Single-family homes and condos set new record-high median prices in July at $992,500 and $475,000, respectively. Summer sales continue at the rapid pace the market has been experiencing the past few months, with single-family homes recording 404 total sales or an 11.9% increase in July. Condos sales continue to rise significantly year-over-year, outpacing single-family home properties with 671 total condo sales resulting in a 57.5% increase.
The new single-family home median sales price jumped up 21.8% compared to one year ago, while the condo median sales price rose 8.0% above last July’s median price. The new single-family home record ticked up slightly – 1.4% – above the previous record set just last month, while the new record price for condos was 2.9% higher than the previous record of $461,500 set in July 2019.
Last month, 70% of single-family home sales closed above the asking price. Offers over asking were common across all price points, but they were especially prevalent among 79% of the properties under the median sales price of $992,500. Meanwhile, in July, 38% of condo sales closed above the asking price compared to just 14% in July 2020.
Single-family home properties in the North Shore, Kailua, Hawaii Kai and Diamond Head region saw the majority of sales close at prices above the record median sales price of $992,500, while the closed sales in Leeward, Waipahu and Ewa regions were primarily under the median sales price. In the condo market, the popularity of the Metro region persists, marking the largest volume growth of 127.5% or 218 sales last month.
Single-family homes and condos continue to spend mere days on the market, a median of 9 and 11 days, respectively. New single-family home listings increased 11.1% over last year, while new listings for condos barely moved at all up, recording a modest 1.1% increase.