Oahu Real Estate Market Report: July 2022

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READ THE MARKET REPORT HERE. 

Experts believe that the interest rates have caused the demand to ease up over the past few months across Hawai’i. On Oahu, the number of sales has declined by 22.8% for both condos and single-family homes when compared to this time last year. HI Central reported that “fewer new listings were added to the market compared to a year ago, with 386 single-family home listings, a 17.7% year-over-year decline, and 616 condo listings, down 7.2% from last July.” Even with the decrease in new listings, there is still more active inventory than there was last year at this time.

For single-family homes, there were 312 sales in July 2022. Similar to last month, this represents a 22.8% decrease when compared to July 2021. There were 518 condos sold last month, which is down by 22.8% when compared to this time last year.

However, despite these changes, the average days on the market remain low for both single-family homes and condos. Despite the changes happening in the real estate market, the average days on the market still continue to be low when compared to previous years. Single-family homes stayed on the market for 11 days, while condos stayed on the market for 12 days on average in July.

Last month, the median sales price for single-family homes on Oahu rose slightly to $1,107,944 which is an 11.6% increase when compared to July 2021. The median sales price for condos was $500,000 which represents a 5.3% increase when compared to this time last year.