Honolulu’s Prices aren’t Falling as Fast as Mainland

According to an article in the Star Bulletin titled Real Estate in Honolulu sees fewer and smaller price drops, Honolulu is now ranked 41st out of 50 major cities for price reductions.

19% of Honolulu listings on the market over the last year have dropped their price at least once. Why so little? Listings that are priced well don’t require reductions. Two of my last three listings I sold were previously listed by another brokerage firm. When they relisted with Hawaii Life’s Smart Marketing and Solid Representation at the right price, we sold them fast.

In addition, three of my four listings in escrow were listed previously. With our marketing and sellers becoming realistic on their pricing, we’ve got half of them above asking! There is nothing wrong with price reductions and I do recommend them if a property isn’t selling. However, as the article states they haven’t been as necesssary here as elsewhere as there is still a fair amount of demand in Honolulu. It all starts with pricing homes right from the get go.