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.”

View the January stats details at https://www.oahure.com/OahuRealEstateStatsIntro.php.

The O‘ahu housing market ended 2021 with a slight decline of 10.0% in single-family home sales and a healthy 15.4% increase in condo sales year-over-year. The median sales price for single-family homes tied the previously set record in August 2021 at $1,050,000, while condos saw a median sales price of $485,000, slightly up from December 2020.

While O‘ahu’s single-family home market saw new listings, pending sales, and total inventory in escrow all drop year-over-year, the condominium market remained strong, with new listings up 13.1%, pending sales jumped 16.7% and total inventory in escrow rose 11.5%. 

“It was clearly a seller’s market in 2021,” said Chad Takesue, president of the Honolulu Board of REALTORS® in 2022. “Not only did properties enter escrow at a record pace, but they often marked multiple offers and sold for a premium.”

Single-family homes were in high demand throughout 2021, but sales leveled off in the last quarter of the year as buyers faced low inventory and a slight rise in average mortgage rates since the summer and early fall.

“With high demand and dismal inventory of single-family homes, buyers turned their sights to condos, driving competitive activity in some areas and leading to low supply in this market as well. As a result, every price point in the condo market saw more sales in 2021 and every region across Oʻahu marked more sales,” added Takesue.

The local market update shows 3 areas having a 50% price increase from last year. Windward Coast takes the top honors with a 70% increase.

A few places have dropped in price.

For all the details please see our stats page at https://www.oahure.com/OahuRealEstateStatsIntro.php

Median prices of single-family homes stand at $1 million, condos at $500K.
Closed sales rose year-over-year with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%.
The median sales price for a single-family home fell slightly from the August 2021 record of $1,050,000 to $1,000,000, while the median condo price tied the August record of $500,000.
“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their homes,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Homeownership is about much more than simply owning a home. It poses many benefits including building equity and generational wealth and reaping the benefits of tax deductions and deductible expenses.”