Oahu Median Housing Prices Remain Near Record Highs But Leveling Off
One in four single-family homes sold in August 2022 had price cut
HONOLULU – (Sept. 9, 2022) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for August 2022.
- The Oahu single-family home median price increased by seven percent from a year ago to $1,125,500 in August 2022. The condo median price was unchanged from a year ago at $499,000.
- Although still above last year, median prices for homes and condos appear to be leveling off. Single-family home and condo sales both fell by 25 percent from August 2021.
- Both single-family homes and condos were on the market for a median of 14 days in August, an increase of four days for homes and two days for condos from a year ago.
- Bid-ups continued to ease in August, falling to 40.3 percent for single-family homes and 34.9 percent for condos—a decrease of 35 percent and 12 percent, respectively.
- Single-family home and condo inventory continued to grow in August, ending the month at 634 single-family home listings and 1,132 condo listings.
“It appears that the unprecedented run on homes that we saw last year has finally run its course,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. “As Oahu real estate market conditions continue to moderate and competitive pressures ease, it's beginning to look more like our pre-pandemic market of a few years ago. We’ve seen a slower pace of sales over the past several months and waning competition among buyers.”
“Although median prices for both homes and condos are still near all-time highs, the rate of increase, year over year, is leveling off.” said Connelley. About one in four homes sold in August had at least one price reduction—an increase from last year, but about on par with 2020. Only 16.5 percent of condos sold in August had price reductions—about the same as a year ago. Connelley also noted that other market indicators remain strong; days on market, while increasing slightly, are still near historic lows and more than one in three homes and condos sold in August were bid up over the list price.
“Low housing inventory has been an issue on Oahu for decades, so any rise in the number of homes for sale is good news for homebuyers,” said Connelley.
“However, months of remaining inventory for single-family homes and condos is still near record lows. We’re firmly in seller’s market territory.” Locations recommends that homebuyers and sellers partner with an experienced Realtor®, as local markets perform differently. Locations agents are able to serve their clients safely while complying with the State of Hawaii’s health and safety guidelines. Virtual meetings, home tours and open houses are also available.
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