September 2022 Hawaii Housing Market Update 🏠📈

Hawaii Real Estate Market Update for September 2022!

The rising interest rates are doing its job and helping stabilize home purchase prices to normalize are market.

Here’s what each statistic shown means to you!

Median Days On Market:
When there is an increase YOY (from the same time in the year prior) for the time it takes a home to be sold, the days are calculated from the time it was listed on market to the day sellers accept an offer and opens escrow for the home. Compared to prior months, this number was much lower. A higher number means that A) Less competition/demand and/or B) More supply of homes.

Closed Sales:
Here we see a decrease in both condos and single family homes. This number can reiterate the reason why homes are sitting on the market a bit longer and sometimes tell how the market is doing financially, less people buying homes can be attributed to again: higher interest rates lowering the demand for homes.

Median Sales Price:
Compared to other months prior you see drastic increases in sales price in both single-family home markets, where now you see a gradual increase YOY. We can attribute this less homes being sold for higher than the listing price.

There are so many more factors/statistics to look at to read the state of the market in Hawaii, would you be interested in seeing the other numbers that help tell this story? What do you think?

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