Why are Hawaii real estate prices so stubborn? They just won't crash, even though mortgage rates are over 7%? It's very simple - supply and demand.  But, some buyers are getting deals! Where? 

With 28.8% fewer new listings, there simply isn't enough on the market for all the buyers.  Even with higher rates, a slower economy, bank failures, nothing can overcome one simple thing: a lack of inventory for available buyers. 

Right now there is only a 2.6 month supply of homes for sale, while historically, it's usually around 6 months of inventory. 

So where are buyers finding good deals? In brand new construction, like DR Horton's Hoopili, and also Kuilei by the Koboyashi Group.  These new homes have a long closing time, which is an advantage for people wanting to wait for the market to stabilize.  

We have a few opportunities for buyers to lock up prices for up to 3 years, then wait for interest rates to go back down, and for prices to begin to rise again.  For now, prices are down a mere 1.6% since last year, which is only about $17k off the median price.  

Here's a great opportunity to get a brand new home in Ewa Beach at a price below market resale homes! 

These homes are discounted by up to $40,000! 

According to resales figures released today by the Honolulu Board of REALTORS®, the monthly median sales price for both single-family homes and condos fell 4.5% year-over-year. The single-family home monthly median sales price in June was $1,050,000, and $510,000 for condos. Single-family home sales dropped 30.5%, and condo sales dove 24.9% compared to the same time last year. However, the market pace remained relatively quick, with most properties entering a contract in just over two weeks. There was a noticeable impact on pending sales, with contract signings declining in both markets year-over-year and month-over-month as average mortgage rates rose in June.

In the single-family home market, pending sales fell 24.3% year-over-year and 10.5% month-overmonth. The condo market experienced a pending sales slump of 17.2% from June 2022 and 18.1% from a month ago. Throughout June, contract signings totaled 231 for single-family homes and 415 for condos. Although both markets experienced double-digit sales growth from the first quarter of 2023 to the second—up 28.4% for single-family homes and 27.2% for condos—sales were approximately one-third down from a year ago for both the second quarter and year-to-date. Through 2023, prices have somewhat steadied from the rapid rise seen through 2021 and the first half of 2022. Midyear, the single-family home year-to-date median sales price stood at $1,050,000, down 5.5% from the 2022 median price of $1,111,211. Similar to 2022, the $800,000 to $999,999 range accounted for a notable portion of single-family home sales in June 2023 and year-to-date at approximately 31% and 29%, respectively. The year-to-date condo median sales price was $500,000, just 2.9% below the June 2022 year-to-date median of $515,000. The first half of the year saw 337 single-family homes, approximately 26% of sales, that closed for more than the original asking price, compared to 1,189 single-family homes or 61% of sales over the same period last year.

Fourteen percent of single-family home sales received full asking price compared to 13% last year. In the condo market, 502 or 21% of sales closed above the original asking price compared to 1,589 condo sales or 43% in the first half of 2022. The share of condo sales that received full asking price was 21% year-to-date compared to 19% last year. At the end of last month, active inventory was up in both markets compared to the same time last year. June 2023 ended with 605 active single-family homes, a 14.8% year-over-year increase, and 1,159 active condos, a 16.1% increase from a year ago. However, compared to pre-pandemic active inventory levels in 2019, single-family home inventory remained down more than 40%, while condo inventory was down more than 30%. 

The Oahu Real Estate Market saw a significant slow down in comparison to the same month last year. Single family Homes and condominiums saw a 43% and 37.5% decrease in sales respectively. Although the market has slowed, median prices have held steady due to consistently low inventory. Oahu median single family home prices landed just under million last month falling nearly 10% year over year.

As we cruised through the lull in the market last month we are preparing for the business of Military coming to and leaving the island in PCS season. Our team has started to see signs of the market ramping back up. We have listings that are selling in just a couple days, after receiving MULTIPLE offers. Our agents are strategically writing offers for our buyers to ensure that our clients are getting their top choice & getting the best deal possible. 

