O‘ahu Housing Prices Continue to Tick Up, Setting New Records

HONOLULU – According to resales figures released today by the Honolulu Board of REALTORS^®, the single-family home market started to cool with closed sales dropping 15.1%, while the demand for condos remained steady with closed sales rising 15.1% compared to May 2021. Both markets saw median sales prices continuing to tick upwards, setting new records, with single-family homes reaching $1,153,500 and condos hitting $516,500. ​ 

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Single-family homes in the $600,000 to $999,999 price range represented the most significant decline in sales activity, dropping 41.2% compared to one year ago. Most regions across O‘ahu experienced a dip in sales, except for the Central region of Mililani and Wahiawa, which ended the month on a high note with a 61.9% increase in sales. 

Condos in the more affordable price range of $300,000 to $599,999 represented 48.0% of closed sales in May, with a volume increase of 13.4% from one year ago. Condo sales in the $700,000 to $899,999 range more than doubled compared to May 2021, representing 17.6% of May closings. The Metro region accounted for the most significant increase in condo sales, up 21.9%, while the Ewa Plain area saw sales decline by 20.3%.

“As interest rates and median sales prices rise, the question of what families can afford is clearly impacting market dynamics,” said Chad Takesue, president of the Honolulu Board of REALTORS^®. “We see this reflected in the active inventory of single-family homes, which rose 39.8% from a year ago. Though we’re still lagging behind pre-pandemic levels, this increase in much-needed inventory gives prospective buyers more options to choose from across the various price points.”

On the other hand, activity inventory for condos was down 4.5% year-over-year, though it edged up 2.4% compared to April 2022. 

Overall, new listings ticked up in each market in May, increasing 3.5% year-over-year for single-family homes and 0.6% for condos. The Ewa Plain marked the largest increase in new single-family home listings for the month, up 16.1%, while listings in the Kāne‘ohe region dropped 34.1%. Not only were condo listings only marginally up from last year, but also new listings were unevenly distributed across various price points. New condo listings priced at $499,999 and below fell 14.9%, while new listings in the $700,000 to $1,999,999 range saw the greatest increase of 45.5% over last year.

Sales of single-family homes and condos are moving at a near-record pace, with properties spending a median of 10 days on the market in May. Sales closing above the original asking price continued in May, with 217 single-family homes and 313 condos selling for more than the original asking price. For single-family homes, this represents 63% of the month’s sales and ​ 45.5% of May condo sales. 

“Both markets continue to experience two trends: properties selling at a near-record pace of fewer than two weeks and buyers bidding over the asking price to secure their desired property,” added Takesue. 

Total contract signings fell in May as single-family home pending sales dipped 17.4%, and condo pending sales dropped 14.0%. Condos in the lower price points marked the most significant decline in the $499,999 and below price range, falling 27.5% compared to the same time last year. However, as pending sales have slowed, so too has the portion of new single-family home listings in escrow or sold by the end of the month, declining to 47.4% in May 2022 compared to 66.7% in May 2021. For condos, 50% of the newly listed condos were in escrow or sold by the end of the month, compared to 55.9% last year. 

Media Kit

The information contained in this report is provided to the National Association of REALTORS^® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. 

The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse O‘ahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to view on Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.

About the Honolulu Board of REALTORS^®

Established in 1922, the Honolulu Board of REALTORS^® is one of the largest of 1,100 boards of REALTORS^® in the nation, and, with more than 7,000 members, is one of the largest trade organizations on O‘ahu. This year, the board is celebrating its centennial anniversary of serving as housing advocates, community builders and good neighbors for Oʻahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.hicentral.com.