Read about the latest trends in the Oahu Real Estate Market for November 2022 Below! The number of sales continues to experience significant declines for both single-family homes and condos this last month on Oahu.
For single-family homes, there were 192 sales in November 2022. this second month in a row that we have seen a considerable decline in the number of sales. In October 2022 there were 222 sales. Compared to last year at this time there has been a 48% decrease in the number of sales. There were 340 condos sold last month, down from 435 in October 2022. This represents a decrease of 43% when compared to this time last year.
The average days on the market for both condos and single-family homes last month was 18 days, which is a steep increase when compared to November 2021 when this number was just 9 days. More sellers continue to decrease their pricing as they adjust to the changing market. HI Central reports that “approximately 46% of single-family home active listings and 36% of active condo listings experienced a price reduction at some point during their time on the market.”
Last month, the median sales price for single-family homes on Oahu was $1,149,500, which is up from October’s median sales price of $1,050,000. This represents a 9.5% increase when compared to November 2021. The median sales price for condos was $480,000 which represents a 4% decrease when compared to this time last year.