Oahu Single-Family Home and Condo Median Prices Reached New Highs in March 2022
Nearly half of all condos sold in March were sold for more than the list price
HONOLULU – (April 5, 2022) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for March 2022.
- The Oahu single-family home median price increased by 21 percent from a year ago to $1,150,000, while the condo median price increased by 16 percent to $518,000—both record highs.
- Single-family home sales were 11 percent lower compared to March 2021, while condo sales rose by 6 percent. The pace of sales is now following typical seasonal trends—a sign of a more stable market.
- Single-family homes were on the market for a median of 10 days in March—an increase of half a day from a year ago—while condos were on the market for a median of 11 days—a decrease of five days.
- Bid-ups remained near record highs in March, with 57.8 percent of single-family homes and 47.5 percent of condos sold for above the asking price—an all-time high for condos.
- Months of Remaining Inventory (MRI), or the number of months it would take for all existing listings to sell if no new listings were to become available, is near record lows at one month for single-family homes and 1.5 months for condos—the lowest level for condos in 16 years.
“The Oahu real estate market remained extremely competitive for buyers in March,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. “Both single-family homes and condos entered into contract in near record time, and a high percentage of properties were sold for above the list price—as a result, median prices were pushed to record highs yet again.” There were 29 percent fewer active condo listings than a year ago, and condos sold five days faster than last March. The percentage of condos bid up above the list price also increased by 70 percent.
“The Oahu condo market, in particular, is becoming increasingly competitive, as more buyers look to condos for greater availability and more accessible price points,” said Connelley. “Relatively higher mortgage interest rates may also be contributing to more buyers looking to the condo market.” The month-over-month decline in for-sale single-family and condo inventory appears to have leveled off and is now following typical seasonal trends; however, with just 388 single-family homes and 959 condos for sale at the end of March 2022, inventory remains near record lows.
“Rising mortgage interest rates may temper our aggressive market conditions slightly in the coming months,” said Connelley. “However, buyer demand for Oahu housing comes from so many directions, and for-sale inventory is so low, that it’s unlikely our market will be affected much by higher rates.”
Locations recommends that homebuyers and sellers partner with an experienced Realtor®, as local markets perform differently. Locations agents are able to serve their clients safely while complying with the State of Hawaii’s health and safety guidelines. Virtual meetings, home tours and open houses are also available.
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