This is a very informative video shared by Paul Brewbaker, our go to economist for understanding the impact world events have on Hawaii’s local housing market. As with most information of this nature, there is a time lag to process the data. Oahu existing home sales prices started drifting off trend as early as 2018, however we didn’t see any collapse in prices as of May 2020. We did see a drop which was precipitated by the crack down on undocumented vacation rentals, but even with Covid-19 we did not see a collapse as of May. Will be looking forward to Paul’s next briefing, via Zoom of course.
Not surprising, there is a lot of thought that goes into buying a property and as soon as you get the tickle in your brain that you might want to consider purchasing a home, buyers need to shift into the negotiation mode ... before walking out your front door or picking up your phone to text your best friend about this new revelation you’ve made.