Market News

Last month the number of single family homes for sale was 43% higher than July of 2021. Buyers took longer to pull the trigger on properties, as illustrated by the increase in Median Days on Market from 9 days to 13 days. Yet, when buyers did make their offer, on average, buyers paid 100% of the asking price of a home. What does this all mean? Buyers have more properties that meet their criteria and it takes a bit extra time to see all of them. Also, they are still aggressive with their offers to fend off competition, resulting in the average and median sales prices for homes rising once again last month (7.2% and 1.9%).

The market has shifted and continues to change. Prices are up, sales are down and there are more homes for sale. When the market shifts, buyers and sellers also shift. Buyers ask, “Should I buy now?” Sellers ask, “Can I still get my price?”

Affordability and Availability loom large in today’s real estate market. According to the Honolulu Board of Realtors’ Monthly Stats Report, prices continue to rise for both condominiums and homes as compared to the same time last year. The median sales price for homes during the month of June was $1,100,000 up from $979,000 in June of last year (2021). The condominium median price last month also continue to rise moving up to a record high of $534,000. The continued high prices have affected buyers and their ability to afford these prices. Last year, we believe the high price of single family homes pushed buyers into townhomes and condominium units which were more affordable. Now, we are seeing a drop in the number of closed sales and pending sales as compared to last year. Less sales may not mean lower prices, however, it has led to more inventory for sale on the market. At the end of June there were 39.8% more homes for sale that buyers could choose from. In summary, buyers now have more choices, sellers are still selling for top dollar and the increase in mortgage interest rates have cut into the buyer’s purchasing power.

For almost a decade, sellers have had leverage in negotiating prices and terms because of high demand and low inventory. The tide may finally be changing. According to the Honolulu Board of Realtors Monthly Stats Report for sales through May 31, 2022, the inventory of single family homes on O’ahu rose by 39.8% as compared to the same period last year. If this trend continues, buyers may soon have more choices and compete with fewer offers when they find the property that is right for them. Keep in mind that inventory has been at such low levels that a large leap like 39% doesn’t mean there is a home for every buyer. In some neighborhoods around the island, we still see multiple offers and prices are still rising, evidenced by last month’s median sales price of $1,153,500, which is a record high for O’ahu.

According to the Honolulu Board of REALTORS® Monthly Statistical Report (Results through April 2022), active inventory of single family homes for sale increased by 3.7% compared to the same time last year and 9.7% as compared to the prior month (March 2022). Buyers have been waiting for years for more homes to choose from and a neutral market after a half-decade of hyper-competition and limited choice. That said, while inventory is increasing for single family homes, the opposite is occurring in the condominium and townhome segment, which experienced a 19% drop as compared to the same month last year.

Aloha, The inventory crunch continues for yet another month as new homes for sale dropped during the month of March by 6.2% for single-family homes and .1% for condominiums/townhomes.

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