Oahu Real Estate Market Report For July 2022
The Oahu real estate market is continuing to cool off, with declines in sales in both the condo and single-family home market. As sales slow down, new listings have followed with less new listings added to the market than the previous year. Active inventory is up in both markets as well, signaling that buyers may be gaining back some ground in negotiations - though how much ground that is remains to be seen.
One indication of this is the lowering percentage of sales closing over list price. Condos dipped only slightly, while single-family homes had a larger change compared both to the previous year and the previous month.
Oahu Single Family Home Market Stats
The median sales price for Oahu single family homes during the month of July 2022 was $1,107,994 - up 11.6% from the same month last year and is up 16.9% year-to-date..
The single family home market on Oahu is seeing an increase in the active inventory available for July 2022, up 38.8% compared to July 2021. This is despite a 17.7% decrease in new listings added to the market during the same time period. To put this in perspective however, there were 595 active listings at the time of this posting. Compare that to 814 active listings at the height of the 2006 market boom and you can see that inventory is still significantly restricted.
Closed sales for single family homes have declined across most areas of Oahu, down 22.8% year over year. The Ewa Planes, Kane‘ohe, and Leeward regions have seen the largest decline. 49% of single family home sales in July 2022 closed above the original asking price, down from 62% percent in June 2022.
The median days on the market slightly increased, up to 11 days compared to 10 days the previous month.
Oahu Condo Market Stats
The median sales price for condos on Oahu was $500,000 during July 2022, an increase of 5.3% year over year.
The condo market on Oahu is seeing a more modest increase in inventory - up 8.4% year over year. New condo listings have declined in July 2022 compared to July 2021, down 7.2%.
Condo closed sales on Oahu also saw a decline for the month of July, down 22.8% year over year. The largest decline in sales volume occured in the Metro region, which saw a decrease of 26.7% in sales volume compared to a year ago. 37% of condos sold for more than list price, a very slight decline from 38% in July 2021.
The median days on the market for condos on Oahu was 12, slightly up from 11 days in June 2022.