HONOLULU (KHON2) — Locations Hawaii, a real estate firm, states that the median price of homes in December 2021 was $1.06 million, a 22% increase from 2020.

Locations reported in their Oahu Residential Real Estate Report for December 2021 that the median single-family home price was around $1 million for six months of the year in 2021. Though the condo median price was initially reported by the realtor incorrectly, they later stated that it increased by 7% resulting in an average of $485,000.

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“Lack of inventory for sale continues to challenge the market, pushing prices higher and fueling homebuyer competition”

John Connelley, the Principal Broker for Locations

While the price of homes increased, Connelley said, “Oahu’s for-sale housing inventory is at new record lows as we begin the new year,”

Single-family homes sales fell by 12% from 2020 and condominium sales jumped 43%.

Locations added that despite the slow pace in sales, prices will continue to rise in 2022 due to strong demand, low for-sale housing inventory and competitive market conditions.

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“We’re firmly in seller’s market territory and likely to remain there for the foreseeable future,” continued Connelley. “Homebuyers should be prepared for prices to continue to increase this year, even as historically low mortgage interest rates are expected to tick up.”