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For single family homes there were 321 sales in March 2022, which is a decrease of 11% when compared to March 2021. HI Central reported that the luxury single family home (homes sold at $3 million and up) market is up 69% when compared to this time last year.
There were 672 condos sold last month, up by 7% when compared to this time last year. President of the Honolulu Board of Realtors, Chad Takesue, commented that the increases in prices for single family homes is pushing more buyers to consider condos, which is driving the condo market up.
The average days on the market for both condos and single family homes last month was just nine days. This is a decrease when in both markets when compared to March 2021 a more significant decrease when compared to February 2022.
New record high median sales prices were set for both condos and single family homes this past month. The median sales price for single family homes was $1,150,000 in March 2022, up by 21% when compared to this time last year. Chad Takesue, president of the Honolulu Board of Realtors stated that “more luxury sales coupled with declining affordable inventory and sales are pulling the median price upwards in the single family home market.” The median sales price for condos last month was $515,000, which is an increase of 14% when compared to March 2021. 42% of condos sold for above asking price last month. 58% of single family home sold above asking price last month.