HI Central reported that the number of sales in August 2022 was near pre-pandemic levels for single-family homes and above average for condos.
New listings for single-family homes in August 2022 were down 17.2% when compared to last year at this time. For condos, there were 15.7% fewer new listings in August 2022 than there were in August 2021. Active Inventory was significantly higher this past August when compared to last August (43.3% more inventory). There was also more active inventory for condos when compared to last year (12.9% increase).
For single-family homes, there were 314 sales in August 2022. Compared to last year at this time there has been a 26.1% decrease in the number of sales. There were 508 condos sold last month, which is down by 24.7% when compared to this time last year.
The average number of days on the market for single-family homes in August 2022 was 13 days, compared to 11 days in July 2022. Compared to last year at this time, single-family home listings are staying on the market 44.4% longer. For condos, the average number of days on the market was also 13 days in August 2022. This is up by one day when compared to July 2022. In August 2021, condo listings were selling 8.3% faster than they are this year.
Last month, the median sales price for single-family homes on Oahu increased to $1,125,500, which is a 7.2% increase when compared to August 2021. The median sales price for condos was $498,500 which represents a 0.3% decrease when compared to this time last year.