Oahu Real Estate market update May 2022

 —— Market Summary ——

Market Highlights:

• The single-family home and condo markets set new median sales price records, with single-family homes reaching $1,153,500 and condos hitting $516,500. 
• While the single-family home market started to cool, with closed sales dropping 15.1%, the demand for condos remained steady, with closed sales rising 15.1% compared to last year.
• Most regions across Oahu experienced a dip in sales, except for the Central region of Mililani and Wahiawa, which ended the month with a 61.9% increase in sales.
• Condos in the more affordable price range of $300,000 to $599,999 represented 48.0% of closed sales in May, with a volume increase of 13.4% from one year ago.
• 217 single-family homes and 313 condos selling for more than the original asking price

——The Highest MLS Sales——

$18,105,000

1611 Mokulua Dr, Kailua 96734 

5 Beds, 6 1/2 Baths 

 Sq. Ft: 7,473 

Year Built: 2014 

List price: $24,000,000 

DOM: 216 

 Sq. Ft: 7,473 

MLS 202210677

View the listing

$12,100,000

4801 Kahala Ave #E, Honolulu 96816 

10 Beds, 9/4 Baths 

 Sq. Ft: 12,782

Year Built: 2006 

List price: $19,000,000 

DOM: 290

MLS  202110387

View the listing

——Still paying rent?——

Don't let the increasing interest rates scare you away. If you are considering buying your first home, now it might be a good time to make the move. With interest rates rising, there will be more inventory, less buyers, which means less stress and a better opportunity to find your dream home! Also, the best thing about purchasing a home with a 30-year mortgage, is your monthly payments never increase (versus you have no control over the rent). 

Call me today at 808-783-6333 to start your home hunting!

Full Report

                            ——Quote of the Month——

                            

Mahalo for reading my market update and please reach out with any questions.