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November Market Report

November Market Report

December 7, 2022 1:30 am

Price Reductions Increase Amid Sluggish O‘ahu Home Sales
Median sales price for condos drops 4% year-over-year to $480,000

O‘ahu’s single-family home and condo markets experienced a significant year-over-year decline in sales, falling 48.2% and 43.4%, respectively. The median sales price for a single-family home rose 9.5% to $1,149,500, while the median sales price for a condo dipped 4.0% to $480,000 compared to November 2021.

The number of single-family homes and condos sold over the original asking price dropped significantly, falling 73% and 68%, respectively. More active listings underwent price adjustments in November 2022, with approximately 46% of single-family home active listings and 36% of active condo listings experiencing a price reduction at some point during their time on the market.

Active inventory continued to build across Oʻahu, with single-family home supply more than doubling in the Central Oʻahu, the Ewa Plain, Leeward, Pearl City, and Waipahu regions compared to a year ago. The condo supply increased in all regions except Diamond Head and Pearl City.

“We’re seeing more sellers adjusting the price of their listings to remain competitive on the market in the face of the gradual increase in new inventory and properties spending more days on the market,” says Chad Takesue, president of the Honolulu Board of REALTORS®. “Though buyers are dealing with higher financing costs than a year ago, contracts are closing daily, albeit at a slower pace and volume than in 2021.”

Closed sales in both markets declined across most price points, with single-family homes in the $700,000 to $1,099,999 price range accounting for the most significant decrease, down 55% year-over-year. Condos within the $400,000 to $699,999 price range dropped by 50% compared to a year ago, although properties in the $2 million and above price range doubled. Both markets in the Ewa Plain (down 64% for single-family homes and 65% for condos) and Metro regions (down 54% for single-family homes and 43% for condos) accounted for the most significant decline in closed sales. Meanwhile, around 180 property sales closed under $500,000 in November 2022.

“It’s likely that first-time homebuyers purchased many of these properties under $500,000. We encourage potential buyers to remember that homeownership is possible in Hawai‘i when you prepare, plan accordingly and work with a professional REALTOR®,” Takesue adds.

Considerable pockets of single-family home inventory were available at all price points, with properties in the $600,000 to $999,999 range reaching a 175% boost year-over-year. Condo supply fluctuated across price margins, although properties in the $400,000 to $1,999,999 range saw a 45% increase, and properties priced at $399,999 and below were down by 11%. Active condo listings priced above $2 million decreased by 17%.

Info courtesy of Honolulu Board of Realtors

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I just wanted to pass along high praise and appreciation for your Realtor, Eric Olson. He helped me to sell a condo last year and just closed on a house that my family and I are thrilled about! Eric was friendly, knowledgeable, and accessible throughout the process and a pleasure to work with. Good all around experience with Eric and Carvill Sotheby’s.

- Honolulu Home Seller

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“Patty Bell is the best realtor we’ve ever dealt with…..calm, professional, gets things done with ease…..even when it takes overcoming obstacles. We have used Patty for 3 transactions over the years, and she is consistently outstanding!”

- Kailua Home Seller

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“Scott, our faith in your performance has easily been confirmed by your results. Thank you to each person involved. I have been in the Homebuilding Industry for 12+ years and, honestly, never seen the speed and quality of the results you have provided for us.”

- Kailua Home Seller

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“It’s been a pleasure working with Kelly and Scott, who are experienced, professional, honest, and at the same time, friendly. I have worked with a number of realtors on different transactions, in different cities, and I find them outstanding.”
- Kailua Home Seller

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“I wish to commend Nancy Young-Vieira on the manner in which she handled the recent sale of our Wahiawa home. We were impressed by her attention to detail and her knowledge of the market during these present times. She is professional in every way and walked us through every step of the process. Thank you for having such a well seasoned and pleasant agent as Nancy.”

Wahiawa Home Seller
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“

John Schamber recently acted as our agent to market and sell our architecturally signficant home in Honolulu. John was great during the sales process-the utmost professional, granular, and balanced. We soon had three offers on the property and he navigated the transaction to a smooth closing. We wholeheartedly recommend John as an agent.

- Honolulu Home Seller

“

“This is our 4th transaction with Ann…and in each one she was the quintessential professional with extraordinary integrity and skills.  Ann sets a high standard in her field.  It is a pleasure and privilege to work with her.  We appreciate being challenged and being heard…a balance Ann handle’s oh so well.”

Kailua Home Buyer
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“

There are so many nuances to buying a home and it was great having Mike to answer all my questions throughout the journey. We will definitely be working with him again. In fact, I will occasionally shoot him an email about areas I am interested for the future of my family. Mike has been happy to educate me on areas of interest and discuss a buying strategy. All in all I would happily recommend Mike Dilks.

- Oahu Home Buyer

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“We found Maureen O’ Guin an absolute pleasure to work with. I don’t think we could have found a better realtor for us. She listened to us carefully regarding what we were looking for in a house, and quickly identified properties that fit our specifications.”

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