Locations LLC presents

              MoreHawaii
 

       Hawaii Real Estate Indicators
                     A QUARTERLY REPORT ON THE REAL ESTATE INDUSTRY

                THIRD QUARTER
2022
            (inserts from the latest edition)

        

         Weekly News

September 5,2022

Financial Market News

Traders continue to assess market data before the FOMC meeting at the end of the month to see how far the central bank will go in its battle against inflation. The thinking is that the more positive the economic figures, the less the Fed will have to worry its aggressive hiking cycle will trigger a downturn. Today’s potential highlight was the latest ECB decision, which yielded a 75-basis point rate hike, as well as ECB head Lagarde’s press conference shortly after. Domestically, Fed Chair Powell is also scheduled to speak alongside Chicago Fed President Evans. Weekly jobless claims were released, registering at 222k. Later this morning brings Freddie Mac’s Primary Mortgage Market Survey and July Consumer Credit.(@ Chrisman).   It remains anticipated that the Fed will make two more rate hikes this year, including a projected .75 bump in September.

Interesting Information for Buyers

When interest rates rise, alternative mortgage programs have more relevance for buyers.  ARMs and buydowns have entered our discussions, as well as creative options for using seller credits (!).  It’s not a buyer’s market yet, but we can certainly see the trend evolving hiking cycle will trigger a downturn. Today’s potential highlight was the latest ECB decision, which yielded a 75-basis point rate hike, as well as ECB head Lagarde’s press conference shortly after. Domestically, Fed Chair Powell is also scheduled to speak alongside Chicago Fed President Evans. Weekly jobless claims were released, registering at 222k. Later this morning brings Freddie Mac’s Primary Mortgage Market Survey and July Consumer Credit.(@ Chrisman).  It remains anticipated that the Fed will make two more rate hikes this year, including a projected .75 bump in September.

Interesting Information for Buyers

When interest rates rise, alternative mortgage programs have more relevance for buyers.  ARMs and buydowns have entered our discussions, as well as creative options for using seller credits (!).  It’s not a buyer’s market yet, but we can certainly see the trend evolving.

     
   

The Hawaii Economy
         
The Hawaii EconomyThe Hawaii Economy
 

                       for a 2022 monthly Report on

 
   
The inventory on Oahu ~ still at low levels thru the 2nd quarter of 2022...

The inventory on Oahu is still at record low levels beginning in 2014...

   

January 17, 2022

Active Housing Market Continues to Sizzle:

Oahu continues to be a hot housing market with trends that demonstrate the positive vibes of today’s homebuyers

  • The median price of a single-family home in Oahu was more than $1 million for six straight months.

  • n December 2021, the median house price was 55% more than one year ago, coming in at $1,060,000.

  • Condo units were up 7% over that same time period, with a median price of $485,000.

  • 60% of single-family homes and almost 40% of condos sold above the asking price.

  • Houses sold at a median rate of 12 days and condos were snatched up in 14 days.

The arrival of COVID-19 put the housing market into a tailspin...but not for  long.
 
Homeowners gained $3.1 trillion in home value due to rising prices. The total
worth of US homes was $32.4 trillion in January, up 10% from a year earlier.
 
Median home sale prices hit $330,500 in January; the biggest annual gain during
a given month since 2013.

Home Prices gaoned most since 2013

Honolulu Home Prices Bid Up To Near-Record Levels

The long-awaited recovery of Hawaii’s real estate market continued last month, with higher bids pushing up median resale prices of single-family homes on Oahu. Honolulu Board of Realtors® President Tricia Nekota called the trend a “seemingly new normal of buyers entering bids tens of thousands of dollars over asking price.”

Recent sales data released by the Honolulu Board of Realtors® indicated the new median high of $872,500 was nearly a 10% increase over the $794,750 reached in November 2019. The new price mark was also the second-highest ever behind the record of $880,000 set in September.

