Oahu’s housing market is holding steady ahead of its typical holiday season lull. In October 2021, closed sales rose year-over-year, with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%. The median sales price for a single-family home fell slightly from the August 2021 record of $1,050,000 to $1,000,000, while the median condo price tied the August record of $500,000.
Single-family home sales in the top price range of $2,000,000 and up skyrocketed 188.2%, followed by closed sales of properties in the $900,000 to $1,099,999 range, increasing 67.2% compared to October 2020. Year-over-year, the condo market recorded more than double the sales in the $600,000 and up range, though the bulk of sales occurred in the $300,000 to $599,999 range. The Metro region accounted for the majority of the sales volume growth, with 343 condo sales in October, rising 68.1% or 139 sales above last October. So far this year, closed sales of single-family homes and condos are up 22.6% and 58.8%, respectively.
The portion of single-family homes and condos selling over the asking price increased around 20% each since October 2020. Roughly 62% or 236 single-family homes and around 41% or 251 condos closed above the original asking price. The median time properties spent on the market remained low, with 10 days for single-family homes and 11 days for condos.
New listings for single-family homes dipped slightly 1.1% compared to this time last year, while new condo listings bumped up 8.0%. However, active inventory remains down significantly in both categories, dropping 23.0% for single-family homes and 39.4% for condos.
The increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their homes. However, the decline in new listings will likely continue, especially with the holiday season quickly approaching, exacerbating the lack of inventory.
Courtesy of the Honolulu Board of Realtors