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As interest rates continue to gradually increase, Honolulu Board of Realtors President Chad Takesue commented that “we saw pending sales begin to slow and a slight dip in month-to-month median prices in April.”

For single family homes there were 365 sales in April 2022, which is a decrease of 2.7% when compared to April 2021. The biggest increase for number of sales was seen in the $1,000,000 – $1,399,000 range for single family homes, up 46% when compared to this time last year. The median sales price for single family homes remains above one million dollars at $1,105,000 in April 2022. This represents a 19% when compared to this time last year. HI Central reported that last month there was a dip of 7% in new listings for single family homes when compared to April 2021.

There were 672 condos sold last month, up by 4.2% when compared to this time last year. For condos the biggest increase for number of sales was seen in the $700,000 – $999,000 range. The median sales price for condos last month was $510,000, which is an increase of 13% when compared to April 2021. New condo listings in April 2022 increased by 2.3% when compared to April 2021 – the most significant increase was in condos priced at $700,000 and above.

The average days on the market was 10 days for single family homes and 12 days for condos, up from nine days for both markets when compared to March 2022. For single family homes this represents an increase of 11% when compared to April 2021 and for condos this represents a decrease of 7.7%.