Oahu Real Estate Report: SEPTEMBER 2021 statistics

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Real Estate

2 Out of Every 3 Single-Family Homes Sell for Over the Asking Price in September  

OAHU REAL ESTATE REPORT - September 2021 statistics

(As released by the Honolulu Board of Realtors on 10/06/2021)

Year-over-year market activity continues to mark gains, but month-to-month closed sales dip.

According to resales figures released today by the Honolulu Board of REALTORS®, closed sales of single-family homes and condos in September continued to outpace sales activity from the same time last year, recording 8.4% and 34.9% increases, respectively. However, sales dropped slightly compared to August, with single-family homes down 0.2% and condos dipping 8.9%. The median price for a single-family home remained at $1,050,000, while the median condo price rose 7.4% year-over-year to $478,000.

Around 57% of single-family homes sold in September were priced at $1 million and above, and the most volume growth occurred in the $1,000,000 to $1,399,999 range, with more than double the sales as last September. Roughly two out of every three single-family homes sold last month closed above the original asking price. The practice of bidding over the asking price was most prevalent in the Ewa Plain region, representing more than 80% of the region’s third quarter sales. 

“We’re seeing a slight decrease in total sales month-to-month as families focus on the return to the school year and prepare for the holiday season, which is typical for this time of the year,” said Shannon Heaven, president, Honolulu Board of REALTORS® . “Despite the modest dip in market activity, the majority of homebuyers continue to bid over the asking price in the hopes of securing a property to call home.” 

Sales of condo properties in the $700,000 and above price range more than doubled year-over-year with 129 closed sales compared to just 57 last September. Meanwhile, 39.6% of condos sold for more than the asking price in the third quarter, especially in the Central, Ewa Plain, and Makakilo regions, where this occurred in over 70% of sales. 

Both markets marked an uptick in new listings compared to 2020; however, active inventory – representing properties listed and open for sale at the end of the given month – fell sharply. The active inventory of single-family homes dropped by 17.4%. The regions with the most significant decline in active inventory for this market were Diamond Head and the North Shore, representing 49% and 59% drops, respectively. A total of 738 new condo listings came on the market in September, translating to a 28.1% year-over-year increase, though active inventory was down 40.9% compared to one year ago.

“The data indicates that there is a clear need for more inventory to meet the high demand for housing here on O‘ahu. Homebuyers and sellers can count on REALTORS® to help them search for the right property and put their best foot forward in this competitive market,” added Heaven.

(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.)