The Honolulu Board of Realtors released their latest monthly Oahu residential real estate statistical reports for August 2022. You can view the reports by clicking on the links below:
Oahu General Housing Statistics
Oahu Neighborhood Statistics
The Choi Group’s successful alliance with Hawaii Life continues to strengthen our service to our clients. We are pleased that the outstanding sales efforts of our talented agents have contributed to making our company the Statewide Leader in Residential Real Estate Sales.
Hawaii Life has dominated the luxury and ultra-luxury market segments for nearly a decade, and continues to be the Luxury Market Leader in Statewide Sales above $3 Million and $10 Million for the first two quarters of 2022.
Following is a link to our 2022 Midyear Hawaii Luxury Market Report featuring sales and trends in Hawaii’s high-end real estate market:
The statewide leader in luxury sales, Hawaii Life had the largest share of the high-end market over $3 Million and $10 Million in 2021. Our market share increases the higher the sale price of the property, which is illustrated by the following charts:
As a founding member and exclusive Hawaii member of Forbes Global Properties, an invitation-only international network of top-tier luxury firms, we would like to share their 2021 Year-End Market Perspectives Report. This report includes trends and insights into luxury markets worldwide from the perspectives of the network’s member brokerages spanning across 11 countries and 140 locations.
Our successful partnership with Hawaii Life continues to strengthen our service to our clients, and we look forward to a productive year.
[The following is an advance copy of an article to be published in the March/April 2022 issue of THE KAHALA NEWS.]
Luxury Real Estate Market Update
As many of you probably know, the real estate market has started 2022 right where it left off in 2021, with the “perfect storm” of low inventory, high demand from both local and mainland buyers (thanks to the new normal where “work from anywhere” is the mantra), historically low but-beginning-to-rise mortgage rates spurred by a tightening Fed which is trying to control inflation, and the resulting volatility in the financial markets which had an unprecedented run. The relative stability of Hawaii real estate is looking quite attractive to many.
However, the velocity of transactions has slowed down in recent months. Some argue that the market was overheated at unsustainable levels and is due for a correction. Others say it is simply that there is nothing to buy. As of 2/14/22, in Kahala/Black Point/Diamond Head there are 17 single family homes for sale (currently not in escrow), with more fixer uppers hitting the market after completion of the other fixer upper projects in the neighborhood. There have been only 10 closed transactions in the past 60 days, as compared to 20 closed transactions in the past 60-120 days.
It is worth pointing out that all of this is taking place without much participation by international buyers, many of whom still face significant restrictions upon their return to their home countries. Taking Japan as an example, while restrictions are easing after an Omicron-induced tightening, it is likely to take some time for meaningful travel to resume, since less than 10% of the population has received a booster shot (as of 2/14/22). Beginning in March, Japan plans to shorten the quarantine period for all arrivals, according to a 2/16/22 article in The Japan Times. The current optimistic hope is that people will be able to travel more freely come summertime. Fingers firmly crossed that this comes true.