Median Price for Single-Family Homes on O'ahu Tops $1 Million
OAHU REAL ESTATE REPORT - August 2021 statistics
(As released by the Honolulu Board of Realtors on 09/06/2021)
Sustained demand for housing and significant sales volume at higher price points drive record high median prices for single-family homes and condominiums in August.
According to resales figures released today by the Honolulu Board of REALTORS®, single-family homes and condos reached new record-high median prices for the second consecutive month at $1,050,000 and $500,000, respectively. The persistent competition in affordable price ranges and more closed sales at higher price points in both single-family home and condo markets are putting upwards pressure on median home prices.
“As we’ve seen all year, limited inventory paired with increased purchasing power due to near record-low interest rates continues to drive sales prices in a fiercely competitive market,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Despite the record-high median sales price, it’s important to note that the market varies tremendously from property type to price and neighborhood, so buyers shouldn’t feel discouraged by a single statistic.” The $1,050,000 single-family median sales price is 25.1% higher than a year ago and up 5.8% above last month’s record. This is the fourth consecutive month single-family homes have set a Bennet Group Strategic Communications, 2021 record median, and except for April, a new record has been set each month this year. Sales jumped 14.9% compared to last August. Sales of properties upwards of $1 million doubled last month, and year-to-date, sales priced at $2,000,000 and above more than tripled, with 297 sales compared to just 97 at the same time last year.
The condo market attracted buyers at all price points, with year-over-year sales rising 65% last month. Sales at higher price points also occurred in the condo market. Condo sales at $600,000 and up nearly tripled, and the $800,000 and above range saw four times the volume as last year, pulling the monthly median sales price up 16.3% over last August.
The statistics in both single-family and condo markets followed similar trends with more new listings, low median days on market, and increased offers over asking. More single-family home and condo listings came on market, rising 18.9% and 3.6% compared to last year, respectively. Single-family homes sold in August spent a median of nine days on market, while condos spent a median of 12 days on market. The majority of sellers continue to receive a premium over their asking price. Last month, 64% of single-family homes sold above the original asking price, and 41% of condominium sales closed above the original asking price.
“We’re in an unprecedented seller’s market, and it helps to work with a trusted REALTOR® who has the expertise to navigate the home buying and selling process,” added Heaven. “I always tell my buyers to be persistent, put your best foot forward, and you will find the home that is meant for you.”
(NOTE: Data reflects resales of existing properties only and does not include sales of new home construction. The mention of “condominiums” also include townhomes. “Days On Market” is the number of days before the listing has an ACCEPTED offer and goes into escrow. The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.)