Sales dipped for single family homes last month which could be a result of the rising interest rates and rising prices. For single family homes there were 344 sales in May 2022, which is a decrease of 15.1% when compared to May 2021. Condo sales increased slightly last month and compared to last year at this time, they have increased by 15%. There were 688 condos sold last month, up by 15.1% when compared to this time last year.
Honolulu Board of Realtors President Chad Takesue commented that Buyers are beginning to be impacted by market dynamics like interest rates and median sales price stating that “we see this reflected in the active inventory of single family homes which rose 39.8% from a year ago.”
The average days on the market for both condos and single family homes last month was 10 days. For single family homes this represents an increase of 25% when compared to May 2021 and for condos this represents a decrease of 16.7%.
A new record high was set for single family homes last month on Oahu at $1,153,000, up by 17.9% when compared to this time last year. The median sales price for condos last month was $516,500, which is an increase of 12.8% when compared to May 2021. According to HI Central the number of single family homes sold between $600,000 and $999,999 decreased the most in sales when compared to this time last year. For condos, number of sales in the $700,000 to $899,999 range more than doubled when compared to this time last year.