Single Family Home Update
Did you know that home and condo prices were up last month - in September? This is David Buck with Harcourts Island Real Estate here to give you the monthly market report for September of 2022. First off, we'll start with the single family product. There, we saw a 4.8% increase year over year in median sales price. That was going from $1,050,000 last year to $1,100,000 this past month.
Single family home sales however, are following that trend we've seen over the past several months and sales volume is down 34.4%. That was going from 424 single family home sales a year ago to now just 278. Days on Market for single family homes are slowing down. There's a 100% increase. That was going from 9 Days on Market at year ago to 18 Days now. So, it's definitely taking things longer to sell. The rise in interest rates is definitely having an effect on our market. However, with that said prices are holding. They are up just under 5%.
Condo Update
The median price for condos was also up this past month. That was going from $478,000 to $502,500. That's a 5.1% increase year over year. So, on average homes and condos were up about 5% in regards to median sales price. We're also following that trend with single family homes in a drop off in sales volume. Condo sales weren't down as bad, but they were down 19.3%. That was going from 615 sales a year ago to 496 this year.
The median Days on Market were up just slightly, going from 11 to 14 Days. That's a 27.3% increase. That's not 100% increase like the homes, but we are seeing less sales volume for condos and prices are holding. If there's anything we can help with that's specific to you (because every neighborhood is different, every building on Oahu too), to find out what's going on in your market, whether you're looking to buy or sell, feel free to give us a call. Mahalo!