Realtors say it’s a buyer’s market even as prices stay stable, inventory jumps

HONOLULU (KHON2) — Despite the current economic climate, realtors say the real estate market in Honolulu is stable, but there are some abnormal conditions, making it a prime time for buyers.

Experts say one fully renovated home on a quiet cul-de-sac across the street from Punahou School is a rare opportunity.

“I’m very surprised this is still available,” said Aileen Rodriguez-Chizer, a realtor. “But you know, real estate is really funny right now. You know you could have a week where you have a lot of people coming out and looking, and you have a week where there isn’t.”

According to the latest statistics from the Honolulu Board of Realtors, median prices for both single-family homes and condos are about the same this year compared to the same time last year. But there is significantly more inventory for both – a 32% increase for homes and 47% more condos.

Listings are also on the market longer, and realtors said all that adds up to a buyer’s market.

“There’s just more inventory and more selections, more options for buyers, more ability to negotiate with a seller,” said Trevor Benn, Honolulu Board of Realtors President.

Benn said Oahu’s limited inventory will always keep prices stable. As for condos, he hopes the market will bounce back eventually.

“In order to unwind the condo scenario, we’re going to have to have a solution for the insurance issues, or we’re just going to have to have a really better interest rate environment,” said Benn.

Some realtors told KHON that some buyers are still a little shy about getting into a property right now because of high interest rates.

They add that savvy buyers know that if there’s a property they really like, they should get it now and refinance to a better rate later.

“And just historically, our prices on single-family homes, they’re not gonna drop,” said Rodriguez-Chizer. “This is not the mainland, you know. This is so unique, and the house is so unique, the location, everything is about location.”

“I can tell you right now, when I lay my head on the bed, I pray for a mild hurricane season and lower interest rates,” said Benn.

“It’s such a great environment, it’s so nice and quiet, it’s a private street, it’s just a great listing,” said Rodriguez-Chizer.