Spring is almost here and the Hawaii real estate market is warming up! Here’s a summary of key February trends for both buyers and sellers, based on the latest statsistics released by the Honolulu Board of REALTORS®.:
Market Highlights:
Sales: Overall sales volume increased slightly year-over-year (YoY). Condo sales were up 2.8% and the single-family home market showed a stable 3.5% growth.
Prices: Median sales prices rose for both single-family homes (8.9% to $1,075,000) and condos (6.8% to $512,500), when compared to the same time last year.
Inventory: New listings grew YoY for both homes (26.6%) and condos (15.1%), offering more options for buyers. Active inventory levels also increased slightly compared to last year.
Opportunities for Buyers:
More choices: The rise in new listings, particularly in the condo market ($500,000-$699,999 range), provides a wider selection.
Favorable sales ratios: Both single-family homes and condos are selling close to asking price (median ratios of 97.8% and 97.9%, respectively). There may be room for some price negotiation, depending on the situation.
Considerations for Sellers:
Strong demand: With pending sales up significantly for single-family homes (24.0% YoY), particularly in the $800,000-$899,999 bracket, sellers can expect a competitive market. For condos, pending sales were down slightly since February
2023 (2.3% YoY), but up 3.7% since last month.
Inventory competition: While overall inventory increased, single-family home inventory decreased slightly month-over-month while condo inventory went up. Pricing your home competitively is crucial, especially in the condo market.
Thinking of buying or selling?
I can help you navigate the Hawaii real estate market and achieve your goals. Contact me today for additional insight and a personalized consultation!
Facebook
X
Pinterest
Copy Link
