Oahu Housing Median Prices Continued to Rise in September 2022
Competitive pressures ease as properties remain on market slightly longer
HONOLULU – (Oct. 6, 2022) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for September 2022.
- The Oahu single-family home median price increased by five percent from a year ago to $1,100,000. The condo median price was up six percent from a year ago to $505,000. Although still above last year, median prices for homes and condos appear to be leveling off.
- Single-family home sales fell by 34 percent from September 2021, while condo sales declined by 21 percent. Single-family homes were on the market for a median of 16 days in September, an increase of six days from last year. Condos were on the market for a median of 15 days, three days longer than a year ago.
- Competitive pressures continue to ease, with bid-ups falling to 38 percent for single-family homes and 30 percent for condos in September—a decrease of 38 percent and 24 percent, respectively.
- Single-family home and condo for-sale inventory continued to grow in September, ending the month at 657 single-family home listings and 1,200 condo listings.
“As mortgage rates continue to rise and concerns around inflation and the economy mount, we’re continuing to see a slowdown in the Oahu real estate market,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. “However, this moderation is more of a return to typical market conditions than an indication of a falling housing market.”
“Median single-family home and condo prices are still increasing year-over-year, but the rate of increase has slowed in the second half of this year. We may see flat prices in the coming months as the market recalibrates from the 2021 surge,” said Connelley.
About 29 percent or nearly one in three homes sold in September had at least one price reduction—more than a year ago, but about on par with 2019 to 2020. Only 22.8 percent of condos sold in September had price reductions—also more than a year ago, but less than 2018 to 2020.
Mortgage rates are now the highest they’ve been in 15 years and more than double the beginning of the year, pushing some buyers out of the market or to different neighborhoods or housing types. Locations expects rates to hover around 6.0% for the remainder of the year.
“While properties are taking a bit longer to sell and competition has fallen from its peak in 2021, the market is healthy, and the supply-demand balance continues to favor sellers,” added Connelley. “Demand for Oahu housing is so broad that the market will be less affected by higher borrowing costs or economic uncertainty than most other U.S. housing markets.”
Locations recommends that homebuyers and sellers partner with an experienced Realtor®, as local markets perform differently.
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