Market Update: Oahu, HI Jan 2022
In the luxury market, January saw 37 homes sell at or above $1.8M. Although this is a lower number than we’ve seen during the past few months, it is still well above the averages seen at the start of and before the pandemic. Homes sold after an average of 68 days on market; 25% of homes sold in less than 10 days. There was a significant increase in price per square foot. This January it was $1,126.18, up 25%. Homes sold for 102% of their asking price, on average, and 62% of homes sold at or above asking price, a significant proportion.
January 2022 vs 2021 for SFH $1.8M+
- #sold: 37 vs 28 in 2021 vs (32% increase)
- Median price: $2,400,000 vs $2,370,000 in 2021 (1.3% increase)
- DOM: 68 vs 66 in 2021 (2 days slower)
- Listing/sold ratio: 102% vs 95.8% in 2021
- % sold at or above asking: 62% at or above listing vs 32% in 2021
- Price per sq ft: $1,126.18 vs $898.00 in 2021 (25% increase)
Highest Sold Single-Family Home
10 bedrooms | 8 bathrooms | 3 half baths| 8,005 square feet living | 8,512 square feet land
Why this property is spectacular: This spacious oceanfront island retreat boasts a 5-bedroom main house and a 5-bedroom guest house. Designed for indoor/outdoor living, there is a covered outdoor dining area, koi pond, and spectacular ocean views.
There was a lot of movement in the luxury condo market in January. There were 11 luxury condo sales, up 267% over the 3 that sold in 2021. The median price was $3,390,000, up 25.6% from 2021. This is the highest median price recorded since August 2020. Condos sold after 241 days on average. Although this is 170 days slower than in January 2021, it is encouraging to see properties that have been on the market for a while sell. The price per square foot increased by 68% to $2,049.39, a very large increase over January 2021.
January 2022 vs 2021 for Condos $1.8M+
- #sold: 11 vs 3 in 2021 (267% increase)
- Median price: $3,390,000 vs $2,700,000 in 2021 (25.6% increase)
- DOM: 241 vs 71 in 2021 (170 days slower)
- Listing/sold ratio: 96.2% vs 94% in 2021
- % sold at or above asking: 36% at or above listing vs 33% in 2021
- Price per sq ft: $2,049.39 vs $1,216.76 in 2021 (68% increase)
Highest Sold Condo
Park Lane, Ala Moana
2 bedrooms | 2.5 baths | 1,852 square feet living
Why this property is spectacular: Sweeping ocean views at await at this luxurious Park Lane condominium. Premium amenities include a full-service concierge, luxury spa, and parking with an EV charger.
Sold at: $6,950,000 after 20 days (747 combined days) to a local company.