Oahu Single-Family Home Median Price Increased by 37 Percent Since April 2020
Single-family home and condo median prices remain near record highs
HONOLULU – (May 5, 2022) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for April 2022.
- The Oahu single-family home median price increased by 20 percent from a year ago to $1,111,000, while the condo median price increased by 13 percent to $510,000—near record highs. Median prices continue to rise, pushed upward by strong demand, low inventory and competitive market conditions.
- Single-family home sales were six percent lower compared to April 2021, while condo sales rose by three percent. Single-family homes were on the market for a median of 11 days in April—an increase of 10 percent over a year ago. Condos were on the market for a median of 13 days—a decrease of seven percent.
- Bid-ups remained near record highs in April, with 61.5 percent of single-family homes and 42 percent of condos sold for above the asking price—an indicator of continued rising prices in 2022.
- 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 1.1 months for single-family homes and 1.6 months for condos, pointing to a continuation of sellers’ market conditions in 2022.
“Single-family home sales are slightly below last year’s levels for the third month in a row; however, this is mostly a reflection of the extraordinary surge in home sales that we saw in 2021,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. Low inventory and a competitive bidding environment fueled by low rates and strong demand have been a boon to homeowners over the past two years. “There were 51 percent fewer single-family homes for sale last month than in April 2020. During that same time, the single-family home median price has increased by 37 percent—giving homeowners a significant boost in equity,” he said.
Connelley also noted that mortgage rates have risen from 3% a year ago to more than 5%, which could affect the purchasing power of some buyers. However, although borrowing costs are greater now than in recent years, Locations does not anticipate a drop in home prices, due to continued strong demand from local buyers and off-shore buyers alike. “Even with a slightly smaller buyer pool due to higher mortgage rates, Oahu’s for-sale housing inventory is so low that we don’t expect to see an impact on prices this year,” Connelley added.
With the Oahu single-family home median price above $1M and mortgage rates greater than 5%, competition for condos and townhomes—which are typically priced lower than homes—has surged. There are 20 percent fewer condos for sale than a year ago, and more than four in 10 condos sold for above the list price in April—an increase of 38 percent from last year.
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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