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
According to resales figures released today 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 +51.2% | $928,000 +14.7% |
| April 2020 | 248 | $809,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| April 2021 | 645 +88.0% | $450,000 0.0% |
| April 2020 | 343 | $450,000 |
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.