February 2022 Housing Market Report
The single-family home market continues to lag behind condos in sales, with single-family home
sales falling 7.3% compared to last February, while condo sales were up 9.0% year-over-year.
Sparse inventory and sustained demand drove the median single-family home price to a new
record high of $1,125,000, up 22.6% from this time last year and 7.1% higher than the previous
record of $1,050,000 set in August 2021. The condo market saw a modest bump in the median
sales price of $497,000, rising 8.6% from one year earlier.
Closed sales through the first two months of 2022 remain ahead of last year, increasing 2.9%
for single-family homes and 23.9% for condos. Single-family homes in the $899,999 and below
range saw the largest decline with a 54.0% drop compared to this time last year. On the other
hand, condos continued to mark strong sales volume for the 15th month in a row with positive
year-over-year sales growth, with properties sold at $500,000 and above accounting for most of
the sales increases up 28.2%.
Single-family properties came on the market at a median original list price of
$1,150,000, jumping 27.1% compared to $905,000 in February 2021. Single-family homes also
saw 55.2% of sales close above the original asking price, with most over-asking deals
occurring in the $800,000 to $999,999 price range. The condo market experienced a similar
trend, with 37.0% of condo sales closing above the original asking price, with the majority
occurring in the $400,000 to $699,999 range.
In both markets, properties sold last month were on the market for a median of approximately
two weeks or 13 days for single-family homes and 14 days for condos. The market welcomed
an increase in new listings throughout the month, with 14.0% more single-family homes and
18.6% more condos listed than a year ago.
From a neighborhood perspective, new listings of single-family homes increased most
prevalently in the Hawai‘i Kai, Ewa Plain, and Kailua regions, increasing 150%, 50.0%, 44.0%,
respectively. Condos in the Metro area recorded the most significant jump in new listings, up
25.8%, while the Central region experienced a 28.9% drop in new condo listings.
Pending sales for single-family homes declined by 13.4% as fewer homes went into contract
than last year, coupled with the total inventory in escrow dropping by 22.0% year-over-year.
Meanwhile, pending sales of condos continued to see gains in February, with 12.4% more
listings entering contract than last year, particularly in the Metro, Leeward, and North Shore
Info courtesy of Honolulu Board of Realtors.