Market Intelligence

Looking at QTR 3 of 2023

I don’t expect you to recall that during Qtr 3, 2022, I was a bit under the weather so no report was prepared. Hence, I’m using numbers from the second quarter of 2022 to help get a sense of market direction, if possible. I say “if possible” because the numbers are really not easy to interpret.

east hawaii real estate market activity chart

Demand Still High in East Hawaii

Despite higher (not high, mind you) interest rates, we still have tremendous demand for our East Hawaii product (see projected demand column). The median numbers, in many cases are very skewed because available inventory is depressed and, in many cases, substandard. Current under contract Ainaloa inventory consists of properties that need significant work. The median sold prices in Mauna Loa Estates was $412,500 but is being similarly dragged down by inventory conditions in Royal Hawaiian Estates and Ohia Estates.

The demand numbers are always a bit inflated but are still an important indicator of market direction. I’ve been asked many times if the Lahaina fires will affect our market. I have heard of buyers already looking even though I do not think there have been any insurance payouts or federal relief. One interesting loan feature we are seeing is lenders offering no-cost refinance programs during (as I recall) the next 5 years if rates decrease as expected.

Volcano Area is Especially Busy

Speaking of Mauna Loa Estates, if you look at the sales numbers in Volcano area neighborhoods, it seems that market is extremely busy. Interestingly, the number of VA and FHA loans indicates that many buyers are owner-occupants. I will leave the rest for you to interpret. I’m sure you will find much of interest.

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 MARKET 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. Onward to the end of 2023!

*Thanks to Hawaii Information Service for the data.

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