HI Central reported that trends in the Oahu market last month included prices remaining relatively flat, while the active inventory builds. The average days on the market for single-family and condos continue to climb when compared to this time last year. Honolulu Board of Realtors President Chad Takesue reported that “with rising rates and inflation, buyers are reevaluating what they can afford, and this is having ripple effects across supply and demand in our local housing market.”
For single-family homes, there were 278 sales in September 2022. Compared to last year at this time there has been a 34.4% decrease in the number of sales. There were 496 condos sold last month, which is down by 19.3% compared to last year.
The average number of days on the market for single-family homes increased again from 13 days in August 2022 to 18 days in September. This can be compared to 9 days in September 2021. For condos, the average number of days on the market was 14 days in September 2022 up just one day compared to August 2022. In September 2021, condos stayed on the market for an average of 11 days.
Last month, the median sales price for single-family homes on Oahu was $1,100,000, which is a 4.8% increase when compared to September 2021. The median sales price for condos was $502,500 which represents a 5.1% increase when compared to this time last year.