May Housing Report
O‘ahu Housing Prices Continue to Tick Up, Setting New Records
Properties spend a near-record median of 10 days on the market
The single-family home market started to cool with closed sales dropping 15.1%, while the demand for condos remained steady with closed sales rising 15.1% compared to May 2021. Both markets saw median sales prices continuing to tick upwards, setting new records, with single-family homes reaching $1,153,500 and condos hitting $516,500.
Single-family homes in the $600,000 to $999,999 price range represented the most significant decline in sales activity, dropping 41.2% compared to one year ago. Most regions across O‘ahu experienced a dip in sales, except for the Central region of Mililani and Wahiawa, which ended the month on a high note with a 61.9% increase in sales.
Condos in the more affordable price range of $300,000 to $599,999 represented 48.0% of closed sales in May, with a volume increase of 13.4% from one year ago. Condo sales in the $700,000 to $899,999 range more than doubled compared to May 2021, representing 17.6% of May closings. The Metro region accounted for the most significant increase in condo sales, up 21.9%, while the Ewa Plain area saw sales decline by 20.3%.
“As interest rates and median sales prices rise, the question of what people can afford is clearly impacting market dynamics,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “We see this reflected in the active inventory of single-family homes, which rose 39.8% from a year ago. Though we’re still lagging behind pre-pandemic levels, this increase in much-needed inventory gives prospective buyers more options to choose from across the various price points.”
Sales of single-family homes and condos are moving at a near-record pace, with properties spending a median of 10 days on the market in May. Sales closing above the original asking price continued in May, with 217 single-family homes and 313 condos selling for more than the original asking price. For single-family homes, this represents 63% of the month’s sales and 45.5% of May condo sales.