HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY
O‘ahu’s single-family home and condo markets experienced a significant year-over-year decline in sales, falling 48.2% and 43.4%, respectively. The median sales price for a single-family home rose 9.5% to $1,149,500, while the median sales price for a condo dipped 4.0% to $480,000 compared to November 2021.
The number of single-family homes and condos sold over the original asking price dropped
significantly, falling 73% and 68%, respectively. More active listings underwent price
adjustments in November 2022, with approximately 46% of single-family home active listings
and 36% of active condo listings experiencing a price reduction at some point during their time on the market.
Properties in both markets also spent a median of 18 days on the market year-over-year,
roughly double the time on the market compared to November 2021. Although new listing
volume fell in both markets, active inventory remained steady. Active inventory continued to
build across Oʻahu, with single-family home supply more than doubling in the Central Oʻahu, the Ewa Plain, Leeward, Pearl City, and Waipahu regions compared to a year ago. The condo supply increased in all regions except Diamond Head and Pearl City.
Closed sales in both markets declined across most price points, with single-family homes in the $700,000 to $1,099,999 price range accounting for the most significant decrease, down 55% year-over-year. Condos within the $400,000 to $699,999 price range dropped by 50% compared to a year ago, although properties in the $2 million and above price range doubled. Both markets in the Ewa Plain (down 64% for single-family homes and 65% for condos) and Metro regions (down 54% for single-family homes and 43% for condos) accounted for the most significant decline in closed sales. Meanwhile, around 180 property sales closed under $500,000 in November 2022.
Considerable pockets of single-family home inventory were available at all price points, with
properties in the $600,000 to $999,999 range reaching a 175% boost year-over-year. Condo
supply fluctuated across price margins, although properties in the $400,000 to $1,999,999
range saw a 45% increase, and properties priced at $399,999 and below were down by 11%. Active condo listings priced above $2 million decreased by 17%.
Pending sales continued to decelerate, falling for the eighth consecutive month. Year-over-year,
contract signings were down by 46.0% for single-family homes and 37.3% for condos.
OUTSTANDING FACTS
Single Family Home
Single-family home price band with the most sales was $800,000-$899,999, same as last month.
A percentage of single-family homes sold at Above listing price increased to 34.3% from 36.3. 49.5% of Single Family Home sales were at or above list price in November.
Condominium
Condominium price band with the most sales was $300,000-$399,999.
46.3% of Condo sales were at or above list price.
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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