The main story from last months numbers is Single Family Homes are taking nearly 4 times longer to sell, and Condos are taking 2 times longer to sell compared to 2022. Average days on market for a Single Family Home is 47 days now compared to 13 days just a year ago. The median days on market for Condos doubled to 28 days compared to 14 days last year. The median Single Family Home price is down -12.3% versus last year but that’s still only about half the amount of appreciation during 2021-2022. Condos are only down slightly at -3.4% which I believe is due to the fact that Condos aren’t as dependent on interest rates as Single Family Homes because a lot of the time they are purchased with cash.  With Silicon Valley Bank going down we think the Feds will stop raising rates for now and could even lower them slightly in the short term. If that happens there could be increased sales activity. It’s important to keep an eye on interest rates week to week or even day to day to see if there drops that could help you get a low mortgage and a really good price on a home.  If you have any questions about the market or your specific real estate goals please reach out and I’d be happy to offer my guidance. Thanks for tuning in and see you on next month’s Oahu Real Estate Market Update!