The Oahu single-family home median price dropped by one percent from December 2021 to $1,042,500—the first decline in 30 months. The condo median price increased by three percent from last year to $500,000. Single-family home sales fell by 42 percent from December 2021, while condo sales declined by 40 percent. Month-to-month, sales were up in December, following typical seasonal trends.
Locations expects to see a further softening of the market this year, as buyer demand has tempered in some areas. Buyers who are still in the market for a new home will have more choices—and more time to weigh their decisions—than in recent years. They’ll also have greater bargaining power.
Despite easing competition, however, we’re still in a seller’s market. Sellers will need to price their homes conservatively and be prepared to make some concessions that they may not have had to consider a year ago.
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