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Waimalu is located 22 minutes away from Honolulu by car. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2021 | All Rights Reserved Privacy Policy | Terms & Conditions, Website and marketing proudly provided by ChannelJunkies.com. Hawaii falls in the top 10 highest median household income brackets in the US, at $83,173. In April 2021, median sales prices for single-family homes were: $928,000 on O'ahu. Get your free online home valuation in only 2 minutes! EWA Gentry is currently a mildly competitive market. Our concierge team will be in touch shortly to help.Remember, this service is 100% free and theres never any obligation. As of August 2022, mortgage rates for a 30-year fixed loan in Hawaii were 5.77%, and for a 15-year fixed loan were 4.78%. Additionally, many of the homes in Hawaii are 2nd homes and vacation homes, many of which are purchased with cash. Hawaii still falls short of the top spot, which is taken by Maryland, with a median household income of $94,384. but we can do our best to guide our clients into making the best decision possible with the current conditions. Copyright: 2023 Redfin. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings. ManageCasas software is designed to manage commercial, residential, apartment, detached rental housing, student housing, mixed use retail properties, storage units, and marinas by integrating essential SaaS apps via cloud infrastructure and a secure rent payment gateway. The downward trend is consistent with Octobers drop. 2022 Clever Real Estate. When fact there may not be anything wrong with it, the market is just shifted and it's bad timing for the seller. David Ige pointed this out in his State of the State speech in January, calling construction "a bright spot" and promising $1.1 billion in state capital improvement projects in 2022, another. I was fortunate as a child to have the opportunity to move to Hawaii at a young age due to my parents being in the military. They also pointed out the housing regulations in the state are crippling and some of the most restrictive, thus curtailing availability of homes and rental units for residents. In January 2023, home prices in Hawaii were down 5.5% compared to last year, selling for a median price. *Resources: World Population Review, Redfin, Bank rate, Zillow, Bureau of Labor Statistics, KHON, Ycharts, FRED, ManageCasa, Hawaii Business, Upnest, Realtor.com, List with clever, 2022 New Silver Lending LLC | NMLS Company ID: 2154545 | All right reserved, Down Payment For A Rental Property - Overview of Requirements, 8 Best Real Estate Investing Podcasts In 2023. The second largest island is Hawaii, with a population of 186,738 and the third largest is Maui, with 166,738 people. This answer will vary depending on the intended use for a house. As you can see in the image below with Hawaii real estate market data as of June 2022, The figure is there on the right and this average is the average sales price over the last 6 months for both single-family homes and condos/townhomes. So when we have more inventory on the market and less buyers in the market (shopping for homes) we have an increase in supply and a decrease in demand. Based on Redfin calculations of home data from MLS and/or public records. And so far this year, private building authorizations throughout all islands grew $764.8 million or 32.9% vs same period last year. The spring and summer months are Hawaii's most active time of the year for home sales. Make sure you keep up on the latest in property management news, technology and markets on our blog! CLICK ANY OF THE BUTTONS BELOW TO SHARE THIS ARTICLE WITH ANYONE YOU KNOW WHO MAY BE PCSING TO HAWAII AND NEED THIS INFORMATION. Where the Housing Market Is Headed in Summer 2022, According - Yahoo! However, each city and town is different, which is why you should speak with a top real estate agent first to get a better grasp of the local trends in the state. Download. If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. For sure, supply of single family houses, and even multifamily units is lacking. 2022 has been a turbulent year for the housing market.In Jan 2022, y-o-y growth in HPI was over 18%, sellers were ruling the market, and buyers were paying much more than the list price to get their dream home. report on sfgate.com. Housing Market & Prices Hawaii 2023 - Home Value Estimator When the lease is up, the land reverts to the lesser. As the market continues to shift back to a normal Hawaii real estate market we love helping our home buyers find their perfect place. Fastest price growth in Hawaii. That makes for solid demand for rental units. On average, the number of homes sold was down 47.9% year over year and there were 734 homes sold in January this year, down 1,410 homes sold in January last year. Homes stayed on the market for an average 18 days, up almost twice that of 12 months ago. And that's