4211 Waialae Ave, Kahala Mall, Suite H8 Honolulu, HI 96816
    Contact Us
    808-637-2400

Sunset HomesSunset Homes

North Shore's Premiere Real Estate Company

  • Home
  • Property Search
  • Featured Properties
  • Sold Listings
  • Rental Properties
  • About Us
  • News
  • North Shore O’ahu

March 2022 – Oahu Real Estate

March 2022 - Oahu Real Estate

Single-Family Homes, Condos on O‘ahu Mark Record Median Sales Prices

Luxury sales pull the single-family home price to $1,150,000, while condos rise to $515,500

The first quarter of 2022 closed with new record median sales prices for both single-family homes and condos at $1,150,000 and $515,500, respectively. The March median sales price for single-family homes reflects a 21.1% increase from last year and is 2.2% above the previous record of $1,125,000 set just a month ago. The condo market’s median sales price of $515,500 represents a 14.3% hike compared to this time last year and a 1.1% increase from the prior record of $510,000 set in January 2022.

In March, single-family home sales fell 11.1% year-over-year, while the condo market sales volume remained strong with a 7.3% rise compared to March last year. Combined sales saw a modest bump, up 0.6% compared to March 2021 sales.

Fewer single-family homes were sold in March and the first quarter, with the most significant decline occurring in the $899,999 and below range, down 56.3% with just 70 closings in March. On the other end, the luxury single-family home market is picking up with 27 single-family homes sold in the $3 million and above range, marking a 68.8% jump year-over-year. In the condo market, sales in the $700,000 to $799,999 range recorded the highest volume increase, up 125.8%, with most of these sales occurring in the Metro and Ewa Plain regions.

“More luxury sales coupled with declining affordable inventory and sales are pulling the median price upwards in the single-family home market,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “It’s no surprise that rising prices are pushing more prospective buyers to consider condos, driving the steady and strong demand we’ve been seeing for these properties.”

Posted in: News

Post navigation

« January 2022 – Oahu Housing Market
March 2022 – Makaha & Kalihi Real Estate Prices »
© 2023 SUNSET HOMES LLC, RB-17682
North Shore's Premiere Real Estate Company Ph: 808-637-2400
Toll Free Ph: 877-607-2400
Fax: 808-637-4200
Toll Free Fax: 877-637-4200
Property Sitemap

Sunset Homes LLC Specializes in North Shore Oahu Real Estate, Beachfront Property, North Shore Oahu Vacation Rentals and Oceanfront Hawaii Homes For Sale. North Shore Real Estate includes Haleiwa, Waialua, Pupukea, Sunset Beach, Turtle Bay and More.