Oahu Single-Family Home Median Price Tops $1M for Second Consecutive Month in August 2021
Condo median price reaches new milestone of half-a-million dollars
HONOLULU – (Sept. 10, 2021) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for August 2021.
- The Oahu single-family home median price increased by 29 percent over the previous year in August, reaching $1,050,000 and surpassing the previous record-high median of $1M set last month. The median price for Oahu condos in August was also a record high at $500,000--a 16-percent increase over the previous year.
- Single-family home sales increased by 15 percent over last August to 424, while condo sales increased by 64 percent to 672.
- Single-family homes entered into escrow in a median of just 10 days in August, while condos were on the market for only 12 days—a tie for the record low, set this past June and July. 62.9 percent of single-family homes and 39.9 percent of condos sold for above the asking price in August—a record high for condos.
- Months of Remaining Inventory (MRI), or the number of months it would take for all existing listings to sell if no new listings were to become available, continues to fall. MRI for single-family homes is near the record low at 1.3 months, while condo MRI is at 1.8 months—the lowest in 16 years.
“The Oahu single-family home median price topped $1M for the second consecutive month in August, while the condo median price reached a new benchmark at $500,000,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. “We expect prices will continue to climb this year, as homes are selling in record-low time and for record-high bid-ups. With limited supply and strong pent-up demand, there’s no end in sight to current market conditions.”
Oahu’s for-sale inventory is at historic lows, with just 479 homes and 1,032 condos on the market, a decrease of 23 percent and 45 percent, respectively. Continued lack of for-sale inventory remains the greatest challenge to the Oahu real estate market, adding to upward pressure on prices and increased competition for buyers.
“The resale condo market is becoming increasingly competitive, as more buyers are looking to condos and townhouses, either as a lower-cost alternative to single-family homes or as investment or vacation properties,” Connelley said.
“In today’s fast-moving real estate market, it’s more important than ever for buyers and sellers to work with a knowledgeable agent who has access to market data at the neighborhood and building level,” added Connelley.
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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