The Oahu real estate market remained heated in January as the median sales price for condominiums hit an all-time high and the price of single-family homes remained at $1 million or higher for the sixth month in a row.

Inventory continued to tighten, according to data from the Honolulu Board of Realtors, and buyers snapped up properties quickly, paying at or above the asking price in most cases.

Oahu’s housing market for single-family homes and condos combined saw a 28.6% sales increase, compared with January 2021, as properties moved at a brisk pace. Single-family homes spent a median of only 12 days on the market, while condos lasted 14 days.

“Although sales are ahead of January 2021, we’re facing low inventory and rising interest rates that may temper the unprecedented market we saw throughout last year,” Chad Takesue, president of the Honolulu Board of Realtors, said in a release.

But he added that as long as low inventory, low interest rates and strong demand for housing remain, Oahu will continue to see strong competition and properties moving off the market at a fast pace.

The median sales price for a single-family home reached $1.05 million for the third consecutive month, while the condo market set a new monthly median sales price record of $510,000, eclipsing the previous high of $500,000 in August, October and November..

The median is the point at which half the sales were at a higher price and half at a lower price.

January single-family home sales were up 12% over 2021, while condo sales jumped 40.8%.

Single-family home properties in the $900,000-and-up price range accounted for 70% of the month’s sales, while sales below $900,000 fell 34% from 2021.

Although single-family home listings were down 12.3% compared with a year ago, 58% of the new listings that entered the market in January were in escrow or sold by the end of the month.

Condos, meanwhile, experienced sales increases at nearly all price levels — and especially in the $700,000- and-up range, where sales tripled over 2021. With strong demand and sales, the month saw fewer condo listings in active inventory.

Takesue said the condo market typically heats up when the price of single-­family homes gets to the point where affordability becomes an issue.

“There is no question the market is competitive, but the good news is that we’re seeing many local residents become homeowners and more people interested in the path to homeownership,” Takesue said.

While pending sales of single-family homes declined 4.3% from 2021, leaving fewer single-family homes in escrow than the previous year, pending condo sales increased by 7.5%.

HOME SALES

The number of homes sold on Oahu in January with the median price and percentage change from the same month last year:

HOMES

SALES MEDIAN PRICE

2022 326 $1,050,000

2021 291 $883,000

Change 12% 18.9%

Condos

SALES MEDIAN PRICE

2022 552 $510,000

2021 392 $452,000

Change 40.8% 12.8%

Source: Honolulu Board of Realtors