Oahu Real Estate Market Report For May 2022
The single-family home market on Oahu is decelerating, but still seeing new highs in terms of prices. Despite a decrease in closed sales year-over-year, the median sales price broke the previous record. On the condo market side, demand has remained high, with a 15% increase in closed sales year-over-year and a new median sales price record.
Oahu Single Family Home Market Stats
Although the single-family home market on Oahu saw a decline in closed sales of 15.1% year-over-year, a new median sales price record was set in May 2022 at $1,153,500.
Closed sales were down 15.1% in May 2022 compared to May 2021. Single-family homes in the price range of $600,000 to $999,999 saw the largest decline, a drop in sales activity of 41.2%. Most of Oahu saw a dip in sales, though the central region of Mililani and Wahiawa saw an increase of 61.9% in closed sales year over year.
Most of Oahu saw a dip in sales, though the central region of Mililani and Wahiawa saw an increase of 61.9% in closed sales year over year. Sellers still seem to hold an advantage in the market, with 63% of single-family home sales in May 2022 closing for higher than asking price. Single-Family homes spent a median 10 days on the market for the month of May.
Oahu Condo Market Stats
The condo market on Oahu seems to be absorbing some of the demand from the single-family home market, seeing increased closed sales year-over-year of 15.1%. This comes alongside a new median sales price record for condos at $516,500 for May 2022. 45.5% of condos in May sold for above the original asking price.
48% of closed condo sales in May 2022 were in the price range of $300,000 to $599,999, representing a volume increase of 13.4% year-over-year. The Metro Honolulu area saw a 21.9% increase in closed sales year-over-year, while the Ewa Plain area saw a decline in closed sales of 20.3% for the same period. Condos spent a median 10 days on the market during the month of May.