Oahu Condo Market Increasingly Competitive as Single-Family Home Inventory Drops to New Low
Active condo listings at lowest level in four years
HONOLULU – (May 5, 2021) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for April 2021.
- The Oahu single-family home median price reached $928,000 in April--a 15-percent increase--while the median condo price was flat at $450,000.
- Single-family home sales reached a 17-year high for the month of April, up 51 percent over the previous year. Condo sales were at a 15-year high in April, up 88 percent.
- Single-family homes entered into escrow in a median of just 10 days in April, while condos were on the market for 14 days--a 25-year low reached just once before.
- Bid-ups, one indicator of competition, are also at record levels in 2021. Fifty-five percent of single-family homes and 30.5 percent of condos sold in April were bid-up above the asking price.
“Single-family home inventory is at its lowest point in more than 40 years, and condo inventory is dropping at an accelerating pace. Coupled with decades of pent-up demand, there’s no end in sight to current market conditions—making it an advantageous time for sellers and a critical time for homebuyers, especially first-time buyers,” said President and CEO of Locations Jason Lazzerini.
“Condo sales are booming this spring, as interest rates below three percent give first-time homebuyers added purchasing power and an extremely tight single-family home market has pushed more buyers to consider other housing types,” Lazzerini said.
“As the condo market catches up to the single-family market, we expect to see an increase in competitive conditions, more sales and fewer days on market,” he added.
Locations recommends that homebuyers and sellers partner with an experienced Realtor®, as local markets perform differently. Locations agents are able to serve their clients safely while complying with the State of Hawaii’s health and safety guidelines. Virtual meetings, home tours and open houses are also available.
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