• Home
  • Properties
    • Simple Search
    • Advanced Search
    • Featured Listings
    • Open Houses
    • Email Alerts
    • Sign In
  • Property Management
  • Extraordinary Marketing
  • Agents
  • Our Blog
  • Contact
  • Home
  • Properties
    • Simple Search
    • Advanced Search
    • Featured Listings
    • Email Alerts
    • Sign In
  • Property Management
  • Marketing
    • Extraordinary Marketing
    • Sell/Buy With Us
    • Our Blog
  • Agents
  • Contact

December Market Report

December Market Report

January 8, 2023 11:19 pm

O‘ahu Home Sales Cool in 2022 Amid Rising Mortgage Rates
Single-family home and condo sales volume saw double-digit declines
despite a strong start to the year

In December, sales for single-family homes plummeted 46.6%, while condo sales were down 39.3% year-over-year. The median sales price for a single-family home dipped slightly to $1,049,500, while the median condo sales price rose to $502,500.

In the single-family home market, the $800,000 to $999,999 range saw a whopping 225% increase, with 143 listings available at the end of the year compared to just 44 listings in December 2021. In the condo market, active inventory most significantly increased primarily in the mid to upper price ranges. Year-over-year, active inventory in the $400,000 to $1,999,999 price range rose by 50%.

2022 Year-End Stats
In 2022, O‘ahu’s real estate market was marked by transition. The year began similarly to 2021 with intense competition among buyers, with mortgage rates still hovering near historic lows and ended with headwinds when these rates rapidly and sharply rose. Key highlights included:

  • In the second quarter of 2022, 63% of single-family homes and 44% of condos closed above the original asking price.
  • In May, the single-family home market set a record median price of $1,153,500; in June, the condo market hit a record median of $534,000.
  • Mortgage rates continued to rise through the year, with average rates reaching the 7% range in late October and ending 2022 in the mid-6% range.
  • In the fourth quarter, the percentage of properties sold above the original asking price had dropped to 29% of single-family home sales and 25% of condo sales.

The year ended with 3,474 single-family home sales, a 23.2% year-over-year decline. The year-end median price climbed to $1,105,000, an 11.6% increase compared to the 2021 annual median price of $990,000.

In 2022, condo sales also fell, ending the year with 6,353 closed sales and down by 11.8%. Year-end sales were still well above pre-pandemic sales volume dating back to 2007. The condo market ended the year with an annual median sales price of $510,000, up 7.4% from a year ago.

“While O‘ahu’s real estate market started the year strong, the steep rise in interest rates and fluctuation in inventory are shifting the market dynamic,” says Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Although buyers face higher financing costs, they now have more options to choose from, and competition isn’t as fierce.”

*Info Courtest of Honolulu Board of Realtors.

Site Menu

  • Home
  • Properties
    • Simple Search
    • Advanced Search
    • Featured Listings
    • Email Alerts
    • Sign In
  • Property Management
  • Marketing
    • Extraordinary Marketing
    • Sell/Buy With Us
    • Our Blog
  • Agents
  • Contact

“

I just wanted to pass along high praise and appreciation for your Realtor, Eric Olson. He helped me to sell a condo last year and just closed on a house that my family and I are thrilled about! Eric was friendly, knowledgeable, and accessible throughout the process and a pleasure to work with. Good all around experience with Eric and Carvill Sotheby’s.

- Honolulu Home Seller

“

“Patty Bell is the best realtor we’ve ever dealt with…..calm, professional, gets things done with ease…..even when it takes overcoming obstacles. We have used Patty for 3 transactions over the years, and she is consistently outstanding!”

- Kailua Home Seller

“

“Scott, our faith in your performance has easily been confirmed by your results. Thank you to each person involved. I have been in the Homebuilding Industry for 12+ years and, honestly, never seen the speed and quality of the results you have provided for us.”

- Kailua Home Seller

“

“It’s been a pleasure working with Kelly and Scott, who are experienced, professional, honest, and at the same time, friendly. I have worked with a number of realtors on different transactions, in different cities, and I find them outstanding.”
- Kailua Home Seller

“

“I wish to commend Nancy Young-Vieira on the manner in which she handled the recent sale of our Wahiawa home. We were impressed by her attention to detail and her knowledge of the market during these present times. She is professional in every way and walked us through every step of the process. Thank you for having such a well seasoned and pleasant agent as Nancy.”

Wahiawa Home Seller
-

“

John Schamber recently acted as our agent to market and sell our architecturally signficant home in Honolulu. John was great during the sales process-the utmost professional, granular, and balanced. We soon had three offers on the property and he navigated the transaction to a smooth closing. We wholeheartedly recommend John as an agent.

- Honolulu Home Seller

“

“This is our 4th transaction with Ann…and in each one she was the quintessential professional with extraordinary integrity and skills.  Ann sets a high standard in her field.  It is a pleasure and privilege to work with her.  We appreciate being challenged and being heard…a balance Ann handle’s oh so well.”

Kailua Home Buyer
-

“

There are so many nuances to buying a home and it was great having Mike to answer all my questions throughout the journey. We will definitely be working with him again. In fact, I will occasionally shoot him an email about areas I am interested for the future of my family. Mike has been happy to educate me on areas of interest and discuss a buying strategy. All in all I would happily recommend Mike Dilks.

- Oahu Home Buyer

“

“We found Maureen O’ Guin an absolute pleasure to work with. I don’t think we could have found a better realtor for us. She listened to us carefully regarding what we were looking for in a house, and quickly identified properties that fit our specifications.”

- Honolulu Home Buyer

Office

970 N Kalaheo Ave Suite A100
Kailua, Hawaii 96734

Phone

(808) 263-5900

Fax

(808) 254-3750

Email

info@carvillsir.com

Social

Site Links

  • Home
  • Properties
  • Extraordinary Marketing
  • Agents
  • Our Blog
  • Contact
  • Get Started
Visit sothebysrealty.com
Sotheby's International Realty® is a registered trademark licensed to Sotheby's International Realty Affiliates LLC.
Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. Carvill Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. © 2025 Copyright Carvill Sotheby's International Realty RB-17965. Site by Deep Root Design