Aloha and welcome to Sachi Hawaii’s December 2022 newsletter.
Hawaii Real Estate Market Update
In the previous newsletter, we asked the question, “how will the interest rates affect Hawaii’s real estate market?” Since Hawaii has a large portion of cash-based real estate transactions, it was a bit if an unknown how quickly and how impactful the rising rates would be on the market. While we have our answer, there are a couple surprises.
The market did in fact take a downturn in number of transactions, but perhaps surprisingly, prices have remained at near-record levels. This is partially because we didn’t see a dramatic increase in inventory of homes available, where at the peak of the market, there were approximately 2,650 MLS listings. That number currently stands at approximately 2,750 — not the marked increase many expected. In addition, because of Hawaii’s luxury property market remaining strong, this also helps to keep the median sales price number high, despite the 48.2% decrease in the number of single-family home sales in November ’22 versus the same period a year before. Median sales prices for single-family homes were up 9.5%, to $1,149,500.
Condominiums also a similar decrease in transactions over the same period last year, down 43.4%. The median sales price for condominiums fell 4%, to $480,000.
Chad Takesue, president of the Honolulu Board of REALTORS®, remarked “We’re seeing more sellers adjusting the price of their listings to remain competitive on the market in the face of the gradual increase in new inventory and properties spending more days on the market.”
Single-Family Home Resales
|
| |
Number of Sales |
Median Sales Price |
| November 2022 |
192 -48.2% |
$1,149,500 +9.5% |
| November 2021 |
371 |
$1,050,000 |
Condominium Resales
|
| |
Number of Sales |
Median Sales Price |
| November 2022 |
340 -43.4% |
$480,000 -4.0% |
| November 2021 |
601 |
$500,000 |
Source: HiCentral.com
Sachi Hawaii Listing Update
First, we’d like to say thank you to our entire Sachi Hawaii ‘Ohana, from our friends, family, clients, and vendors we work with. We appreciate you being a part of our 2022.
Sachi Hawaii currently has 5 properties pending sale and in escrow, most notably 2549 Tantalus Drive. This is one of Maikiki Height’s most prestigious crown jewel properties, spanning 3 parcels and hosting 3 structures, with stunning Pacific Ocean, Punchbowl, and Honolulu views. The main house is a masterfully-crafted 4-bedroom, 11,596 sq.ft. property with an extra-large grand living room, authentic chef’s kitchen, covered and uncovered lanai spaces, all anchored by an infinity-edge lap pool overlooking paradise.
New on the market for December, Sachi Hawaii would like to introduce two properties. The first property is a sandy beachfront home in Waimanalo.
41-983 Laumilo Street
Positioned along Oahu’s eastern sandy shoreline, this hidden beachfront home designed by famed Hawaii architect Jeff Long enjoys panoramic Pacific Ocean and coastline views throughout its indoor and outdoor living spaces. Private, gated entry opens up to a tropical-landscaped garden oasis; step inside and immediately be greeted by turquoise ocean vistas from the spacious chef’s kitchen, main living space, dining area, and the entry-level ensuite bedroom, featuring its own wet bar, resort-style bath, and cedar-wood sauna. Upstairs, two additional ensuite resort-style bedrooms enjoy their own private lanais with incredible views of sandy beaches and turquoise ocean waters. The upstairs primary suite also has its own cedar-wood sauna.
View Property Details: 41-983 Laumilo Street
The second new listing we’d like to introduce is a sought-after condominium residence in Makiki.
1010 Wilder #804
Tucked away along a quiet cul-de-sac above Honolulu, welcome home to 1010 Wilder. This coveted condominium is sought-after for its soaring 10-foot ceilings, expansive floor-to-ceiling windows, large living spaces, and its well-managed facilities. The inside of this residence has been fully-reimagined, fusing modern island luxury with sophisticated design; a chef’s kitchen with high-end appliances, Italian stone countertops, & ample cabinetry, an enclosed lanai adding nearly 300 sq.ft. of additional living space, hardwood flooring throughout the main living & bedroom spaces, natural stone in both bathrooms, upgraded lighting, & much more. The sprawling 2 bedroom, 2 bath, 1,753 sq.ft. floor plan enjoys panoramic views of urban Honolulu, the Pacific Ocean, Diamond Head, & morning surises, the perfect way to start your day in paradise.
View Property Details: 1010 Wilder #804
