Properties continue to move into contract quickly despite cooling demandHONOLULU – According to resales figures released today by the Honolulu Board of REALTORS®, closed sales in both single-family home and condominium markets declined by 22.8% year-over-year. Sales also slipped from a month ago, down 12.6% for single-family homes and 17.3% for condos. “Demand continued to cool in July, likely due in part to the rise in interest rates,” said the president of the Honolulu Board of REALTORS®. “However, properties are still moving into contract quickly with median days on the market at 11 days for single-family homes and 12 days for condos last month, despite the decline in sales.” Bennet Group Strategic Communications, 2022 Pending sales were down year-over-year 31.4% for single-family homes and 26.4% for condos. Fewer new listings were added to the market compared to a year ago, with 386 single-family home listings, a 17.7% year-over-year decline, and 616 condo listings, down 7.2% from last July. However, the active inventory of single-family homes was 38.8% more than last year, and the active inventory of condos was up 8.4%. Single-family home sales fell across most regions on O‘ahu, with the largest drop in sales volume occurring in the Ewa Plain, Kāne‘ohe, and Leeward regions. In the condo market, the Metro region accounted for the largest decline in sales volume, ending the month down 26.7% with 285 sales compared to 389 a year ago. Forty-nine percent of July single-family home sales closed above the original asking price compared to 70% one year ago and 62% one month ago. Although the majority, or 66%, of sold single-family homes received the full asking price or more, that share also fell compared to 79% of sales during the same time last year. The portion of condo sales that closed above the original asking price was 37%, nearly flat with the previous year’s 38%, but down slightly compared to recent months. Sixty percent of closed condo sales in July received the full asking price or more compared to 62% both a year ago and last month. A larger portion of new single-family home listings remained in active inventory at the end of the month. Out of the 386 new listings, 243, or 63%, remained active compared to 46% last year. Similarly, the condo market also saw a larger share of new listings remaining in active inventory at the end of the month. Of the 616 new listings, 353 or 57% remained active compared to 49% at the end of July 2021.
Source: Honolulu Board of Realtors