HONOLULU (KHON2) — Single-family homes on Oahu sold for an average price of $1,057,500 last month, a 19% increase from January 2021, according to Locations Hawaii.
Condos (condominiums) sold for an average price of $510,000, up 13%, a new record high.
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Existing condo sales were much higher this past month than in a typical January,” said John Connelley, senior vice president of risk management and principal broker for locations. “Condo sales in Waikiki and Ala Moana-Kaka’ako were particularly strong — more than double what they were a year ago.”
While single-family home and condo sales are up, the length of time they’ve been on the market was different than last year.
Single-family homes stayed on the market two days longer than in the previous year and condominiums three days less than in 2021.
“Rising mortgage rates will help ease the pressure on our highly competitive market,” Connelley said. “However, rate increases will also dampen purchasing power – making affordability an even greater hurdle for first-time buyers. Home prices are unlikely to return to pre-pandemic levels, so homebuyers should act as long as interest rates remain below 4% and purchasing power is strong.”
Mortgage rates rose to around 3.5% in January, the highest in three years, according to Locations Hawaii.
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