Several favorable market conditions are combining to create a window of opportunity for prospective homebuyers in early 2019. Median prices have stabilized, and inventory levels are rising, thanks in part to new development in the urban core. With interest rates at their lowest point in the past ten months, prospective home-buyers should act now—before median prices and interest rates continue to climb.
Overview Of The Market
Data reflects the 12-month period ending in December 2018, compared to the previous 12-month period.
HOW DID YOU DO? IF YOU SIGNED UP FOR MARKET UNITS YOU CAN FIND YOUR RESULTS HERE
The other day was probably the most hectic day for buyers looking to buy a market unit at The Central Ala Moana. Market buyers were literally camped out in front of a computer/phone waiting for the start time to sign up online. The 202 Market units are offered to "owner occupants" who plan to reside in the unit. Part of the application was to submit a pre-qual letter along with a notarized owner occupant affidavit. Those who submitted their paperwork were allowed to sign up online via EventBrite on a first-come-first-serve basis. The developer stated the EventBrite link would go live at 10am on January 5th. There were also strict rules, the EventBrite sign up link was only open for 1 day and if you registered twice, you would go to the end of the list. If there are any left over units after owner occupant, they will then be opened to the unrestricted release (may be bought by investors or by those wanted to live in the unit).
Prior to signing up online, there was just about 404 people who submitted paperwork, but only 367 signed up during the allotted time. Depending on what unit you want, there is a good chance you may get something. The reason is simple, not everyone chooses during their selection period. Some people simply do not show up, and others pass due to the lack of inventory of their desired units, or the units left are too expensive and exceed their pre-qualification letter. Unit selection begins on the 3rd week of January 2019.