The Hawaii Market already crashed, but you may not have noticed.
The median price in January showed signs of a market that declined all of last year, and that is now picking up dramatically. The median price fell from the peak of $1,153,500 in May 2022, all the way down to $970,000 in January!
That's a decline of $183,500, which is almost 16%!
In any market, a 15% correction is a big drop, and now we are seeing buyers coming into the market in droves! Just this week we opened 13 escrows in our group, with every active listing going under contract. This means that buyers have decided that it's time to jump in!
The evidence: Pending sales fell to a 2 year low in December with 168 pendings, but now in January there were 267 pending sales. That's almost the same number as pending sales in December 2021, when the market was red hot.
I just had a mastermind with 500 agents from around the country, and all of them said that their markets have been heating up, with buyers back in action.
If you've been waiting for the right time, that was probably last month. The next best time is now!