate guidance backed with data. Enjoy the rest of your June!
June 2023 Oahu Real Estate Market Update: Hope your June is going well so far! I'm starting to notice multiple offers on listings again and it's starting to feel a little like 2022. But there are also a lot of escrow cancelations and the buyers in today's market seem very fickle in their decision making. Before when a buyer went into escrow it was like winning the lottery. Now it feels like they must be making a mistake and so they cancel at the slightest discomfort. ⠀
⠀
For sellers it's important to find a buyer who you think will actually close instead of offering the highest amount in today's market. Inventory remains low because Hawaii homeowners are sitting on so much equity due to the recent appreciation in our market and most likely they have an interest rate at around 3% which they don't want to lose by selling. Buyers are starting to accept 6% as the new norm for interest rates and willing to stomach it for now and hope that it will go down in the future so they can refinance. ⠀
⠀
When looking at last month's numbers it's much of the same story. Median price just down very slightly from last year, closed sales down by about a quarter, and days on market about doubled. Unless the interest rates go up further to 8%+, it looks like the worst of the market decline is already behind us. ⠀
⠀
Each neighborhood and condominium is unique so I'd love to hear more about what is important to you so I can help offer real estate guidance backed with data. Enjoy the rest of your June!
3 min