Oahu Real Estate Market Report for March 2022
The Oahu housing market is continuing its strong pace even as interest rates rise. Both single-family homes and condos set new record median sales prices in the first quarter of 2022, with many selling for more than their original list price. 6 out of every 10 homes on Oahu sold for more than the list price and 5 out of every 10 condos sold for more than the list price. Active inventory in both sectors declined compared to March 2021, while pending sales are up, indicating continued buyer demand.
Oahu Single Family Home Market Stats
The first quarter 2022 has come to a close, ushering in a new record median sales price for single-family homes at $1,150,000. Luxury single-family home sales of $3,000,000 or more jumped by 68.8% in March 2022 compared to March 2021.
Overall sales for single-family homes in March 2022 decreased by 11% year-over year. This is due to lack of inventory to choose from and not a slowing in the overall market. Single-family homes sold in March spent a median of 9 days on the market after listing, and 6 out of every 10 homes sold for more than it was listed for.
Single-family homes sales in the first quarter saw large increases in the Waipahu (50%), Hawaii Kai (18%), and Leeward (16%) areas when compared to Q1 2021.
New listings for single-family homes in March 2022 are down by 6.2% compared to the same period last year. Of those new listings, 56% were in escrow or sold by the end of March.
Oahu Condo Market Stats
The first quarter of 2022 brings a new record median sales price of $515,500 to the Oahu Condo market, up from the previous record set in January. For March, overall condo sales rose 7.3% compared to the previous year.
Most of the sales in March occurred in the $700,000 to $799,999 price range, a segment that saw sales volume increasing by 125.8% year-over-year compared to the previous March. These sales largely occurred in the Metro and Ewa Plain regions.
In the first quarter of 2022, around 42% of condo sales closed above the original listing price. Condos sold in March were on the market for a median of 9 days on the market after listing, while new listings in the condo market were maintained the same pace as March 2021.
Active inventory for condos in March 2022 dropped 26.9% compared to March 2021, while pending sales increased by 5.3% during the same time period.
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