The Oahu real estate market varies neighborhood to neighborhood, so the best thing you can do is team up with a Kawaguchi Group agent to help you navigate the market and find your dream home! 

Aloha and thank you for your service! If you're a military family considering a move to Hawaii, it's important to weigh the pros and cons of living in this unique and beautiful state. Here are some of the most significant pros and cons of living in Hawaii as a military family.

The big one - cost of living, is a PRO, not a CON.  See why, below. 

Pros:

Beautiful natural surroundings: Hawaii is renowned for its stunning beaches, lush rainforests, and majestic mountains. As a military family, you'll have the opportunity to experience all of these natural wonders and more.

Unique cultural experiences: Hawaii has a rich and diverse culture that blends Native Hawaiian traditions with influences from Asia, Europe, and the Americas. You'll have the chance to learn about hula dancing, try traditional Hawaiian foods, and experience a range of festivals and cultural events throughout the year.

Access to amenities: Hawaii has several military bases on the islands, which means you'll have access to a range of amenities including housing, schools, fitness facilities, and community centers.

Weather: Hawaii enjoys a warm and mild climate year-round, which means you'll be able to enjoy outdoor activities and events throughout the year.

Real Estate: Military families who use their BAH to buy Hawaii real estate often make hundreds of thousands of dollars when they sell. I have personally handed many military members a check for over $400,000 at closing.  

Cons:

High cost of living: Hawaii has one of the highest costs of living in the United States, which can make it challenging for military families to make ends meet. Housing, groceries, and other essentials can be more expensive than on the mainland.

Limited job opportunities: Depending on your field, it may be difficult to find employment opportunities in Hawaii. This can be especially challenging for military spouses who may need to find work to supplement the family's income.

Isolation: Living on an island can sometimes feel isolating, especially if you're far from friends and family on the mainland. It can be challenging to find a sense of community outside of the military base.

Distance from mainland: Hawaii is a long way from the mainland United States, which means it can be expensive and time-consuming to travel back and forth. This can make it difficult to visit family and friends or to attend important events like weddings or graduations.

Living in Hawaii as a military family has its challenges, but it also offers unique and exciting experiences that you won't find anywhere else. Before making the move, it's important to consider the pros and cons and to be prepared for the unique challenges that come with living in this beautiful state. 

Are you considering buying a piece of paradise in Hawaii? With its stunning natural beauty, unique culture, and laid-back lifestyle, it's no wonder so many people dream of owning a piece of real estate in the islands. But before you take the plunge, here are some things you should know about buying real estate in Hawaii.

First of all, it's important to do your research. Hawaii is made up of several islands, each with its own unique character and real estate market. Prices can vary greatly depending on the location, so it's important to determine which island or neighborhood is right for you.

Another thing to keep in mind is that the real estate market in Hawaii is competitive. Properties can move quickly, so it's important to work with a knowledgeable local real estate agent who can help you navigate the market and find the right property for your needs.

Financing can also be a bit trickier in Hawaii. Many lenders have stricter requirements for loans on properties in the islands, and interest rates may be higher than in other parts of the country. It's a good idea to speak with a lender who specializes in Hawaii real estate to get an idea of what you can afford.

Once you've found a property you're interested in, it's important to conduct a thorough inspection. Hawaii's tropical climate can lead to issues like mold, termites, and structural damage, so it's important to work with a qualified home inspector who is familiar with local conditions.

Another consideration is the cost of maintaining a property in Hawaii. With its humid climate and salty ocean air, maintenance costs can be higher than in other parts of the country. It's important to budget for ongoing maintenance and repairs, especially if you're buying a vacation property that will be left unoccupied for periods of time.

Overall, buying real estate in Hawaii can be a dream come true for those who are willing to do their research and take the necessary steps to make a smart purchase. With its stunning scenery, unique culture, and laid-back lifestyle, there's no doubt that Hawaii is a special place to call home. Mahalo for reading!

Aloha! If you're thinking about living in Kakaako, you're in for a treat. This vibrant neighborhood is located in the heart of Honolulu and has become a popular destination for young professionals, families, and artists alike. Here's a casual rundown of what you can expect when living in Kakaako.

