Ending 2023!

Of course, as agents, we receive a ton of information and prognostication from real estate “experts”, lenders, economists….you name it. Most of what we are hearing now focuses on supply and demand and the fact that prices are really not going down because supply is still constrained.

For sellers sitting on a sub 4% interest rate, it doesn’t make a lot of sense to sell without a place to go. Listings are slow coming on the market making it imperative for buyers to watch new inventory like a hawk. Interest rates are coming down (yippee!) but finding what you love should be the decision driver. Have your agent set you up to receive information about new listings as soon as they are released. Prefer to search the old fashioned way? Our MLS is Aloha Living. Don’t use a 3rd party search provider. They are often inaccurate.

Area                                   #Active/                                #Sold/               #Under Contract                Projected             #Active Qtr4                #Sold/Med Sold $                                                                 Med Active  $                        Med Sold $       Med $ Under                    Demand 2022     2022/Med $                4th Qtr 2022                                                                          Qtr 4 2023                            Qtr 4 2023        Contract Qtr 4 2023         Currently Avail

S. Hilo                                72/850000                          81/550000          32/490000                         324/104               60/697000                   67/525000
HPP                                    61/598000                          39/365000          42/454750                          156/103                66/525000                   71/490000
Ainaloa                              29/365000                          39/365000          11/365000                          156/40                  22/525000                   41/335000
Leilani                               14/361839                             11/325000           3/149000                            44/40                   9/349000                      4/337500
Nanawale                         14/280000                              7/224000           2/196500                            28/31                  14/297000                      5/200000
Mauna Loa Est,              14/464667                             17/339334           17/254634                            68/31                 14/256530                       7/310740
Royal Hwn, Ohia

Pacific Paradise               2/427250                                1/325000           1/320000                              4/3                     1/250000                       5/362,000                    Gardens

Volcano Golf &                1/625000                                4/517450            1/689000                            16/2                      1/549000                       3/460000                      Country Club

I was surprised to see how robust the market still is. The projected demand extrapolates the current quarter sales while adding active and under contract listings to determine if demand is still outpacing supply. It’s a theoretical number for sure but it certainly indicates market direction. For now, it looks like pricing is not going to recede for a while. Looking back to 2021, there were 111 active listings in Hilo and 79 in HPP. These numbers help put the change in supply numbers in perspective even more. Here’s wishing you a very Happy New Year!

Don’t see your neighborhood here? Let a member of Team Nakanishi know and we’ll get you information you in two shakes. Mahalo plenty for visiting me here each week and for always considering Team Nakanishi for your real estate needs! Thanks to Hawaii Information for the data included here.