Oahu Real Estate Market Report For March 2022 | New Record Price Again!

HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY

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. The March median sales price for single-family homes reflects a 21.1% increase from last year and is 2.2% above the previous record of $1,125,000 set just a month ago. The condo market’s median sales price of $515,500 represents a 14.3% hike compared to this time last year and a 1.1% increase from the prior record of $510,000 set in January 2022.

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.
Combined sales saw a
modest bump, 0.6% compared to March 2021 sales.

Fewer single-family homes were sold in March and the first quarter, with the most significant
decline occurring in the $899,999 and below range, down 56.3% with just 70 closings in March. On the other end, the luxury single-family home market is picking up with 27 single-family homes sold in the $3 million and above range, marking a 68.8% jump year-over-year. In the condo market, sales in the $700,000 to $799,999 range recorded the highest volume increase, up 125.8%, with most of these sales occurring in the Metro and Ewa Plain regions.

Several regions across O‘ahu marked a boost in single-family home sales in Q1, including Waipahu, Hawai‘i Kai, and Leeward, up 50%, 18%, and 16%, respectively. The largest declines in this market occurred in the Diamond Head and North Shore regions, down 22% and 36%, respectively.

In the first quarter of 2022, 58% of single-family homes sold above the original asking price, up slightly from 52% in the first quarter of 2021. Similarly, approximately 42% of condos sold above the original list price compared to 29% in the same period last year. In both markets, properties sold in March were on the market for a median of nine days.

New listings for single-family homes continue to lag behind last year, with 412 new properties listed in March or a 6.2% dip compared to this time last year. Buyers scooped up the inventory quickly – approximately 56% of those new listings were in escrow or sold by the end of the month. New listings for condos were on pace with March 2021.

Active inventory of single-family homes is down 5.0% from a year ago, while active inventory for condos fell even further in recent months, dipping 26.9% compared to March 2021. Pending sales are outpacing March 2021 activity, up 3.8% for single-family homes and 5.3% for condos.

OUTSTANDING FACTS

Single Family Home

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.

73% of Single Family Home sales were at or above list price and percentage of above price increased from 54% to 58%.

Condominium

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 $300,000-999,000 price bands.

65% of Condo sales were at or above list price and percentage of above price increased from 37% to 47%.

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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