O‘ahu’s Housing Market Sales, Prices Continue to Climb to New Heights in March

Market for single-family homes shatters records with a new median sales price of $950,000

According to resales figures released today by the Honolulu Board of REALTORS®, closed sales of single-family homes and condos saw significant double-digit growth of 19.1% and 52.7%, respectively, compared to pre-pandemic activity last March. For the third consecutive month, the median price for a single-family home set a new record of $950,000, representing a 17.3% year-over-year increase and a 3.5% increase over February’s record of $917,500.

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
March 2021 361  +19.1% $950,000  +17.3%
March 2020 303 $810,000

Condominium Resales

Number of Sales Median Sales Price
March 2021 626  +52.7% $451,000  +3.7%
March 2020 410 $435,000

With sustained limited supply and high demand, the number of single-family homes and condos sold over the asking price nearly tripled compared to March 2020. During the first quarter of 2021, single-family homes sold over asking price made up 50% of the sales compared to just 19% in quarter one last year, while condos sold above the list price accounted for 29% of the sales compared to 10% in the previous year’s first quarter. Single-family homes continue to spend a record-low median of just nine days on the market.

“Despite new listings, demand continues to outpace our limited housing inventory,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “This lack of inventory is driving a very active and competitive market for prospective homebuyers on O‘ahu.”

New listings for single-family homes and condos added much-needed inventory to O‘ahu’s housing supply. Single-family homes marked a 12.6% jump with 439 new listings as nearly all regions saw positive growth. The condo market added 715 new listings, marking a 17.2% increase in listings compared to this time last year.

“We are in a seller’s market. If you’ve been thinking about selling your property, now is the time to reach out to a trusted REALTOR® and throw your hat in the ring,” added Heaven.

Sales activity in March rounded out a solid first quarter for 2021 with total increases of 11.9% and 32.5% for single-family homes and condos, respectively. The single-family home market recorded an uneven shift in sales with a 36.1% drop in sales for properties sold below $800,000. In comparison, the upper price tiers of $1.5 million and above saw a dramatic 113% increase in sales. The condo market remained active with steady growth at all price points.

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. 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.