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February 2022 Housing Market Report

February 2022 Housing Market Report

March 7, 2022 9:48 pm

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
regions.

Info courtesy of Honolulu Board of Realtors.

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“

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

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Kailua, Hawaii 96734

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