The median sales price for Oʻahu condos set a new record in January at $510,000. That's an increase of 13% compared to the same month last year.
For a third consecutive month, the median price for a single-family home remained at $1,050,000, according to monthly reports from both the Honolulu Board of REALTORS and real estate firm Locations Hawaiʻi — analyzing monthly real estate sales for Oʻahu.
Sales for both single-family homes and condos surged in January. According to Locations, single-family home sales rose by 11%, and condos 41% compared to January 2021. The Board of REALTORS report showed sale increases of 24.5% for single-family homes, and 30% for condos.
"Condo sales in Waikīkī and Ala Moana-Kakaʻako were particularly strong," said John Connelley, senior vice president and principal broker for Locations. "Single-family home inventory has declined steadily over the past two years, as we saw unprecedented buyer demand."
That high demand and low inventory continued to drive up competition and prices.
The Board of REALTORS says 61% of single-family homes and 39% of condos closed above the asking price. According to Locations, the median time single-family homes spent on the market was 13 days last month. For condos, it was 14 days — a decrease of three days.
"We're starting to see the condo market demand increase," said Chad Takesue, president of the Honolulu Board of REALTORS. "And typically, we see that when the single-family market . . . gets to a price point that the affordability becomes an issue. And so the condo option is a viable option for homeowners."
Takesue says the uptick in sales last month is may be due to the likelihood of interest rates going up in the near future.
"It may have gotten some people off the fence, maybe to try to secure that property before those rates increase to a level that is not affordable for them."
