Oahu Real Estate Market Update, August 2022

 

Market Highlights:

• New listings fell 17.2% for single-family homes and 15.7% for condos in comparison to August 2021
• Median sales prices remained on pace with recent months, with August’s single-family home median sales price rising 7.2% year-over-year to $1,125,500. 
• Nearly half  (48.7%) of single-family home sales closed below the original asking price, compared to 22.8% a year ago. 
• Of the total active inventory at the end of the month, 38% of single-family homes had experienced a price reduction at some point since being listed

Full HBR Report

——The Highest MLS Sales——

        

$6,060,000  

260 Paiko Dr, Honolulu 96821 

4 Beds, 4 1/2 Baths 

Sq. Ft: 4,826

Year Built: 1970

List price: $6,195,000

DOM: 67

MLS 202210032

$9,280,000

637 Pana Pl, Honolulu 96816

5 Beds, 3 1/2 Baths

Sq. Ft: 5,822

Year Built: 2005

List price: $9,650,000

DOM: 71

MLS 202202769

——Did you purchase a home in 2022?——

——Should you buy a home now?——

The simple answer is Yes! For more in-dept analysis, check out this great article written by lender Rick Yniguez which was published at Star Advertiser.

——Quote of the Month——

I've recently read "The Untethered Soul" by Michael Singer. It's a very powerful book about setting ourselves free from our overthinking mind and controlling thoughts. 

That's why I chose this quote- it summarizes the book very well. Don't let our thoughts control our day and influence our behavior (How many times have we dwelled on something we've said and we were worried for awhile how has it been perceived by the other person?). Instead, let all thoughts pass. Observe them, say something like "I hear you, but I would like to live my day worry-free", and let them just be. Eventually, they will disappear. At the end, all it matters is Now. We can't change the pass, we can't foresee the future, so we can't let these thoughts control our day.

Have a fabulous day and a great month, My Ohana!