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Waikiki Real Estate Market

Waikiki, known for its white sand beaches and luxurious ocean views, is one of the most frequented locations in all of Hawaii. This neighborhood is currently experiencing a housing market that is relatively less competitive than other locations, with various metrics reflecting this status.

Market Competitiveness

The Waikiki housing market is characterized by several key behaviors that indicate its lack of competitiveness:

  • Time on Market: Homes for sale in Waikiki are taking an average of 71 days to sell, which is a significant increase from 58 days last year. This elongated time frame suggests that buyers have more leverage and are taking their time to make decisions.
  • Offers and Pricing: Multiple offers on homes are rare in this market. On average, homes are selling for about 3% below the list price. However, highly desirable or "hot homes" can sell for around the list price and go pending in approximately 46 days.

Financial Metrics

  • Median Sale Price: The median sale price for Waikiki homes for sale was $424,000 last month, marking a slight 0.76% decrease compared to the same period last year. This marginal decline could indicate a stable but softening market.
  • Sale Price Per Square Foot: The median sale price per square foot is at $833, which is a 7.3% decrease from last year. This more substantial drop suggests that buyers are getting more value for their money, possibly due to an oversupply or reduced demand.
  • Volume of Sales: There were 292 homes sold in August 2023, which is a decrease from 328 homes sold during the same period last year. This reduction in sales volume could be indicative of waning demand or perhaps a market in transition.

Additional Insights

  • Market Temperature: The longer time on market, the lack of multiple offers, and the average homes selling below list price all point to a buyer's market. This could be an advantageous time for buyers looking for more negotiating power and a wider selection of available properties.
  • Property Types: While the data doesn't specify, it would be interesting to know the types of properties that are more prevalent in the market—whether they are single-family homes, condos, or townhouses—as this could also influence buyer behavior and pricing.

The State of Waikiki Housing Market

The Waikiki housing market is relatively less competitive, offering a different landscape compared to other Hawaiian markets like Kaneohe and Kapolei. With homes taking longer to sell and prices experiencing a slight to moderate decline, the market appears to be in a transitional phase. 

For prospective buyers, this could be an opportune time to enter the market, as they may find more room for negotiation and a better value for their investment. Sellers, on the other hand, may need to adjust their expectations and be prepared for longer listing periods and potentially lower selling prices.

In summary, the Waikiki housing market presents a unique set of challenges and opportunities that require a tailored approach for both buyers and sellers. Given the current market conditions, a well-strategized plan is essential for successful real estate transactions in this area.


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