Oahu Real Estate Market – January 2022

Homes on the Market

In Oahu, we have about 372 single-family homes and about 1,048 condos/townhomes on the market.

Single-Family Home sales decreased by 10% with 378 closed homes over last December. For Condos and Townhomes, home sales increased by 15.4% with 593 closed sales when compared to the previous year.

Median Sales Price for Oahu Homes

The median sales price for Single-Family Homes increased by 20.7% to $1,050,000 and For Condos and Townhomes, the median sales price increased by 6.6% to $485,000 from last December.

The median days on the market for Single-Family Homes was 11 days, this is 1 day slower. For Condos and Townhomes it was 13 days, which is 6 days faster than the previous year. New listings for Single-Family Homes were down by 7.2% and for Condos and Townhomes were up by 13.1% from last December.

President of the Honolulu Board of REALTORS®

Let’s see what the President of the Honolulu Board of REALTORS®, Chad Takesue said.

“It was clearly a seller’s market in 2021. Not only did properties enter escrow at a record pace, but they often marked multiple offers and sold for a premium.

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.”

Oahu Home Sellers

Sellers, now is a great time to put your home on the market. There’s still not a lot of inventory on the island. Interest rates have increased a little bit but they are still low. The demand is strong and we’re still seeing multiple offers and quick sales.

So, if you’re thinking about selling, there is no better time than now. Hire a realtor who you can trust and work with closely. You want someone who understands your goals and works hard to achieve them. And, of course, someone who knows the island and housing market well.

Oahu Home Buyers

Buyers, it’s important to be prepared to make a competitive offer. Most homes are receiving multiple offers and sometimes but not always the highest bid wins. It’s also important to be aware of your budget and what you can afford. There are many great homes out there, but remember that you need to factor in closing costs, HOA fees, insurance, and property taxes.

We can help you with getting those numbers for you so you can make an educated offer. We are here to help so please feel free to contact us! The Real Estate market is constantly changing and if you would like more information or would like to know what’s happening in a particular neighborhood in Oahu, please reach out.