Oahu Real Estate Market Report For January 2022 | Jump Start 2022

HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY

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. 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.

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.

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.

OUTSTANDING FACTS

Single Family Home

Single-family median price remains at record high $1,050,000. Sixth straight month at or above $1M

Single-family home price band with the most sales was $900,000-$999,999.

A large percentage of single-family homes sold at or above list price in all price bands.

Single-family months of inventory near all-time low of only 0.8 months

Condominium

Condominium median sale price at new record high $510,000

Condominium price band with the most sales was $400,000-$499,999.

Significant percentage of condo sale prices were at or above list price, especially in the $400,000-899,000 price bands.

Condominium months of inventory remains low at only 1.6 months

As always, a reminder that statistics vary by neighborhood, building, and price band.  If you have questions about your home, building, or neighborhood, please fee free to CONTACT ME.  If you would like to receive free quarterly Oahu market reports or periodic region or neighborhood/building reports delivered to your inbox, click HERE.

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