The median condo price increased in 20 of the island’s 21 real estate regions during the first three quarters of 2022.
The 21 real estate regions of Oʻahu have different stories to tell for condominium sales, just as they do for single-family home sales.
All but one region has seen rising condo prices so far this year, but rising interest rates haven’t slowed condo sales as much as they have slowed single-family home sales. Single-family home sales were lower in 19 of 21 regions in the first three quarters of 2022 compared to the same period in 2021.
Seven of the 21 regions defined by the Honolulu Board of Realtors saw more condo sales in the first three quarters. O’ahu’s overall market saw a 3.3% decline in sales to 5,218 units sold through Sept. 30, from 5,398 units sold during the same period in 2021, when mortgage rates were still less than 3%.
The median year-to-date price on the island at the end of September for condos on Oʻahu was $510,000, an increase of 9.1% from 2021 and 20% from to 2019.
Sales increased in Oʻahu’s three largest condo markets.
- The biggest increase was in Ala Moana-Kakaʻako, where existing condo sales jumped 9% to 600 units from 548 in the first three quarters of 2021. The median price there rose 15% to 753 $500. Although there are more condos on the market there – new listings are up 8% and active inventory is up 16% – the number of condos in escrow as of September 30 was down by 20% compared to 2021, which indicates that there could be less sales in the fourth quarter.
- The Makiki-Mōʻiliʻili market saw the second strongest increase in sales, up 8% to 583 condo units from 540 last year. The median price increase in the region was only 3% to $410,000. And while new listings are up 1%, active inventory is down 5%. The area is also expected to experience a decline in sales at the end of the year, as pending sales are down 3% and the total number of condos in escrow is down 35%.
- Waikīkī, Oʻahu’s largest condo market, saw sales rise 2% this year to 1,044 units from 1,023 last year, while the median price rose 7% to $429,000 in the first three quarters of this year. Waikīkī is also expected to experience a drop in sales in the last three months of the year, as pending sales were down 8% as of September 30 and the total number of condos in escrow was down 29%.
Three other major condo markets on Oʻahu saw sales drop in the first nine months of this year.
- Condo sales in downtown Nuʻuanu fell 9% to 414 units from 456 last year. The market was the only one of the 21 regions to see a decline in median price through September 30: down 7% to $540,000 from $580,000.
- Ewa Plain, which includes ʻEwa Beach, Kapolei and Ko Olina Resort, saw an 8% drop in sales to 488 units from 528, while the median price rose 12% to $690,000.
- Condo sales in the Pearl City-‘Aiea market fell 6% to 315 from 335 last year, but the median price rose 9% to $470,000.
Hawaiʻi Kai had the highest median price for condos: $832,500, up 18% from $707,500 last year. Sales in this market fell 12% to 160.
The lowest median price was in the Mākaha-Nānākuli region at $247,000, up 24% from $199,950 in the first three quarters of 2021. Sales there rose 1% to 181 condos sold.
The North Shore, which the Honolulu Board of Realtors defines as stretching from Lāʻie to Mokulēʻia, saw both the highest price gain and the largest increase in sales. The median price there climbed 62% to $826,200, the second highest median price after Hawaiʻi Kai, from $511,500 last year, while sales rose 36% to 57 condos sold.