Strong Demand Continues to Drive Oʻahu’s Housing Market in New Year
Condos set a new record median sales price of $510,000
According to resales figures released today by the Honolulu Board of REALTORS®, 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.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2022 | 326 +12.0% | $1,050,000 +18.9% |
| January 2021 | 291 | $833,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2022 | 552 +40.8% | $510,000 +12.8% |
| January 2021 | 392 | $452,000 |
Single-family home sales were up 12% year-over-year, while condo sales soared 40.8% compared to this time last year. Single-family home properties in the $900,000 and up price range accounted for 70% of the month’s sales, while sales below $900,000 fell 34% from the previous year. On the other hand, condos experienced sales increases at nearly all price points, especially in the $700,000 and up range, where sales tripled year-over-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.”
Similarly to December 2021, approximately 61% of single-family home sales closed above the original asking price, a 24.5% increase from this time last year. The condo market also saw a large portion of sales close above the original asking price, 39% of sales compared to 30% in January 2021. In particular, condos in the $400,000 to $599,999 price range saw the most sales close over the asking price.
Single-family home listings were down 12.3% compared to a year ago, and of the new listings that came on the market in January, 58% were in escrow or sold by the end of the month. New listings of condos remained fairly level year-over-year, with a slight 1.1% uptick. However, with strong demand and sales volume, 2022 began with fewer condo listings in active inventory.
“There is no question the market is competitive, but the good news is that we’re seeing many local residents become homeowners and more people interested in the path to homeownership,” added Takesue.
Pending sales of single-family homes marked a slight 4.3% drop from last year, leaving fewer single-family homes in escrow than the previous year, while pending condo sales increased by 7.5% over last January.