The first quarter of 2022 closed with new record median sales prices for both single-family homes and condos at $1,150,000 and $515,500, respectively.
In March, single-family home sales fell 11.1% year-over-year, while the condo market sales volume remained strong with a 7.3% rise compared to March last year.
“More luxury sales coupled with declining affordable inventory and sales are pulling the median price upwards in the single-family home market,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “It’s no surprise that rising prices are pushing more prospective buyers to consider condos, driving the steady and strong demand we’ve been seeing for these properties.”
OahuRE.com is now one of the first sites on Oahu to show the buyer’s agent commission for all listings as we just got permission today to do so. Unfortunately, it is non-negotiable still, but at least buyers can see how much their agent is getting paid.
The buyer’s agent commission is paid for by the seller, but the price of the property is raised so the seller can pay the buyer’s agent. It is a cost to the buyer because they pay a higher price for the property to cover their agent’s commission.
For the property in the image, the buyer’s agent commission is $134,700.
OahuRE.com rebates 20% of our commission back to the buyer to help them cover their closing costs.
Great article on Leasehold. This paragraph stood out.
“The drumbeat for lease-to-fee conversion culminated in a 1984 U.S. Supreme Court decision that held the state could use eminent domain to force landowners to offer fee simple land ownership to leasehold tenants. Over the next 20 years, many single-family homeowners were able to purchase the land beneath their houses.”
I wonder why this ruling was for Single Family only. Now we never almost never see a Single Family Leasehold but still plenty of condos.
2022 began with a sharp jump in both single-family home and condo sales – combined, O‘ahu’s housing market saw a 28.6% sales increase compared to January 2021. While the single-family home median sales price held steady for the third consecutive month at $1,050,000, the condo market set a new monthly median sales price record of $510,000, surpassing the previous $500,000 set in August 2021.
Single-family home sales were up 12% year-over-year, while condo sales soared 40.8% compared to this time last year. Properties continued to move at a brisk pace, with single-family homes spending a median of 12 days on the market and 14 days for condos.
“Although sales are ahead of January 2021, we’re facing low inventory and rising interest rates that may temper the unprecedented market we saw throughout last year,” said Chad Takesue, president, Honolulu Board of REALTORS®. “However, as long as low inventory, near-record low interest rates and strong demand for housing remain, we’ll continue to see fierce competition and properties move off the market at a fast pace.”