Oahu Home Sales, Prices to Continue Upward Trend in 2021, Locations Forecasts
Record-low single-family home inventory pushes competition to new heights
HONOLULU – (Dec. 3, 2020) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending November 2020. This is a comparison to the previous 12-month period ending November 2019:
- In November, the median single-family home price rose 11 percent over the previous November to $877,500. The median condo median price rose two percent in November to $425,000. For the past 12 months, the median single-family home price was $825,000, a five percent increase over the previous 12-month period, and $430,000 for condos, a one percent increase over the same time period.
- Single-family home and condo sales have risen above previous years’ levels after dipping from the initial impact of COVID-19 last spring. For the past 12 months, single-family home sales are up one percent and condo sales down 14 percent from 2019.
- Days on Market for single-family homes remained at an all-time low of 11 days in November. Condo Days on Market has been dropping since July, and has been below last year’s levels for the past three months. This signals that competitive market conditions will continue into 2021.
- Bid-ups for single-family homes reached an all-time high of 46.3 percent in November, while condo bid-ups hit 20.6 percent, the highest since June 2018. Strong bid-ups are placing continued upward pressure on home prices.
- Mortgage rates have remained under 3% for four months now, opening the market wider for homebuyers and sellers.
“All market indicators are pointing toward rising home sales and prices in the new year” said President and CEO of Locations Jason Lazzerini. “Single-family home sales are up in half of all Oahu market areas and median prices are up in nearly three-fourths of all market areas,” he added.
“The market is extremely competitive right now, with almost half of single-family homes bid up over the asking price in November. Sellers—especially sellers of single-family homes in central and west Oahu— are in a great position headed into 2021,” Lazzerini added.
At the local market level, Hawaii Kai was among the top-performing single-family home markets in November, with median home prices up 10 percent this year to $1,205,500. Hawaii Kai home sales are up one percent, while Days on Market fell by 19 percent over a year ago to 25 days. Currently, there are only 39 single-family homes for sale in Hawaii Kai, a 37-percent decrease.
Ewa was the top-performing condo market in November, with the highest condo bid-up rate on the island at 25.8 percent. Ewa condos are selling in a median of just 14 days, a decrease of one-third over last year. With just 33 condos for sale in Ewa in November, available inventory would fall to zero in less than one month if no new listings were to come online.
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.
About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For more than 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has 300 agents in five offices across Oahu. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.
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