Oahu Real Estate Market Report For July 2022 | Sales Down, Prices Stable

HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY

Closed sales in both single-family home and condominium markets declined by 22.8% year-over-year. Sales also slipped from a month ago, down 12.6% for single-family homes and 17.3% for condos.

Pending sales were down year-over-year 31.4% for single-family homes and 26.4% for condos. Fewer new listings were added to the market compared to a year ago, with 386 single-family home listings, a 17.7% year-over-year decline, and 616 condo listings, down 7.2% from last July. However, the active inventory of single-family homes was 38.8% more than last year, and the active inventory of condos was up 8.4%.

Single-family home sales fell across most regions on O‘ahu, with the largest drop in sales
volume occurring in the Ewa Plain, Kāne‘ohe, and Leeward regions. In the condo market, the Metro region accounted for the largest decline in sales volume, ending the month down 26.7% with 285 sales compared to 389 a year ago.

Forty-nine percent of July single-family home sales closed above the original asking price
compared to 70% one year ago and 62% one month ago. Although the majority, or 66%, of
sold single-family homes received the full asking price or more, that share also fell compared to 79% of sales during the same time last year. The portion of condo sales that closed above the original asking price was 37%, nearly flat with the previous year’s 38%, but down slightly
compared to recent months. Sixty percent of closed condo sales in July received the full asking price or more compared to 62% both a year ago and last month.

A larger portion of new single-family home listings remained in active inventory at the end of the month. Out of the 386 new listings, 243, or 63%, remained active compared to 46% last year. Similarly, the condo market also saw a larger share of new listings remaining in active inventory at the end of the month. Of the 616 new listings, 353 or 57% remained active compared to 49% at the end of July 2021.

OUTSTANDING FACTS

Single Family Home

Oahu Real Estate Market Report For July 2022

Single-family home price band with the most sales was $900,000-$999,999.

Oahu Real Estate Market Report For July 2022

A large percentage of single-family homes sold at or above list price in most of the price ranges.

Oahu Real Estate Market Report For July 2022

A percentage of single-family homes sold at Above listing price decreased to 49% from 61%. 65% of Single Family Home sales were at or above list price.

Oahu Real Estate Market Report For July 2022

Condominium

Oahu Real Estate Market Report For July 2022

Condominium price band with the most sales was $300,000-$399,999. The price band was down from $400,000-$499,999 in June.

Oahu Real Estate Market Report For July 2022

Significant percentage of condo sale prices were at or above list price in the price range of $300,000-$999,999.

Oahu Real Estate Market Report For July 2022

57% of Condo sales were at or above list price and percentage of above price decreased from 43% to 37%.

Oahu Real Estate Market Report For July 2022

As always, a reminder that statistics vary by neighborhood, building, and price band.  If you have questions about your home, building, or neighborhood, please fee free to CONTACT ME.  If you would like to receive free quarterly Oahu market reports or periodic region or neighborhood/building reports delivered to your inbox, click HERE.

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