For the first time in a long time Oahu median home prices actually came down, 7% for single family homes and 3% for condominiums. There's no need to panic because it's nowhere near the amount of appreciation our market experienced in the last 2 years, but it is worth noting as buyers have more opportunities in today's market than in years past. More expensive financing is putting some downward pressure on prices and sellers will have to adjust in order to meet new decreased buyer demand from increased interest rates. Average days on market are now 24 days and so while there are still fewer new homes coming on the market, inventory is starting to grow because properties are taking longer to sell.

My buyers who are winning are the ones offering 10-15% below asking and still going into escrow with seller credits. My sellers who are getting their properties sold are the ones who are being patient in finding a buyer, making it move in ready, and pricing according to the higher interest rates. Here's the change that many buyers asked for so lets see who makes a move. Like I always say, it's more important to find the right property and a motivated seller than it is to try and time the market. There are opportunities out there!