Competition for Oahu Single-Family Homes Surged During COVID-19 Pandemic
High-end homes sold for six figures over asking in past year, on average
HONOLULU – (May 19, 2021) –The share of Oahu single-family homes that sold for more than the listing price grew significantly in all market levels during the COVID-19 pandemic, according to the latest research from local real estate firm Locations that compares bid-ups from the 12-month period that ended in April 2021 to the previous period.
“There’s been a significant uptick in the percent of single-family homes bid up over the asking price in the past year,” said Locations President and CEO Jason Lazzerini.
“The single-family home market has always been competitive, particularly in what we consider the entry-level price range, but record-low interest rates and increased buyer demand caused a surge in competition for homes in all price ranges in the past year. This market is really unprecedented,” he added.
Bid-up amounts were higher in the past year, too. In 2020, bid-ups in all market levels ranged from two to 2.8 percent of the list price. In 2021, bid-ups increased to 3.4 to 3.9 percent of the list price.
“Not only are homes receiving more bid-ups than in previous years, the amount of those bid-ups is also higher this year—particularly for entry-level homes, which sold for, on average, $21,000 over the asking price, a 73-percent increase,” Lazzerini added.
Single-family homes less than $750,000
In the past year, more than four in 10 entry-level single-family homes were sold for above the asking price; in the previous period, less than one in four entry-level homes sold for above asking. By market area, bid ups for entry-level single-family homes were highest in the Ewa region, which saw 48.5 percent of homes bid up over asking in the 12 months up to April 2021. Other markets areas that saw more than 40 percent of entry-level homes bid up over asking during the same period were Leeward, Makakilo, Mililani and Pearl City-Aiea. Entry-level homes were bid up, on average, $21,274 over the asking price in 2021—3.4 percent of the average listing price, compared to two percent of the listing price in 2020.
Single-family homes from $750,000 to $2M
In the mid-market range, the percent of homes bid up over asking increased by 121 percent from the year ending in April 2020 to the same period ending April 2021. By market area, the Ewa region also saw the highest percentage of bid ups for mid-market homes, with 60 percent of homes sold for above the asking price in the 12-month period ending in April 2021. Other markets that saw a high percentage of bid ups—more than 50 percent—were Mililani and Makakilo. Mid-market homes were bid up, on average, $41,202 over the asking price in 2021—3.9 percent of the average listing price. compared to 2.8 percent of the listing price in 2020.
Single-family homes greater than $2M
The percent of high-end single-family homes that sold for above asking price more than doubled in the year ending in April 2021, rising from six percent to 13 percent. By market area, the highest percentage of bid ups for high-end homes was in Kaneohe, where 44.4 percent of homes sold for above the asking price. High-end homes were bid up, on average, $124,591 over the asking price in 2021—3.8 percent of the average listing price, compared to 2.7 percent of the listing price in 2020.
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