Most current sales are at the high end, with 80% of last month’s sales involving houses priced at $700,000 or more, and the median time between listing and sale only ten days.


 

  

April 21,2022

Mortgage Rates Exceed Five Percent

Mortgage rates increased for the seventh consecutive week, as Treasury yields
continued to rise.  While springtime is typically the busiest home buying season, the
upswing in rates has caused some volatility in demand.  It continues to be a Seller's
market, buy buyers who remain interested in purchasing a home may find that
competition has moderately softened.
 @2022 by Freddie Mac

 


Sellers Gobble As Mainland, Local Home Prices Break Records

Even though sellers took time off for Thanksgiving, median home prices for mainland properties increased 16% year-over-year during November to $322,828–the highest on record. Locally, home prices hit a new median high of $872,500.

Other key housing market data* during November 2-29 included:

  • A 28% year-over-year increase in pending home sales, even though they plunged the week of  November 23-27.

  • A 9% increase in new listings from November 2019. However, the number of new listings was still the lowest since May 2020.

Active listings fell 29% from 2019 to a new, all-time low.

  •   The average sale-to-list price ratio rose to 99.5%—an all-time high and 1.5 percentage points higher than a year earlier.

* Source: Redfin.

Home Purchase Sentiment Declines Slightly

After three months of positive outlooks, Fannie Mae's Home Purchase Sentiment Index (HPSI) slipped 1.7 points last month. This brought the overall HPSI to 80.11

When respondents were asked about their current attitudes about buying or selling a home, potential buyers and sellers saw the current market differently.

  • The number of respondents who thought it was a good time to buy dropped from 60% to 57%. Respondents who felt it was not a good time to buy remained at 35%.

  • Respondents who felt that now was a good time to sell remained at 59%, while those who disagreed decreasing by 2 points

When asked about property prices, respondents expecting higher prices ticked up 1 point to 41%, while those who expect prices to fall dropped 7 points to 13%. Those who don't expect prices to change soon increased from 31% to 35%.
 

What this means for home sellers:

  • Now is the time to sell, while the market is strong. Properties are selling quickly and getting top dollar.

  • If you’re selling to buy another property, you want to do that before the real estate market rises to its
    next peak.

  • An experienced Locations LLC agent can make sure your property is priced correctly in this active
    market, so that it will attract the most offers.

  • Not sure what your home is worth? Get a free market analysis today of what your home can sell for.

  • Email your trusted Locations LLC professional today ~ Jim@MoreHawaii.com

What this means for home buyers:

  • For buyers today, the market is very competitive at all price levels.

  • The Oahu real estate market is a very different environment than it was a few years ago, even a year ago.

  • To place a competitive bid, buyers need to be pre-qualified.

  • Homes are selling fast, so buyers need to stay on top of new listings. You can receive special alerts when
    a new home that meets your criteria comes on the market. Use the power search at Locations LLC and
    save your search to sign up for personalized email alerts from our neighborhood experts.

  • At Locations LLC, our agents receive special training on competitive markets and how to win the sale in
    multiple offer situations. Let them help you successfully buy the property you want.

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   In the Overall Oahu Market...  
The Oahu Market begins 2014 on a strong footing 
 
                                 A balanced market is generally characterized by 6-10 months of inventory remaining...

            ~ Take advantage and call Real Estate Specialist Jim More (R) CRS at (808) 222-3949 ~

 

           

"Experience MoreHawaii ~ my clients come first"
"Experience MoreHawaii-my clients always come first"
"Experience MoreHawaii ~ my clients come first"


                         James S. More   

                             Realtor-certified residential specialist-direct line: (808) 222-3949               

                         

email jim@MoreHawaii.com 

Why settle for Less when you can have ...MORE           

               

                                                    A Hawaii real estate company with "The Perceptible Difference"      
                                                                                        with listings and sales of Waikiki and Honolulu real estate
 

                              Locations LLC is an independently owned and operated Hawaii real estate company and a member of the Honolulu Board of Realtors