The first quarter of 2022 closed with new record median sales prices for both single-family homes and condos at $1,150,000 and $515,500, respectively. How did that happen?
Fewer single-family homes were sold in March and the first quarter, with the most significant decline occurring in the $899,999 and below range, down 56.3% with just 70 closings in March.
On the other end, the luxury single-family home market is picking up with 27 single-family homes sold in the $3 million and above range, marking a 68.8% jump year-over-year.
In the condo market, sales in the $700,000 to $799,999 range recorded the highest volume increase, up 125.8%, with most of these sales occurring in the Metro and Ewa Plain regions.
“More luxury sales coupled with declining affordable inventory and sales are pulling the median price upwards in the single-family home market,” said HBR President, Chad Takesue. “It’s no surprise that rising prices are pushing more prospective buyers to consider condos, driving the steady and strong demand we’ve been seeing for these properties.”