For the last five months, the median sales price for a Single-family home has stayed between $1 Million and $1.05 Million. Although the Year-over-Year closings are down 10%, December 2021 closings were still higher than November. Median days on the market were only 11 days and sold 2% OVER the asking price. While the average sales price in December 2020 was $1.1 Million, the average sales price in December 2021 was $1.3 Million. Home prices in Hawaii continue to rise! Most sales increases were seen at the $1 million and up price points. In 2021, properties sold in the $1,000,000 to $1,499,999 range were up 84.5%, homes that sold in the $1,500,000 to $1,999,999 range were up 95.6%, and homes sold at $2,000,000 and above more than doubled, up 145.5%
Condo sales are staying strong, with new listings up 13.1%, pending sales jumping to 16.7% and total inventory in escrow rose 11.5%. Chad Takesue, Honolulu Board of Realtors President for 2022 explains, “With high demand and dismal inventory of single-family homes, buyers turned their sights to condos, driving competitive activity in some areas and leading to low supply in this market as well. As a result, every price point in the condo market saw more sales in 2021 and every region across Oʻahu marked more sales.”
