Check out the Oahu Real Estate Market Report for December 2022 Below! December 2022 marks the end of a very different year for real estate when compared to 2021.
READ THE OAHU MARKET REPORT HERE
Throughout 2022 we saw many market adjustments like rising interest rates, stabilizing prices, and a more balanced demand. The Honolulu Board of REALTORS® reported that “2022 data shows single-family home sales fell 23.2% and condos declined 11.8% compared to 2021.”
For single-family homes, there were 202 sales in December 2022. While this represents a slight increase compared to November 2022, this is a 46% decrease compared to the number of sales for single-family homes in December 2021. The median sales price for single-family homes in December 2022 was $1,049,500 which is down from the median sales price in November which was $1,149,500. This represents a decrease of less than one percent when compared with December 2021. Single-family homes remained on the market for an average of 25 days in December 2022, more than double the number of days when compared to last year at this time.
360 condos sold last month, up from 340 in November 2022. Similar to what we saw with single-family homes, this represents a decrease of 39.3% when compared with the number of condo sales in December 2021. The median sales price for condos in December 2022 was $502,500, which is up from November 2022 when the median sales price was $480,000. Compared to last year at this time there has been an increase of 3.6% in the median sales price for condos. For condos, the average number of days on the market was 21 days in December 2022, a steep increase from December 21 when condos were on the market for just 12 days.