just not true. They said Hawaiis labor market is better than the US average, and inflation will ease below 4% in 2023, and further down to 2.5% by 2024. Now that we are noticing the market shift, and not crash, let's talk about what we're shifting into. As you can see in the image below with Hawaii real estate market data as of June 2022, The figure is there on the right and this average is the average sales price over the last 6 months for both single-family homes and condos/townhomes. With rising interest rates almost a certainty from the FED, home prices will likely decline further in the months ahead. See more of Gord's posts on property management. All indications point towards a more balanced housing market as society moves into the new year. Hawaiis economy is very dependent on US overall economic activity, tourism and upon Japans economy. In January 2023, 23.7% of homes in Hawaii sold below list price, down 18.3 points yearover year. There were only 16.9% of homes that had price drops, up from 9.0% of homes in January last year. The median sales price in Hawaii is $717,200 in July 2022, which was an increase of 7.5% from July 2021 home sales price. The median home prices in Hawaii increased a whopping 22% between 2020 and 2021. Low inventory may push home prices even higher, and as it stands the amount of activity continues to be at an increased level. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. Hawaii Key Takeaways Typical Home Values: $826,348 1-year Value Change: +9.2% (Data through January 31, 2023) Market Overview -- 1-year Market Forecast 0.995 Median sale to list ratio (December 31, 2022) 25.1% Percent of sales over list price (December 31, 2022) 51.6% Percent of sales under list price (December 31, 2022) A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.. Each year Americans, i.e., Californians search for houses for sale in Hawaii. First, what does a housing market crash even mean? Hawaii economic report screen capture courtesy of Hawaii.gov Research and Economic Analysis. See the listing to sales ratio below. New listings declined during the month by 26.2% for single-family homes and 18.6% for condos, YoY. So they may have a higher rate in the beginning but did not have to come out of pocket with an extra $50,000. The average months of supply is 5 months, up 3 year over year. Report screenshot courtesy of REALTORS Association of Maui. If Supply begins to tick back up and a demand goes down we expect to gradually get back to the 3 to 4 months of supply and what is it typically hey normal Hawaii real estate market. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. Depending on your needs, criteria, lifestyle, goals and priorities, there are homes in Honolulu Hawaii that are less than $900,000. Hilo is situated on the Big Island and is one of the most popular spots for volcanoes as its home to the Volcano National Park. So You can see how drastically inventory went down which then created more competition when we were in the seller's market. 2022 Hawaii Housing Market Predictions The homeownership rate is expected to grow slightly in 2022 to 65.8 percent. Definitely a sellers market. In 2020, Hawaii will likely continue as the least affordable housing market in the country, and as youve learned condo prices in some Hawaiian counties are rocketing. In Sept of 2022, there were 38 homes sold in East Honolulu, a 42.3 % drop in sales from the same period in 2021. They forecast that housing demand by county is 25,847 units for Honolulu, 19,610 for Hawaii, 13,949 for Maui, and 5,287 for Kauai during the 2015-2025 period. South Carolina Housing Market 2023 Report, North Carolina Housing Market 2023 Report, Median single-home price $1,096,250 - up 20% from 2021, Median condo price $683,100 - up 25% from 2021, Existing single family home sales: 732 - down 21.1% from 2021, Existing condo sales: 902 - down 21.2% from 2021, Months supply of inventory: 3- unchanged from 2021. In Sept 2022, there were 1,228 homes and condos sold in the state of Hawaii, a 31% decrease from Sept 2021, when there were 1,791 homes sold. Studios, 3 bedrooms, and 4 bedroom homes saw a steep drop however. Building permits reflect future construction trends and volume, and Hawaiis year over year growth was at a brisk 62% over the last few years. If you are a home buyer, you may want to consider buying in the winter. At the same time, the number of homes sold fell 47.9% and the number of homes for sale fell 8.6%. The median home price in Kailua-Kona was $685,000 in Sept 2022, up 19.1% from Sept 2021 and 5% from January 2022. The Hawaiian economy is strong, unemployment is low and wages have risen over 4%. Gord is ManageCasa's content researcher and writer capturing the imagination of investors, landlords, and property management pros. With fee-simple, property buyers have complete ownership of the property, which includes the land and any improvements to the land in perpetuity.