Hope your new year is off to a strong start! A new year gives us a fresh start, taking a moment for reflection, and time to focus on our family, friends, health, the things that really matter the most. 2023 was a year with many beautiful moments and things to be grateful for, and there were difficulties as well. This past year has an important reminder to dig deep, and embrace your resilience in all areas of life.

How is the real estate market?

There is a flow of Buyers in the Oahu market, coming from Maui. Families are moving here to purchase a home or rental property to restart their lives, permanently or temporarily until they have a better idea on the future of Lahaina.

With a slow decline in interest rates, there seems to still be Buyers waiting to see what pans out this year in hopes to increase their purchasing power. This will give Sellers the reassurance that there are Buyers out there waiting for more new inventory and help increase the currently limited selection of homes on the market.

Appreciate all of you, clients who become friends, and your personal referrals! In 2023 I received the International President’s Circle award, given to the top 4% of All Coldwell Banker Agents worldwide. THANK YOU!!!

Wishing you the best in 2024!

2023 YEAR END STATISTICS

VALUES HOLD

O‘ahu home sales fell 2023, falling 26.3% for single-family homes and 28.0% for condos. Median sales prices for properties dipped modestly, though the median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline.

Compared to 2022, in 2023; Properties spent longer on the market compared to last year’s 12-day median. Single-family homes marked a median of 22 days on market, an 83% increase. Condos trailed slightly with an average of 21 days.

Slightly fewer sellers received the original list price for their properties, according to the overall sales price to original list price ratio. The overall sales price to original list price ratio declined, with median ratios of 98.3% for single-family homes and 98.6% for condos, despite continued competition in some pockets of the market due to low inventory.

Single-family home listings fell by 20.2% to 3,324 in 2023, contract signings were also down, 18.7% to 2,796. Fewer sales closed above asking price, with only 29% of single-family homes closing for over asking compared to 50% in 2022.

In 2024, experts remain optimistic that the real estate market will improve, with rates already dropping and the Fed signaling that the rate decrease are to come in the new year.

HOMES & ESTATES

First time for everything! In a first for the Coldwell Banker Global Luxury program, Homes & Estates magazine features highlights from the award-winning Trend Report.

As luxury real estate’s definitive guide to the newest and next trends driving the market, The Trend Report curates insights from a Censuswide/Coldwell Banker Global Luxury Survey along with supporting data from the Institute for Luxury Home Marketing, Wealth-X, and other top experts in their field.

NEW DEVELOPMENT UPDATES

LOCAL SMALL BUSINESS SHOUTOUT

IN ESCROW

RECENT SALES

I hope you have enjoyed this issue of the DK Report. Please feel free to forward this on to family and friends interested in the real estate market. I am ALWAYS happy to help your referrals!

Call/email/text me to discuss your real estate goals, or just to say Hello!