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
According to resales figures released today by the Honolulu Board of REALTORS®, the O‘ahu housing market continued to see strong sales throughout February, with single-family home sales increasing 5.3% and condominium sales soaring 41.1% over last year. Most notably, the single-family home market set a record median sales price of $917,500, a nearly 20% year-over-year increase and a 3.9% jump above last month’s record of $883,000.
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 | |
|---|---|---|
| February 2021 | 260 +5.3% | $917,500 +19.9% |
| February 2020 | 247 | $765,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2021 | 446 +41.1% | $457,500 +6.4% |
| February 2020 | 316 | $430,000 |
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.
“Demand for limited inventory and increased purchasing power through low-interest rates has placed sustained upward pressure on prices,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “While the record-setting median price and pace are good news for sellers, it creates a challenging environment for buyers who are up against the tough competition.”
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%.
“For many, the path to homeownership is unique, and the expertise, guidance and professionalism REALTORS® provide is more important than ever,” added Heaven.
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.