O‘ahu Real Estate Market Continues a Record-Setting Year

By
Real Estate Agent with HI Pro Realty LLC RB-21531 RS-76763

Oahu Median Prices December 2020 

O‘ahu Real Estate Market Continues

a Record-Setting Year

Single-family homes reach a new median sales price high

of $917,500 while condo market activity heats up

 

HONOLULU – According to resales figures released this week by the Honolulu Board of REALTORS®, the O‘ahu housing market continues a record-setting year as single-family homes reached a median sales price high of $917,500, a nearly 20% year-over-year increase and a 3.9% jump above last month’s record of $883,000. Single-family home sales saw a 5.3% increase and condominium sales soared 41.1% over last year.

 

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
February 2021   260 $917,500  
February 2020   247 5.3% $765,000  19.9%

 

Condominium Resales

  Number of Sales Median Sales Price
February 2021   446 $457,500  
February 2020   316  41.1% $430,000  6.4%

 

The fierce competition between buyers resulted in sellers receiving more than their asking price in 48.5% of single-family home sales and 29.1% of condo sales compared to only 19.8% and 8.9%, respectively, in February 2020. The record-setting pace of sales continued in February, as single-family homes spent only nine days on the market.

 

Approximately one-third of single-family homes sold were in the $700,000 to $899,999 range, nearly even with the sales a year ago. However, sales in the $1,000,000 and over range doubled, jumping to 111 sales compared to 55 sales in February 2020. The $400,000 to $499,999 range accounted for 21.3% of sales in the condo market and saw the largest increase in sales volume, up 53.2%.

 

New listings for single-family homes and condos declined by 19.3% and 2.5%, respectively, offering no relief to the difficulties presented by the lack of inventory. There are 774 active listings for single-family homes and 1,979 active listings for condos available on O‘ahu.

 

While strong demand for limited inventory and increased purchasing power through low- interest rates continues to place sustained upward pressure on prices is good news for sellers, buyers face a challenging environment with steep competition.

 

 

For Expert Sales and Pet Friendly Property Management in Honolulu,

CONTACT HI Pro Realty TODAY!

 

 

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.

 

 

 

 

Posted by

      

 

HI Pro Realty LLC

REALTORS®, PROPERTY MANAGERS® 

We are a boutique brokerage firm offering

responsive, dedicated, and professional Real Estate Sales

and Pet Friendly Management Services in Honolulu, Hawai'i. 

Office: (808) 941-8866    Mobile: (808) 926-7667

 

Comments (1)

Kristin Johnston - REALTOR®
RE/MAX Realty Center 262-567-2455 - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and enjoy your weekend!

Mar 27, 2021 06:48 AM