Source: HawaiiBusiness Magazine—
As Hawai‘i begins 2022, the residential real estate market in the Islands, especially on O‘ahu, continues to set records with no signs of abating.
Chad Takesue, 2022 president of the Honolulu Board of Realtors and a partner at real estate firm Locations, says the lack of inventory could restrain sales this year. Potential buyers are looking, but there aren’t enough homes and condos to go around, which will put continued upward pressure on prices, he says.
“I think you’ll still see an increase in the overall median sales price for condos and single-family homes. You may not see the exponential growth that you saw in 2021, but you’ll still see some upward trending because bottom line is there’s just not enough inventory.”
Last month 309 houses were actively marketed for sale, a 26.3% drop from a year earlier, and 15.6% fewer than in November 2021.
Overall, new house listings in 2021 rose 8.4% from 2020, but were still down 10.8% from 2019. The number of active condo listings in December 2021 was down 35.2% from December 2020.