Oahu Market—are prices dropping??

Question

Michael Borger · Answer

@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.

Lane Kawaoka · Answer

There has been a little increase in day on market but its likely to be a seasonal (winter) slowdown.

However other markets SF/Seattle are showing signs of weakness.

We talk about this on our youtube channel... Hawaii specific news.

Trey Brown · Answer

@Nate Rohlf,

No kidding. I thought that was a typo on the price when I first saw it.

The 3bed is at least Under Contract now, so hopefully that gets out of the way soon.

Nate Rohlf · Answer

Yah I’ve seen that 3bed for sale at Poinciana Manor for a long time.  There’s also a crazy person trying to sell to a 2 bed in the complex for like $620,000 which I don’t know what that’s all about. @Trey Brown thanks for the input that’s kind of what I was thinking.

Trey Brown · Answer

@Dave Passey

There has definitely been a slow down on Oahu. There’s a slowdown all across the country. Hawai’i is no different. Last year it was common to have multiple offers on just about every open house. Now those houses are sitting for 2-3 months before a contract is drawn up. Prices started  coming down in April out here. So I wouldn’t put a lot of weight in your assumption it’s because of the season.

Trey Brown · Answer

@Nate Rohlf

You are correct, I also own in that building (personal residence) and have a pretty good idea of the market. Days on market are a lot higher than usual, even for December.

Overall house prices have come down, so condos are even worse. There’s also a unit in the building that’s been listed for over a year. It’s a 3bedroom, but priced below $600. I think that’s causing some issues in this building in particular.

There’s also a brand new, fully leased apartment complex in Kailua, which brought rents down. I think that investors are seeing that as well. The numbers never made sense as rentals out here, but now they’re even worse.

Kailua does have a lot coming in the beginning of next year. Roy’s and the brewery will hopefully bring in more prospects. So there’s some hope I guess.

PM me if you need anything, as I’m about as local as can be.

Dave Passey · Answer

It's just December. Prices are regularly lower nation wide, and Hawaii is no exception. Kailua has always been a good area, but you are probably just at the wrong time of the season for retail sales. My guys that are doing business on Oahu haven't really noticed a slowing yet, but that is obviously not the end all be all.

Oahu Market—are prices dropping??

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