Hi Central reports that “the volume of contract signings has subsided, with pending sales falling for three consecutive months.” Even with dipping number of sales for condos and single family homes when compared to last year – the volume of sales is still higher than where it was prior to the pandemic in 2019. For single family homes there were 357 sales in June 2022, which is a decrease of 20.8% when compared to June 2021. There were 626 condos sold last month, down by 14.2% when compared to this time last year.
Honolulu Board of Realtors President Chad Takesue stated that “The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home.” We are also noticing that sellers are making more price adjustments for both single family homes and condos than were made last year at this time.
The median sales price for both condos and single family homes remain high on Oahu, with the condo median sales price setting a new record high last month. The median sales price for condos was $534,000 which represents a 16.1% increase when compared to this time last year. Last month, the median sales price for single family homes on Oahu was $1,100,000 which is a 12.4% increase when compared to June 2021. 62% of single family homes sold above the asking price, which is a decline of 6% when compared to last June. 43% of condos sold above the asking price last month, compared to 41% in June of 2021.