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Home, condo sales sink across Hawai‘i

LIHU‘E — Single-family home and condominium sales slumped across the Hawaiian Island chain in February, as the three other major markets also posted double-digit percentage decreases.

Sales of single-family homes on O‘ahu retreated 28.22 percent to 173 in February from 241 in February 2022, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu. At the same time, the median price was down 12.27 percent to $987,000 from $1,125,000.

Sales of condos on O‘ahu fell 33.13 percent to 325 from 486, while the median price eased 3.42 percent to $480,000 from $497,000.

Percentage decreases for sales were highest on Maui, where transactions sank 50.00 percent to 44 in February from 88 in February 2022. The median price slipped 2.14 percent to $1,076,500 from $1,100,000.

Sales of condos on Maui plummeted 59.26 percent to 66 from 162 in the same period. However, the median price jumped 24.30 percent to $908,000 from $730,500.

On Hawai‘i Island, sales of single-family homes dropped 43.42 percent to 129 in February from 228 in February 2022. At the same time, the median sales price was off 10.65 percent to $459,500 from $514,250.

Sales of condos on Hawai‘i Island were off 43.53 percent to 48 from 85, while the median price inched up 1.65 percent to $554,000 from $545,000 to make the median price of a condo higher than the price of a single-family home in February.
Source: The Garden Island

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