Oahu May 2023 Newsletter

Happy May!

May is a month of growth and celebration. As we head into the fifth month of the year we are looking forward to a busy time in the real estate industry. With more people starting to think about buying or selling a home, the market tends to become more active! Continue reading for more real estate news, local happenings, and much more.

April Housing Stats Report

O‘ahu Home Sales Slow in April While Days on Market Improves from Last Month

April single-family home and condo sales on O‘ahu slipped 43.0% and 37.5%, respectively, year-over-year, but only 11.9% and 5.4% since last month. Despite fewer sales, properties that sold in April spent less time on the market than one month ago. The median days on market for condos was 20 days in April compared to 24 days in March and 24 days for single-family homes compared to a 36-day median in March. Our April Monthly Statistics Report shows:
Single-family home sales in the $800,000 to $999,999 price range continued to see the highest sales volume, accounting for nearly one-third of sales in April.
Most condos sold in the $300,000 to $399,999 price range, accounting for 18.3% of sales in April. However, nearly all price points experienced a drop in condo sales from a year ago.
The single-family home median sales price for April 2023 was $999,995, down 9.5%. The condo market ended April with a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year.
Approximately 41% of single-family home sales and 44% of condo sales received full asking price or more.
Although both markets continued to see more active inventory than a year ago, inventory levels have not increased this year, weakening slightly from month to month.
“We continue to see the market settle following the spike in interest rates and rising inflation,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”
 
Read more

Real Estate in the News

Annual inflation cooled last month to the lowest level since April 2021

It’s been a two-year slog of enduring painfully high prices, but the light at the end of the tunnel just got slightly brighter for consumers.
Annual inflation continued its slow-but-steady deceleration in April, according to the latest Consumer Price Index released Wednesday.
 
Why is CPI so important? CPI measures inflation. Inflation is the chief driver of bond yields. If inflation is high, bonds need to offer a higher yield to offset inflation. If inflation is in check, bond yields will come down. And what happens when bond yields drop? Mortgage rates drop, which will result in more people jumping into the home buying market. That will mean more competition & more buyers chasing fewer homes will result in higher home prices. (Alan Van Zee) 

Courtesy of CNN Business

Local Happenings

Mother's Day | May 14th

Treat your mom to one of Oahu's popular brunch spots. Whether you choose Kaka'ako or Waikiki, be sure to make her day special.
 
Check out OpenTable's Mother's Day recommendations

Honolulu Triathlon | May 21st

The Annual Honolulu Triathlon offers several sporting events and features the famous Olympic and Sprint Triathlon. People of all ages and skill levels are welcome to join our race and compete against fellow triathletes from around the world. Sport events will be held at different locations, so check the site for information - http://www.honolulutriathlon.com/

Shinnyo Lantern Floating Hawai'i Monday | May 29

The Shinnyo Lantern Floating Hawai‘i ceremony returns to Ala Moana Beach this Memorial Day. The powerful ceremony hopes to connect the community by offering a space, physical and emotional, for residents and visitors to experience a sense of comfort and healing. Candle-lit lanterns bearing remembrances, prayers, and affirmations to perpetuate the goodness of those being remembered will be set afloat at at sunset. 
 
Learn more

'Let's get ready to ride': city officials prepare to roll out Honolulu rail on June 30

A 55-year project in the making is expected to glide along the Oʻahu skyline starting June 30 at 2 p.m. with a grand opening at the Aloha Stadium station. In its first phase, the rail will run from East Kapolei to Aloha Stadium. The trains are slated to run every 10 minutes on normal weekdays between 5 a.m. and 7 p.m., and on weekends between 8 a.m. and 7 p.m.
 
Learn more

New to Ward Centre: For Simple Sustainability

Shop beautifully curated intentional pieces and sustainable swaps for your everyday favorites. For preservation. For culture. For Hawai’i.
 
Visit their website

Did you know The Duryea Team also services Hawai'i Island? Check out our latest listings below.

KOHALA BY THE SEA

59-132 Halekai Place

2 BD 3 BA 3094 SF $2,925,000

Waikii Ranch

67-1062 Wainoenoe Road

4 BD 5 BA 4344 SF $2,550,000

HOLUALOA

77-963 Waiaea Road

5 BD 4 BA 2653 SF $1,800,000

Thanks for reading and subscribing! Ready to achieve your next real estate goal?

Reach out to chat!

Donna Duryea
 
RS-62459
The Duryea Team
M: 808.987.4511
[email protected]
Founding Member Compass Hawaii

Lucy Heath
 
RS-83377
The Duryea Team
M: 808.451.5476
[email protected]

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

Oahu May 2023 Newsletter

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