January 2022 Market Report
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.