Oʻahu Home Sales Dip, Condominium Sales See Modest Increase
Single-family home and condo prices drop slightly from last month to $1,105,000 and $510,000
According to resales figures released today by the Honolulu Board of REALTORS®, year-over-year sales changed modestly from April 2021, with single-family home sales falling 2.7% and condo sales rising 4.2%. Single-family homes and condos marked a double-digit increase in the median sales price, with single-family homes recording a median of $1,105,000 in April, a 19.1% jump from the previous year, and the condo market reached $510,000, a 13.3% bump year-over-year.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| April 2022 | 365 -2.7% | $1,105,000 +19.1% |
| April 2021 | 375 | $928,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| April 2022 | 672 +4.2% | $510,000 +13.3% |
| April 2021 | 645 | $450,000 |
Single-family homes in the $1,000,000 to $1,399,999 range saw the largest increase in sales volume, up 46%, while homes in the $700,000 to $999,999 price range made up approximately one-third of April’s sales, despite seeing a 26% drop year-over-year. The Ewa Plain accounted for the bulk of sales in both price ranges.
In the condo market, sales in the $700,000 to 999,999 range doubled from a year ago, up 101.6%. Condos sold in the $1,000,000 to $1,999,999 range saw the next highest gain, up 54.8%. The Metro region accounted for 60% of sales in April and the largest increase in volume, up 16.5% year-over-year. The Waipahu and Ewa Plain regions saw the most significant decline in sales, down 46.7% and 20.0%, respectively.
“As interest rates rise and financing becomes costlier, we saw pending sales begin to slow and a slight dip in month-to-month median prices in April,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “Still, high demand and low inventory continue to drive competition and put upwards pressure on sales prices.”
Both single-family home and condo markets saw pending sales fall in April. Compared to a year ago, contract signings were down 18.7% for single-family homes and 8.8% for condos. In the single-family home market, the decline in pending sales was most concentrated in Diamond Head and Kaneohe, dropping 49.1% and 53.2%, respectively. Similarly, in the condo market, the largest declines occurred in Kaneohe and Diamond Head, down 60% and 48%, respectively.
“Most properties sold in April were in escrow before mid-March, while 30-year fixed mortgage rates averaged below 4 percent before the swift spike to the 5 percent range,” added Takesue. “As we face challenges in housing affordability, we should look closely at how we can work together to increase housing inventory at all levels, so homeownership is possible for everyone in our community.”
New listings for single-family homes dropped slightly, down 7.6% year-over-year, while the condo market saw a slight increase in new listings, up 2.3%. New listings for single-family homes fell short of last April, with the most significant declines occurring in the Diamond Head region, Pearl City, and Hawai‘i Kai. In the condo market, new listing volume in the $300,000 to $399,999 price range saw the sharpest decline, down 33.8%, but there was a significant increase in listings priced at $700,000 and above, accounting for 28.5% of the month’s new listings; and volume up 64.8%.
The market continued at a similar pace to a year ago. Single-family homes that sold in April were on the market for a median of 10 days compared to nine last year, while condos sat for a median of 12 days compared to 13 last April.