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A lot of pressure on the housing market over here on Hawaii Island seems to be driven by mainland folks trying to escape cities and move to houses with yards. Very low inventory and I'd expected the house prices to fall, but this increased migration of mainlanders is keeping the prices up. Also, with the 'work from home' that's now become more widely available, folks are able to move here without worries of finding employment.
The house next door to us is typical. The folks living there were a mixed nationality couple - U.S. & Canadian. They moved to Canada since one of them got a job there and the pandemic was just beginning and they wanted better healthcare so they moved to Canada. Their house sold within a month and a half for a good solid price. Well, at that time, now several months later, it's gone up. The new people moved over, did quarantine and are ecstatic not to be in a small apartment in a city. Software engineer working from home and he's trying to find similar houses for his friends so they can move over here, too.
I don't know if many folks fleeing the pandemic would opt for a condo in a highly urban area, though, which may be why the condos aren't selling very quickly.
I won't be surprised by a small drop, though I'm curious if this will be a universal decrease or if it will primarily impact pricier units/homes
The more expensive homes in Hawaii tend to weather price decreases the best. Less expensive homes tend to bear the brunt of price corrections as much as a 40% decrease.
The outer islands tend to get hit the hardest especially the Big Island - on Oahu you’ll see West Oahu get hit hard.
The more expensive homes in Hawaii tend to weather price decreases the best. Less expensive homes tend to bear the brunt of price corrections as much as a 40% decrease.
The outer islands tend to get hit the hardest especially the Big Island - on Oahu you’ll see West Oahu get hit hard.
Quote:
Originally Posted by rya96797
condos will have continued weakness to come. There's A LOT of inventory still being constructed all over honolulu with the economy still in the pits.
SFH prices will stay up, at least in the shorter term due to people fleeing covid.
If super low interest rates persist, it will offset some of the negativity.
Ah gotcha! I'll be watching the situation closely.
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