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October 2022 Oʻahu Housing Market Stats Report: O‘ahu Home Sales Drift Downward Amid Dampened Buyer Activity

The October 2022 Monthly Housing Stats Report by the Honolulu Board of Realtors® says:

O‘ahu Home Sales Drift Downward Amid Dampened Buyer Activity

Properties are spending longer on the market, marking a median of 19 days

“Buyer activity continues to slow with closed sales of single-family homes dropping 41.7% and condos falling 28.8%. Median sales price growth has also decelerated, though prices remained up year-over-year, with single-family homes increasing 5.0% to $1,050,000 and condos rising 4.0% to $520,000.

Properties that closed in October were on the market for a median of 19 days in both markets, up approximately eight to nine days year-over-year. Bidding over the asking price is shifting downward in both markets. For single-family homes, sales this October were split, with 50% of single-family home sellers receiving their full asking price or more, while the other 50% of sales closed below the original asking price. That’s a notable difference considering 75% of single-family homes sold at full asking price or more in October 2021. The condo market also saw 48% of sales close at the full asking price or more, compared to 59% last year.

“Higher financing costs are dampening buyer activity, meaning sellers’ properties are spending more than a week longer on the market compared to last year,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “As buyers and sellers seek a new balance under the current market conditions, we’re also seeing the prevalence of bidding over the asking start to wane compared to what we saw in 2021.””

Download the report below (PDF, 5.1 MB filesize) to learn more.