July 2022 – Oahu Home & Condo Sales Statistics

July 2022 - Oahu Home & Condo Sales Statistics

Sales of O‘ahu Homes, Condos Fall Nearly a Quarter in July

Properties continue to move into contract quickly despite cooling demand

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.

“Demand continued to cool in July, likely due in part to the rise in interest rates,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “However, properties are still moving into contract quickly with median days on the market at 11 days for single-family homes and 12 days for condos last month, despite the decline in sales.”

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%.

June 2022 – Oahu Housing & Condo Market

June 2022 - Oahu Housing & Condo Market

Rising Interest Rates Cause Ripple Effects Across O‘ahu’s Housing Market

REALTORS® see decreased sales volume, reduced asking prices, active listings up for longer

Housing sales volume on O‘ahu declined in June, with single-family home sales down 20.8% and condos dropping 14.2% year-over-year. However, sales volume is still up compared to pre-pandemic 2019 levels, with single-family home sales up marginally at 9.2% and condos well ahead at 32.3%.

The median sales price of a single-family home increased 12.4% to $1,100,000 compared to last June. Condos set a new record for the second month in a row with a median sales price at $534,000, up 16.1% from a year ago and 3.4% above last month’s record of $516,500. Properties continue to move into escrow in under two weeks, though single-family homes spent 10 days on the market in June compared to just eight days last year, and condos remained steady at 11 days on the market.

Despite this quick pace, the volume of contract signings has subsided, with pending sales falling for three consecutive months, declining 27.7% for single-family homes and 24.8% for condos year-over-year.

“The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “New listings are spending more time on the market compared to the frenzy in activity we witnessed last year. Sellers are also adjusting their strategies in response to market conditions. Over the past several months, we’re seeing more sellers decrease the asking price for their properties for single-family homes and condos,” Takesue added.