This Summer started with more activity in all segments of the real estate market, but also in the high end of the market. Our Summer season begins in late June and lasts through mid-September, occasionally extending into early October. Traditionally, Summer is our busiest period, along with the Winter season. We are now about half way through the season and if you are planning to sell your home this year, you should get on the market now. If you are a Buyer, there should be more inventory coming on the market as people realize that this is a good time to sell.
Interest rates are still rather low, so financing is still attractive. In addition, there is increasing interest in single-family homes and sales look like they will be greater than 2016. Showings have picked up, and sales generally follow an increase in showings. Part of the reason for the increased interest in single-family homes is that the New Kakaako Luxury Condominium Effect continues to diminish. For example, 58 buyers in the $3+ Million price range completed their Waiea purchases at the end of 2016. More recently, 100+ Park Lane buyers completed their purchases on August 2nd and the last phase is scheduled to close in early December.