First off, the location is hard to beat. Kakaako is sandwiched between downtown Honolulu and Waikiki, which means you'll have access to all the city has to offer. Whether you're looking for a trendy new restaurant or want to catch a show at the Blaisdell Center, it's all within a short drive or bike ride.

One of the biggest draws of Kakaako is the art scene. The neighborhood is home to several art galleries, studios, and street murals that showcase the talents of local artists. The popular monthly event, First Friday, brings the community together to enjoy live music, food trucks, and art displays.

If you're a foodie, Kakaako won't disappoint. The neighborhood is known for its variety of dining options, from trendy farm-to-table restaurants to casual food halls. The Salt at Our Kakaako and the Ward Village Shops are two popular spots that offer a range of dining and shopping experiences.

Living in Kakaako also means you'll have access to some of Honolulu's best outdoor spaces. The neighborhood is situated near the ocean, which means you can take advantage of the waterfront parks and beaches. The Ala Moana Beach Park and Kakaako Waterfront Park are two popular spots for picnicking, sunbathing, and water activities.

As for housing, Kakaako has seen a surge in development in recent years, which means there are plenty of modern high-rise condos and apartments to choose from. While the cost of living in Kakaako can be higher than other parts of Honolulu, many residents feel the amenities and convenience of the neighborhood make it worth the investment.

Overall, living in Kakaako offers a unique blend of urban living and island vibes. With its art scene, dining options, outdoor spaces, and central location, it's easy to see why so many people are drawn to this neighborhood. If you're considering a move to Honolulu, Kakaako is definitely worth checking out. Mahalo for reading!

The Hawaii Real Estate Market is heating up creating opportunity for Buyers and Sellers. 

Buyers are BACK! Buyers are taking advantage of conditions in the market to get great deals on property. Only 35% of single family homes sold in March sold at or above asking price. Last year homes were selling much quicker than they are now but since February the average days on market dropped 10 Days. Buyers aren't wasting time getting their hands on a home!

Overall purchase price is lower than last year, buyers are taking advantage of market conditions to get a great deal! Interest rates have come down a bit, giving buyers back some purchasing power. while still leveraging seller credits Across the board In March the median sales price for condos was record breaking at $536,000 while the median price for single family homes remained over a million dollars. Inventory remains

Only 35% of single family homes sold at or above asking price in March since properties are continually sitting for a longer time  While we see advantageous conditions for buyers, including fewer bid-ups and longer days on market, prices are still high, which incentivizes sellers to list their property.”

Housing inventory increased month over month, but still decreased in comparison to last year. Low inventory is keeps sales prices high motivating sellers to list their homes. 

The Hawaii Real Estate Market has calmed across the board, but demand for homes remains steady.

Properties are sitting the market for notably longer before closing. Single family homes are spending nearly 4 times as long on the market compared to last year while condos are spending twice as long. Only 32% of single-family home sales received full asking price or more compared to 73% last February. In the condo market, 36% of the sales received full asking price or more compared to 56% last year. Median sales prices in both markets declined, dipping 12.3% for single-family homes from $1,125,000 to $987,000 compared to 2022. The condo market experienced a modest 3.4% decline from $497,000 to $480,000. Roughly 189 O‘ahu properties sold for under $500,000 in February.

What does this mean for you? Buyers still hold the power in the Hawaii market. The opportunity for buyers to come into the market and get a great deal on property is strong. Even with increasing mortgage rates, buyers are able to request credits from sellers to buy down interest rates. 

If you have been waiting for a great deal in Hawaii, the best time could be right now!

But don't worry, health care isn't forgotten. There are several nearby hospitals and dozens of doctors for medical check-ups, so you can stay healthy as you live your best life here. Enjoy the ultimate chill with strolls along the beach, long lunches with friends and all that Oahu has to offer. Kakaako, it's what retirement dreams are made of! 

It's such a great community for walking, bike riding, and just playing at the beach.  Check out this park right in the middle of Kakaako!