December 2021 Oahu Hawaii Housing Inventory Snapshot

The December 2021 Oahu Hawaii Housing Inventory Snapshot represents aggregated values based on Honolulu MLS data as of December 31, 2021. Each inventory category includes a link providing the current Honolulu MLS listings for that particular category. The prices presented in the table are average prices meaning that the presented price includes homes priced well below the average list price.  The table does not provide the 30-day trends for the list price, sold price, days on market or available listings. If you are interested in a more detailed table with  trend percentages, click here to register to receive the monthly report via email.

The 30-day trend for the average list price leaped upwards over 14 percent for both single family and luxury single family homes, while the condo/townhome and luxury condo/townhome dipped 3 and 2 percent, respectively. The luxury single family market 30-day trend in average sold price also leaped upwards to nearly 10 percent while single family home trend was a mere 2 percent increase. However, the luxury condo/townhome 30-day average sold price trend took center stage with a whopping 42 percent jump. The 30-day average days on market for single family homes and condo/townhome is around 3 months with the luxury markets taking remaining active for just over 4 months. The 30-day trend in inventory for all markets covered in this report is downward.  You must keep in mind that the trends are all short term and most purchase and sales contracts take longer to close than 30-days. None-the-less, the short term market movement provides an indicator into rates of change. 

Historically, looking back on 2021, the market was ripe for sellers and appears to still be maintaining some headway into 2022.  What we don't see in the snapshot is that single family and luxury single family markets sales volume and median sale price are both lower than 2020.  Likewise, the condo/townhome and luxury condo/townhome sales volume and median sale price are also lower than 2020.  Interestingly, in 2021, according to the Honolulu Board of Realtors, "the median percentage of the original list price received reached 102% for single family homes and 100% for condos. This means more than half of single family home sellers received more than their original asking price, and at least half of condo sellers received their full asking price or more."  As long as mortgage rates remain low and inflation continues to grow, the short term trend is likely to persist, and with inventory dropping, bidding wars are likely at least for the near term. 

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