Oʻahu Home Sales Dip, Condominium Sales See Modest Increase
Single-family home and condo prices drop slightly from last month to $1,105,000 and $510,000
Year-over-year sales changed modestly from April 2021, with single-family home sales falling 2.7% and condo sales rising 4.2%. Single-family homes and condos marked a double-digit increase in the median sales price, with single-family homes recording a median of $1,105,000 in April, a 19.1% jump from the previous year, and the condo market reached $510,000, a 13.3% bump year-over-year.
Single-family homes in the $1,000,000 to $1,399,999 range saw the largest increase in sales volume, up 46%, while homes in the $700,000 to $999,999 price range made up approximately one-third of April’s sales, despite seeing a 26% drop year-over-year. The Ewa Plain accounted for the bulk of sales in both price ranges.
In the condo market, sales in the $700,000 to 999,999 range doubled from a year ago, up 101.6%. Condos sold in the $1,000,000 to $1,999,999 range saw the next highest gain, up 54.8%. The Metro region accounted for 60% of sales in April and the largest increase in volume, up 16.5% year-over-year. The Waipahu and Ewa Plain regions saw the most significant decline in sales, down 46.7% and 20.0%, respectively.
“As interest rates rise and financing becomes costlier, we saw pending sales begin to slow and a slight dip in month-to-month median prices in April,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “Still, high demand and low inventory continue to drive competition and put upwards pressure on sales prices.”