The DK Report February 26, 2024

The DK Report | January

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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!

 

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2023 YEAR END STATISTICS

VALUES HOLD

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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.

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HOMES & ESTATES

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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.

 

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NEW DEVELOPMENT UPDATES

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KUILEI PLACE

The first new development in Mo’ili’ili in decades! Kuilei place will feature 1,005 units across two towers. Units are designed with Kama’aina lifestyles in mind. A wide variety of floorpans are still available at market rate prices. Completion is estimated for 2026.

 

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KALAE

Kalae will feature ‘front row’ views of the water, and amenities a notch above previous projects. Expect high end finishes inside all 330 units. A limited number of units are still available. Construction has just began, completion is estimated for 2026.

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LOCAL SMALL BUSINESS SHOUTOUT

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WE HEART CAKE CO.

One of my personal favorite spots to pick up a sweet treat! We Heart Cake Company is located in Kaimuki, 3468 Waialae Ave a few doors down from Tamura’s.

Stop by to visit this adorable boutique, tell Kana (the owner) hello! She and her team create the most beautiful and delectable baked goods! Offering everything from wedding cakes to party favors, We Heart Cake Co has something for every occasion!

Contact Kana at:
(808) 533-2253
kana@weheartcakecompany.com or www.weheartcakecompany.com
IG: @weheartcakecompany

 

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SUSHI GYOSHIN

A hidden oasis on Piikoi, Sushi Gyoshin is an omakase style sushi restaurant featuring the highest quality ingredients from Hawaii and Japan. Chef Hiroshi Tsuji creates his menus daily, revolving on what ingredients meet his high standards.

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IN ESCROW

 

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3133 CHARLES STREET

Architecturally designed dream home in the heart of Kapahulu. 4 Bed/3 Bath home full of custom and high end finishes. Hardwood floors, PV, Tesla battery storage, and more! Rare, newer 2013 construction.

Offered at: $1,695,000 FS

 

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RECENT SALES

 

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603 ALIHI PLACE

Private Kailua Oasis! Island living perfected with effortless indoor/outdoor flow. 3 Bed/2 Bath home with sparkling pool, waterfall feature and lush landscaping. Vaulted ceilings and 42 owned PV panels.

SOLD: $1,601,000 FS

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91-1277 KUANO’O STREET

Luxurious Ewa Gentry golf course home. Spacious 4 Bed/3 Bath residence with almost 4,000 Sq Ft under roof. Gourmet kitchen and sprawling primary suite with private office. 46 Owned PV panels w/battery storage.

SOLD: $1,510,000 FS

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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!

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