Oahu Single-Family Home Median Price Nears $1M as Summer Homebuying Season Kicks Off
HONOLULU – (June 4, 2021) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for May 2021.
- The Oahu single-family home median price reached $985,000 in May--a 23-percent increase over the previous year and a new record high. The median condo price in May was $460,000, a tie for the highest on record.
- Single-family home sales remained at a 17-year high in May, up 58 percent over the previous year. Condo sales were up 133 percent, a 15-year high.
- Single-family homes entered into escrow in a median of just 10 days in May, while condos were on the market for 13 days—a historic low.
- Bid-ups, an indicator of competition, also reached record highs in May, with 56.5 percent of single-family homes and 36.3 percent of condos bid up over the asking price.
“The Oahu real estate market continues to set new records in 2021, as historically low inventory and strong demand fueled by low interest rates pushed the single-family home median price closer to $1M in May,” said President and CEO of Locations Jason Lazzerini.
Single-family home for-sale inventory is at its lowest point since Locations began tracking the Oahu real estate market 40 years ago, down 53 percent from last May. Active listings for condos are also falling, down 44 percent from a year ago. Mortgage interest rates, after creeping up in early 2021, are hovering around three percent heading into the summer homebuying season, providing perspective homebuyers with a boost in purchasing power.
“With one in two single-family homes bid up over the asking price, more prospective homebuyers are shifting their attention to the condo and townhome market, which has also seen demand surge this year,” Lazzerini added.
The Oahu condo market is becoming increasingly competitive as for-sale inventory declines at an accelerating pace and days on market drop to record lows.
“The market will continue to favor sellers this summer. Homes that are in good condition—or in a desirable location—and priced appropriately will likely sell quickly, and with a strong chance of obtaining a final price that’s above asking,” said Lazzerini.
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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