Oahu Market—are prices dropping??

[Nate Rohlf]

I’m currently trying to sell my rental property in Kailua Oahu but I’m getting no offers at all. The condo is recently renovated and the asking price has seen several price declines. It’s now listed at $519,000 which is about $10,000-$20,000 below comps in the building sold in the last month or two. Is the market starting to pull back? I currently live on the mainland(moved from Oahu to Nebraska 3 years ago). I understand interest rates have been going up some and rents have also dropped a little but what gives??

[Michael Borger]

@Trey Brown Median house prices hit 800k for consecutive months recently so I don't see overall prices coming down. I think last month was just a touch under that amount. Condo median prices dipped slightly last month, but unless you see a dip for a few months consecutively it's likely to be just statistical noise or related to the season.