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.