Aloha,
Single Family homes
The 2022 end-of-the-year median price was $1.075M, almost 16% higher than the prior year. The inventory increased significantly, but it is still less than 60% of the pre-pandemic level. 469 homes sold in 2022, 31% fewer than in 2021. There is 3.9 months' worth of supply, up from 3.7 months.
A neutral market is said to have 6 months' worth of supply.
Condo
The inventory level is still low, with only 46 condos available. The number of closed sales in December increased by almost 80%. We need to see if this trend continues during the peak season.
There is only 2.0 months' worth of supply. Still very tight. The condos are starting to stay longer on the market. Sold condos in 2022: Median Days on the market were only 6 days for all SOLD CONDOS in 2022. The median days on the market for condos that are Pending is 38 days. The median days on the market for ACTIVE condos are 56. The market is starting to change.
