Honolulu (KHON2) – The Hawaii real estate market has been a topic of great interest and concern, especially for prospective buyers and sellers eager to understand the current landscape. In an interview with real estate expert Hal Wilkerson of Hawaii Property Advisors, Living808 viewers gained valuable insights into the state of the market for the month of August.
The interview revealed a mixed bag of news for those closely watching the real estate scene. The bad news first: there has been a noticeable contraction in both Oahu and the overall real estate market in the State. Compared to August 2022, single-family home transactions in August 2023 were down by nearly 20%. Experts attribute this decline primarily to fluctuating interest rates, which may continue to rise.
On a brighter note, property prices have remained robust, offering some solace to homeowners. Despite a dip in the number of condominium resales, prices have held firm. Moreover, the days on market statistics suggest that properties are still selling relatively quickly, with single-family homes averaging 18 days and condominiums just 16 days.
Interestingly, the interview revealed that despite these fluctuations, Hawaii remains a seller’s market.
“There is still a shortage of inventory compared to the demand from eager buyers. This situation presents an opportunity for those considering selling their properties to enter the market and make the most of the favorable conditions. Hawaii Property Advisors is also stepping up to assist homeowners with their real estate needs. We’ve introduced a comprehensive service called HPAHomeValue.com, designed to help homeowners understand the potential equity they could unlock when selling their homes. This tool could prove invaluable for those looking to make informed decisions in a dynamic real estate market.”
While the Hawaii real estate market may be experiencing some turbulence, there are still opportunities for both buyers and sellers. With expert guidance and valuable tools like HPAHomeValue.com, homeowners can navigate these uncertain times and make sound real estate decisions. Check out https://HPAHomeValue.com or on social media @HawaiiPropertyAdvisors