In October, there were 110 single family homes sold, which is 14.6% more than sold in October 2020. 40% of the single family homes that sold closed at $1,000,000 and up.
For condos, there were 133 units sold in October, down from 182 in September 2021. This is an increase of 9% when compared to one year ago. 36 of the condos that sold, closed at $1,000,000 or more. This is 44% higher than the number of condos that sold at $1,000,000 or more when compared to last year at this time.
The average days on the market for single family homes stayed at 71 days in October for the second month in a row. Compared to last year at this time there has been a 13.4% decrease in the average DOM. The average days on the market for condos sold last month was 58 days, down from 74 days in September. This represents a decrease of 13.4% when compared to this time last year.
Prices appear to have leveled off slightly over the few months, due to the market slow down that is being seen across all of the islands. Similar to last month, there was a slight price decrease in the median sales price for single family homes. The median sales price for single family homes was $932,500 in October, representing an increase of 7.5% when compared to this time last year. For condos, there was a decrease in the median sales price, dropping from $729,125 in September to $665,000 in October. For condos, there has been a 12% increase in the median sales price when compared to this time last year.
The monthʻs supply, which is an indicator of supply and demand, has been on a steady decline since last December and now sits at an incredibly low 1.1. This represents an 81% decrease when compared to this time last year.