Oahu Market Report - August 2023

O'ahu Market Report for August 2023 and TWO REMINDERS:

October 2nd Deadline Homeowner Tax Exemption!! Those who qualify may claim their homeowner's OWNER-OCCUPANT tax exemption by the October 2nd deadline. REACH OUT to us, if you need your Parcel ID (TMK) for your property. Timely filing helps you avoid paying a higher property tax rate next year. Homeowners can file online at: www.realpropertyhonolulu.com. Real Property Tax Credit!! Qualified applicants only. READ MORE HERE

JOIN the A-TEAM for our monthly Activity, Island Olive Oil Tasting Learn about the process of making gourmet olive oils and balsamic vinegar with a pro olive oil sommelier! WHEN: Saturday, 9/16/23, 4p-6p WHERE: Island Olive Oil, Ward Center, Honolulu (near paul brown salon) COST: FREE! We have limited tickets available, so sign up early. To RSVP, please click here or visit ACTIVITIES Page on Our Site.

AUGUST 2023 MARKET REPORT

O‘ahu Home Sales Rise, Month-to-Month; Remain Down, Year-Over-Year. Year-to-date, median sales prices dip for single-family homes and condos Closed sales of single-family homes and condos declined year-over-year, dropping 19.7% and 16.9%, respectively; however, compared to a month ago, single-family homes recorded a 12.5% uptick in sales, while condo sales remained steady. Compared to 2022, the median sales price for a single-family home dipped 1.4% to $1,110,000, while the condo median sales price increased 3.3% to $515,000. Around 33% of single-family homes and approximately 26% of condos sold above their original list price, with sellers receiving an average of 99.1% and 99.6% of their original list prices, respectively. Sales volumes varied significantly, with single-family homes in the $900,000 to $1,199,999 range seeing a 39.2% decline and a 13.1% increase in the more affordable $600,000 to $899,999 range. For condos, the $100,000 to $499,999 price range experienced the most significant decline in sales volume, falling 24.3% year-over-year, while higher price points remained stable. August saw more active inventory of single-family homes in the $799,999 and below range, rising 33.8% from a year ago. The Kāne‘ohe and Leeward regions experienced the largest increase in units of active inventory, with year-over-year increases of 52.9% and 16.7%, respectively. Condo inventory increased at most price points, with the bulk of the active listings in the $300,000 to $699,999 range, reflecting a 20.7% hike compared to last year. Source: Honolulu Board of Realtors READ THE FULL REPORT HERE

MAUI WILDFIRE RELIEF

HOW HOW YOU CAN HELP Please also consider making plans to VISIT MAUI!! (except Lahaina), Maui needs your tourist dollars. Please consider donating cash to one or more of the relief funds of your choice. COMPASS CARES - HAWAII RELIEF FUND PILINA RELIEF FUND MAUI COLLECTIVE CONTRIBUTORS FUND MAUI UNITED WAY MAUI FOOD BANK MAUI HUMANE SOCIETY Please know COMPASS is providing significant financial aid and the A-Team members have all made personal donations, as well. We Thank You For Your Support!

Ask the A-TEAM Use the QR Code or this LINK to ask us any Oahu Real Estate Questions you might have. Your question and our answer may be featured in GoKailua Magazine or 16 Magazine for Kahala-Kaimuki.

Thanks for reading! Reach out to us anytime, to discuss what today's market means for you. Contact me

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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