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Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY

Rising mortgage rates are weighing on home sales. Year-over-year, single-family home and condo sales dropped 34.4% and 19.3%, respectively, and compared to August 2022, singlefamily home sales were down 11.5%, while condo sales dipped 2.4%. Pending sales activity was also muted compared to last year, with contract signings falling 43.7% for single-family homes and 30.7% for condos.

Median sales prices remained relatively flat over the last several months and saw a slight bump up compared to the same time last year. In September, the single-family home median was $1,100,000, up 4.8%, while the condo median sales price was $502,500, a 5.1% increase from a year ago.

New listing volume continued to fall, declining 26.2% for single-family homes and 18.6% for
condos from a year ago. However, properties are spending more time on the market. The
median days on market for single-family homes rose to 18 days, compared to 9 days in
September 2021, and condos marked 14 days in September, compared to 11 days during the
same period last year. Although active inventory increased, up 43.9% and 10.8% for singlefamily homes and condos, respectively, it is approximately 40% below its 2019 pre-pandemic level.

Fewer single-family homes and condos are closing above the asking price, with 36% of singlefamily homes sold above the original offer compared to 64% in September 2021 and 29% for condos compared to 40% during the same time last year.

Overview of third quarter stats

The third quarter of 2022 ended with sales well below the same period in 2021. Quarterly sales fell 27.9% for single-family homes and 22.4% for condos. Year-to-date, the shift in affordability has had a greater impact on the single-family home market, with sales down 15.8% from a year ago. The condo market is slightly trailing 2021 sales, with sales down 3.3% year-to-date.

The Q3 median sales price in most regions remained elevated from one year ago. However, the
rise in median sales prices appears to have slowed or perhaps even reversed course in some
areas. In the single-family home market, compared to Q2, the North Shore region saw a 15.1% decline, the Diamond Head region was down 12.8%, and the Leeward region dropped 10.5%. In the condo market, the Makakilo region saw the greatest decline in median sales price, down 7.8%, from Q2.

Compared to the same period one year ago, new listing volume in Q3 was down 20.1% for single-family homes and 14.0% for condos.

OUTSTANDING FACTS

Single Family Home

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

Single-family home price band with the most sales was $800,000-$899,999, down from $900,000-$999,999.

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

A percentage of single-family homes sold at Above listing price decreased to 35.9% from 38.6%. 49.6% of Single Family Home sales were at or above list price in September and the percentage has been decreased past 3 months.

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

Condominium

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

Condominium price band with the most sales was $400,000-$499,999.

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

51.9% of Condo sales were at or above list price and percentage of above price decreased from 34.3% to 28.4%.

Oahu Real Estate Market Report For September 2022 | Sales cool amid Rizing Mortgage Rate

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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