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January 2022 Market Report

January 2022 Market Report

February 7, 2022 1:30 am

 

   2022 began with a sharp jump in both single-family home and condo sales – combined, O‘ahu’s
housing market saw a 28.6% sales increase compared to January 2021. While the single-family
home median sales price held steady for the third consecutive month at $1,050,000, the condo
market set a new monthly median sales price record of $510,000, surpassing the previous
$500,000 set in August 2021.

     Single-family home sales were up 12% year-over-year, while condo sales soared 40.8%
compared to this time last year. Single-family home properties in the $900,000 and up price
range accounted for 70% of the month’s sales, while sales below $900,000 fell 34% from the
previous year. On the other hand, condos experienced sales increases at nearly all price points,
especially in the $700,000 and up range, where sales tripled year-over-year. Properties
continued to move at a brisk pace, with single-family homes spending a median of 12 days on
the market and 14 days for condos.


Similarly to December 2021, approximately 61% of single-family home sales closed above the
original asking price, a 24.5% increase from this time last year. The condo market also saw a
large portion of sales close above the original asking price, 39% of sales compared to 30% in
January 2021. In particular, condos in the $400,000 to $599,999 price range saw the most sales
close over the asking price.

Single-family home listings were down 12.3% compared to a year ago, and of the new listings
that came on the market in January, 58% were in escrow or sold by the end of the month. New
listings of condos remained fairly level year-over-year, with a slight 1.1% uptick. However, with
strong demand and sales volume, 2022 began with fewer condo listings in active inventory.
Pending sales of single-family homes marked a slight 4.3% drop from last year, leaving fewer
single-family homes in escrow than the previous year while pending condo sales increased by
7.5% over last January.

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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