Aloha and welcome to Sachi Hawaii’s August 2022 newsletter.

The main question we’re receiving in regards to Hawaii Real Estate is, “how is the market responding to the increased interest rates?” The answer might not fully present itself for months down the road, but we’re starting to see a decrease in number of sales for both single-family homes and condominiums.

Hawaii Real Estate Market Update

In July 2022, single-family home sales saw a -22.8% decrease in total sales when compared to the same period last year, dropping from 404 to 312. Condominiums saw an identical -22.8% drop as well. Prices, however, are remaining quite stable at near-record highs. Single-family home median sales prices fell just short of the record-high mark, at $1,107,944, an 11.6% increase over July, 2021. Condominium prices are also remaining steady with a median sales price of $500,000, or a 5.3% increase over the same period last year.

Buyers are looking to move on purchases now as interest rates are expected to increase further. This is keeping the market active, and sellers can still take advantage of the hot market. Properties are still moving quickly with single-family home properties going under contract in just 11 days on average, and condominiums doing so in 12 days.

Source: HiCentral.com

Sachi Hawaii Listing Update

Benefiting from the still-hot real estate market, Sachi Hawaii currently has 7 properties under contract and in escrow.

Sachi Hawaii successfully sold and closed on two transactions in July, including 976 Hunakai Street in Kahala, listed by Yoshiko Kasuga and co-listed by Atsuko Ajed. This Kahala home sold for full asking price of $3,000,000 in just 7 days on the market. Congratulations to Yoshiko, Atsuko, the sellers, and the new owners! Also closed in July was ONE Ala Moana #1708, which also sold at full price, $1,850,000 in just 6 days on the market. This was listed by Atsuko Ajed of Sachi Hawaii. Congratulations to Atsuko, the sellers, and the new owners!

New on the market for August, Sachi Hawaii would like to introduce One Archer Lane #3804. This property, listed by Itoko Leciejewski, has already went into escrow after just 8 days.

The Central Ala Moana #2312

Also new, we’d like to present The Central Ala Moana #2312. a newly completed 3 bedroom, 2 bath luxury high-rise residence. This high floor corner unit enjoys a modern open-concept main living, kitchen, and dining area. Just off the main living area, you’ll find a covered lanai overlooking stunning Pacific Ocean vistas stretching from east to west. The primary bedroom suite also is situated facing south with beautiful Ocean views, while the second and third bedrooms sit facing east with City, Park, and Mountain views.

View Property Details: The Central Ala Moana #2312

New Agent Announcement