Average condo prices on Oahu hit a record $510,000

The Oahu housing market remained tight in January as the median condo price hit an all-time high and the single-family home price remained at $1 million or higher for the sixth straight month.

According to data from the Honolulu Board of Realtors, inventory continued to tighten and buyers quickly snapped up properties, paying in most cases at or above asking price.

Oahu’s housing market for single-family homes and condos combined saw a 28.6% increase in sales compared to January 2021 as real estate moved quickly. Detached houses were on the market for a median of just 12 days, condominiums for 14 days.

“Although sales are ahead of January 2021, we are facing low inventories and rising interest rates that could dampen the unprecedented market we’ve seen over the past year,” said Chad Takesue, president of the Honolulu Board of Realtors, in a press release .

But he added that as long as low inventories, low interest rates, and strong housing demand persist, Oahu will continue to see stiff competition and real estate quickly disappearing from the market.

The median selling price for a single family home hit $1.05 million for the third straight month while the condo market set a new monthly median selling price record of $510,000, from the previous high of $500,000 in August, October and eclipsed November.

The median is the point where half of the sales were made at a higher price and half at a lower price.

Single-family home sales rose 12% in January from 2021, while condo sales rose 40.8%.

Single-family homes in the $900,000+ price range accounted for 70% of monthly sales, while sales under $900,000 were down 34% from 2021.

Although single-family home listings were down 12.3% year over year, 58% of new listings that hit the market in January were in escrow or sold by the end of the month.

Condos, meanwhile, saw sales increase at almost all price levels — and particularly in the $700,000+ range, where sales tripled over the course of 2021. Due to the strong demand and the high turnover, there were fewer condominium offers in the active stock this month.

According to Takesue, the housing market usually warms up when single-family home prices reach the point where affordability becomes an issue.

“There’s no question that the market is competitive, but the good news is that many local residents are becoming homeowners and more people are interested in the home journey,” Takesue said.

While pending single-family home sales declined 4.3% as of 2021 and fewer single-family homes remained in escrow than a year earlier, pending condo sales rose 7.5%.

HOME SALES

The number of homes sold on Oahu in January with the median price and percentage change from the same month last year:

HOUSES

AVERAGE SALES PRICE

2022 326 $1,050,000

2021 291 $883,000

Change 12% 18.9%

condominiums

AVERAGE SALES PRICE

2022 552 $510,000

2021 392 $452,000

Change 40.8% 12.8%

Source: Honolulu Board of Realtors