The most recent statistics for Oahu sales were released and as suspected, prices remained high and increased overall but the sales volume is dropping and days on the market is extending to longer periods. This is in part due to rising mortgage rates that have buyers reevaluating how much they can qualify for.
Last year October 2021 there were 381 resales of single family homes. This year October 2022 there were only 222 sales. BUT Prices were HIGHER for October 2022 at $1,050,000 versus $1,000,000 in 2021.
Last year October 2021 there were 611 resales of condomonium/townhomes. This year October 2022 there were 435 sales. BUT Prices were HIGHER for October 2022 at $520,000 versus $500,000 in 2021.
The thought is we shall see more pressure from the Feds to increase rates which will cause mortgage rates to keep climbing. Until inflation and consumer spending slow down, the Feds will keep the pressure on the mortgage rates.
WARD VILLAGE - Kalae
In the meantime, Ward Village welcomed the most recent development, Kalae which sits on the old Ward Warehouse site at the corner of Ward and Ala Moana Blvd. Owner Occupant sales started at the end of October with the 1 bedrooms starting at $1,161,000 (FS), $1,1875,000 (FS) for 2 bedrooms and $3,446,000 (FS) for a 3 bedroom.
https://www.wardvillage.com/residences/
Ho'opili - The Bluffs at Ikena
D.R. Horton announced the most recent community in Ho'opili to be released "The Bluffs at Ikena". The price points are anticipated to be starting in the mid $1 million range. There are four floor plans, each of over 2000 square feet and featuring enhanced interiors, 3 to 5 bedrooms, situated on larger lots.
As always, if you would like more information on these properties on any property in general on Oahu, please contact me and I would be happy to help you.
Prices are still high so it is still a good time to sell but we are returning to a more "normal" market and I can help guide you on your expectations and real estate strategies for the future.
Commentaires