Condos Outperform Single-Family Home Sales Following Seasonal Lull
Sparse inventory, sustained demand drives new record
single-family home median price at $1,125,00
The single-family home market continues to lag behind condos in sales, with single-family home sales falling 7.3% compared to last February, while condo sales were up 9.0% year-over-year. Sparse inventory and sustained demand drove the median single-family home price to a new record high of $1,125,000, up 22.6% from this time last year and 7.1% higher than the previous record of $1,050,000 set in August 2021. The condo market saw a modest bump in the median sales price of $497,000, rising 8.6% from one year earlier.
Closed sales through the first two months of 2022 remain ahead of last year, increasing 2.9% for single-family homes and 23.9% for condos. Single-family homes in the $899,999 and below range saw the largest decline with a 54.0% drop compared to this time last year. On the other hand, condos continued to mark strong sales volume for the 15th month in a row with positive year-over-year sales growth, with properties sold at $500,000 and above accounting for most of the sales increases up 28.2%.
“We saw a typical dip in sales in January to February of this year, which we attribute to muted activity around the holiday season,” said Chad Takesue, president, Honolulu Board of REALTORS®. “Along with rising median sales prices for both markets, median list prices are also starting to tick up as sellers take advantage of the lack of competition.”