Honolulu Board of Realtors president Chad Takesue summarized the Oahu real estate market by commenting that “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.” Without a doubt, sales are still moving quickly and similar to December 2021 61% of single family homes closed above the asking price and 39% of condo sales closed above the asking price.
For single family homes there were 326 closed sales in January 2022, which is down slightly from 378 sales in December. This is an increase of 12% when compared with this time last year. The median sales price for single family homes remained steady at $1,050,000 in January 2022, an increase of 12% when compared to this time last year. Properties that sold at $900,000 and above accounted for 70% of all single family homes sold last month. The average days spent on the market for single family homes was 12 days.
A new record high median sales price was set last month for condos at $510,000. This is an increase of 12.8% when compared to January 2021. According to HI Central, sales for condos priced at $700,000 and up tripled year over year. Condo sales have increased significantly by 40.8% when compared to this time last year with 552 sales. The average days spent on the market for condos remained low at 14 days.