Locations LLC presents

         


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

FIRST QUARTER
2024
(inserts from the latest edition)
          

        

         Weekly News

October 5, 2023

Mortgage Rates Continue to increase

        mortgage interest rates from 2021-2023

Market News

Markets sent September out on a high note as two-decade highs in interest rates have sparked buying last Thursday.  Mortgage prices are about a point higher after last week’s “higher-for-longer” tone by the Fed sent mortgage rates up to about 8%.  Weaker consumer and housing data yesterday started to change the bearish momentum behind the bond market’s recent sell off. 

Yesterday, JOLTS Job Openings showed help wanted ads grew to 9.6 million; economists had expected a reading closer to 8.8… nearly one million lower.   We’ll get more data on the employment market later this week with Friday’s release of the September non-farm payrolls report.   Also earlier, Fed official Loretta Mester stated that she would support a November rate hike if the economy held steady –The Fed’s Raphael Bostic doesn’t expect a rate cut until late 2024.  Several market participants, including Goldman, are sounding the alarm over the effect of higher rates on stocks…making it more expensive for companies to fund their business and rate capital for investing in infrastructure.  The yield on the 10yr note is all the way up to 4.80%.   

        sales Prices comparison fron 2021-2023

     
   

The Hawaii Economy
          The Hawaii EconomyThe Hawaii Economy
 

                   for a 2023-24 monthly Report on

Oahu Real Estate eeport for September-2023

Oahu Real Estate eeport for January-2024
   
Key Takeaways from the September 2023 Locations Oahu Real Estate Report
   
  • The September 2023 Oahu single-family median home price of $1,050,000 dipped five percent from the previous year, while the median condo price of $535,000 rose six percent over the same time. Median prices for both homes and condos have been mostly flat in 2023; however, home prices have shown a slight increase since the beginning of the year, and now condo prices also appear to be trending up.

  • Sales were down 18 percent in September for single-family homes and 24 percent for condos from a year ago. The trend of sales is settling into typical seasonal patterns at a level about 1/3 lower than the previous two years. 

  • At the end of September, 618 homes and 1,245 condos were available for sale—six percent fewer homes and four percent more condos from last year; sellers continue to be constrained by current market conditions. 

  • Months of Remaining Inventory (MRI) is flat at 2.8 months for homes and up slightly at 3.1 months for condos. Although this measure has been edging upward due to constrained sales, the market still favors sellers.

  • Single-family homes were on the market for a median of 19 days in September, while condos were on the market for a median of 22 days. This measure—Days on Market—is settling into seasonal trends.

  • Continued buyer demand is also keeping market times low. Competition among buyers continued in September, with four in 10 homes and one in five condos sold for above the asking price in a competitive bidding situation. 

The inventory on Oahu ~ still at low levels thru the 3rd quarter of 2023.

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

 

 

diamond bar           

 

                                                   

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

months of inventory remaining

                 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