Pending sales and closed sales continue to decline for both single-family homes and condos on Oahu in October. Read the Oahu Real Estate Market Report for October 2022 below!
Properties continue to spend more time on the market than they have in the past year, at an average of 19 days for single-family homes and condos. This is over a week longer than the average days on the market for properties that were on the market last October. Chad Takesue, president of the Honolulu Board of REALTORS® reported that “as buyers and sellers seek a new balance under the current market conditions, we’re also seeing the prevalence of bidding over the asking start to wane compared to what we saw in 2021.”
For single-family homes, there were 222 sales in October 2022. This is also down considerably from September 2022 when there were 278 single-family home sales. Compared to last year at this time there has been a 41.7% decrease in the number of sales. There were 435 condos sold last month, which is down from 496 in September 2022. This represents a decrease of 28.8% when compared to this time last year.
Last month, the median sales price for single-family homes on Oahu was $1,050,000, which is a 5% increase when compared to October 2021. The median sales price for condos was $520,000 which represents a 4% increase when compared to this time last year.
HI Central reports that 50% of single-family homes on Oahu closed above the asking price in October, which is considerably lower than in October 2021 when 75% closed above the asking price. 48% of condos closed at the asking price or higher, compared to 59% at this time last year.