O‘ahu’s Housing Market Holds Steady Ahead of
Holiday Season Lull
Median prices of single-family homes stand at $1 million, condos at $500K
HONOLULU – According to resales figures released this week by the Honolulu Board of REALTORS®, closed sales rose year-over-year with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%. The median sales price for a single- family home fell slightly from the August 2021 record of $1,050,000 to $1,000,000, while the median condo price tied the August record of $500,000.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales 🏡
| Number of Sales | Median Sales Price | |
|---|---|---|
| October 2021 | 381 10.4% | $1,000,000 15.6% |
| October 2020 | 345 | $865,000 |
Condominium Resales 🏢
| Number of Sales | Median Sales Price | |
|---|---|---|
| October 2021 | 611 27.3% | $500,000 13.8% |
| October 2020 | 480 | $439,500 |
closed sales rose year-over-year with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%. The median sales price for a single- family home fell slightly from the August 2021 record of $1,050,000 to $1,000,000, while the median condo price tied the August record of $500,000.
“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their homes,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Homeownership is about much more than simply owning a home. It poses many benefits including building equity and generational wealth and reaping the benefits of tax deductions and deductible expenses.”
The portion of single-family homes and condos selling over the asking price increased around 20% each since October 2020. Roughly 62% or around 236 single-family homes and around 41% or 251 condos closed above the original asking price. The median time properties spent on the market remained low, with 10 days for single-family homes and 11 days for condos.
New listings for single-family homes dipped slightly 1.1% compared to this time last year, while new condo listings bumped up 8.0%. However, active inventory remains down significantly in both categories, dropping 23.0% for single-family homes and 39.4% for condos.
“It’s likely that the decline in new listings will continue, especially with the holiday season quickly approaching. However, with our dire lack of inventory, it’s a good time to sell, and we encourage anyone thinking about listing their property to reach out to a trusted REALTOR® who can help you navigate the process,” added Heaven.
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Note: The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.
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