Condo Sales Surpass Single-Family Home Sales in O‘ahu’s Fast-Paced Housing Market
Real estate activity spikes a year after the first stay-at-home order
HONOLULU – According to resales figures released this week by the Honolulu Board of REALTORS®, closed sales of single-family homes and condos rose 51.2% and 88.0%, respectively. The wide year-over-year variance is due to 2020’s downturn in real estate activity spurred by the initial shocks of the pandemic and the first stay-at-home order.
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 | |
|---|---|---|
| April 2021 | 375 | $928,000 |
| April 2020 | 248 51.2% | $809,000 14.7% |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| April 2021 | 645 | $450,000 |
| April 2020 | 343 88.0% | $450,000 0.0% |
Single-family homes in the $700,000 to $999,999 range accounted for the bulk of the sales in April, with 167 total sales, an increase of 45.2% compared to this time last year. Total closed sales of single-family homes priced at $1 million and above more than doubled compared to April 2020, with 118 properties sold in the $1 to $1.99 million range and 40 in the $2 million and above range. More than half of single-family homes – 58.9% to be exact – sold above the asking price last month. Meanwhile, high demand for single-family homes continues to keep the median days on the market at a low of just nine days.
“A year ago, O‘ahu’s real estate market saw a steep decline in sales and listings as we were confronted with uncertainty about the pandemic’s impact on our community and economy,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low interest rates, it creates the fast-paced, competitive environment we see in today’s market.”
Condo sales in the Ewa Plain and Waipahu regions recorded the most significant month-over- month increases of 22.8% and 57.9%. The Metro region more than doubled its closed sales of condos with 345 total sales compared to this time last year when just 167 condos sold. In April, 30.9% of condos sold above the asking price and condo properties spent a median of 13 days on the market, which tied the record low set in June 2017.
While new listings for single-family homes are up 58.3% compared to April 2020, active listings remain down 35.3% year-over-year. The condo market tells a similar story with a 60.5% increase in new listings last month, but active listings are still down 17.6%.
“Any new listings are quickly being spoken for due to buyers’ pent-up demand. REALTORS® continue to network with one another to find new listings and inventory to help our buyers realize their homeownership goals,” 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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