The Hawaii real estate market tends to move in 10 year cycles. There was a crash in the last 90's called, "The Japanese bubble". In 2008, there was the global financial crisis, a bubble. In 2020, Covid caused a mini market crash, or at least a stall. Prices had topped out in 2018, and many people here in Hawaii felt that the market would crash because of Covid.
What Covid shutdowns did is cause a mini correction that lasted under a year. So if you're waiting for a market correction, I believe you'll be waiting for another decade - because this new market just started this year.
With the government printing trillions of dollars like there is no tomorrow, and the FED keeping rates super low forever (they told us as much), everyone wants to buy real estate right now. And over the long term, a 30 yr mortgage is the best protection against inflation. Today, wouldn't you like to have a mortgage payment from 20-30 years ago?
Prices just hit another new record at $979k for median home sales, and they will be well over $1mil by the end of this year. How do I know? Because we're writing offers for many clients who are in escrow, and we see how prices are rising rapidly every month.
Most of the offers we write/receive are $100k over asking, and some are $200k over asking price.
Here's the new monthly stats: