Honolulu Board of Realtors president Chad Takesue commented on the Oahu real estate market by stating that “lack of inventory continues to be our number one challenge of getting families into homes. Active inventory remains significantly below pre-pandemic levels, making it a challenging and competitive environment for prospective buyers.”
For single family homes there were 241 closed sales in February 2022, which is down slightly from 326 sales in January 2022. This represents a decrease of 7.3% when compared to this time last year. The median sales price for single family homes was at a record high last month at $1,125,000, which is 22% higher when compared to this time last year. The average days spent on the market for single family homes remained low at just 13 days. 55.2% of all single family homes last month closed above asking price last month.
After a record high in January, the median sales price for condos in February 2022 dipped slightly from $510,000 to $497,000. Prices are 8.6% higher when compared to this time last year. 37% of condos sold for above asking price last month. Due to high demand and lack of inventory, the average days on market remained low at just 14 days.
According to HI Central, the neighborhoods of Hawai’i Kai, Ewa Plain, and Kailua have experienced the most significant increase of new listings in the last month. Condo listings in the Metro area increased the most last month and condos in the Central region of Oahu decreased the most.