I often compare numbers between one quarter and the next, but this time I felt a look back to the 3rd quarter of 2023 would help determine market direction a bit. Remember, during the summer of 2023, interest rates started to bump up, inventory was very low, and sales numbers began to constrict. Because inventory was low, demand remained high. Inventory levels are slowly increasing (especially this quarter). Low inventory has caused many new listings to go under contract quickly.
Hilo and HPP remain very active. Pricing in those areas remains strong, even showing a slight increase year over year. Sample size in many of the other areas is small, so I’m not surprised to see big price swings. Insurance woes in Leilani Estates and Nanawale Estates and the rest of Lava Zones 1 & 2 will put pressure of those properties to stay under the HPIA $450k cap.
On another topic, those worried about scammers listing their property without permission should contract your agent to put you on an automatic notice in case your property does pop up on the market. It’s even happening for local owners. Don’t see your neighborhood? As always, feel free to give us a call or drop us an email so we can deliver your personalized house value report directly to your inbox. It’s free and no one will call. Don’t do computer? No problem. We’ll even snail mail the information if you wish. Whether buying or selling, Team Nakanishi is always here to help.
Here’s to a strong finish to 2024.
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