Real Estate Report - November 2022
Market Movement creates more choices for Buyers
Buyers begin to rejoice as they now have more time, more choices and more leverage to negotiate. According to the Honolulu Board of REALTORS® Monthly Statistical Report, the median days on market for home and condo sales for October jumped to 19 days. Last October, homes sold in 10 days and condos sold in 11 days. This shift allows buyers to have more time before deciding which property they want to offer. The added time also allows buyers to see more options, which is important now that the inventory of homes for sale has jumped by 63.6% (14.9% for condos). Last month, buyers were able to negotiate an average reduction in list price by .2% as the Sales Price To List Price for homes sold in October was 99.8% (99% for condos).
While that may sound small, consider the fact that, until recently, buyers had to pay over asking and experience bidding wars to buy a property.
What about sellers, you ask? While they may have to wait longer to sell their home and they have to be willing to negotiate a bit more, Sellers are still getting top prices. The median price was still well over a million dollars with the $1,050,000 median home price last month ($520,000 for condos) which was 5% higher (4% higher for condos) than the same month last year. Additionally, prices are still 35% higher than they were 2 years ago.
As the real estate market in Hawaii experiences shifts, opportunities are still available for buyers and sellers. Identifying the opportunities requires data and insight, which can be provided by one of our professional Realtors at Berkshire Hathaway HomeServices Hawai'i Realty.