Oahu Single-Family Home Median Prices Reach a New High for Second Consecutive Month
February 2021 strongest month for home sales in 15 years
HONOLULU – (March 4, 2021) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending February 2021. This is a comparison to the previous 12-month period ending February 2020.
- Single-family home and condo median prices hit record highs in February 2021, for the second consecutive month. The median price for single-family homes rose by 20 percent over February 2020 to $920,000, while the median condo price rose six percent to $457,500. February was also the first time that the single-family home median price crossed the $900,000 threshold, two years after exceeding $800,000.
- Last month also saw the greatest number of home sales for the month of February since 2006, with a six-percent increase in single-family home sales and a 42-percent increase in condo sales.
- February also recorded the second-highest percentage of bid ups, with 47.3 percent of single-family homes and 28.3 percent of condos sold for above the asking price, only surpassed by January 2021. Strong bid-ups in February signal continued competitive market conditions.
- Homes also sold in record time in February, bucking typical seasonal trends. Single-family homes entered into escrow in a median of just 10 days—the lowest on record—while condos were on the market for 19 days—the fewest for the month of February since 2018.
“This was not a typical February for the Oahu real estate market, but it is indicative of an extremely tight market and continued competitive conditions” said President and CEO of Locations Jason Lazzerini.
“Lack of homes for sale continues to be the biggest challenge to the market, putting upward pressure on home prices and fueling competition among buyers,” Lazzerini continued, adding that single-family home listings are scarcer than at any other point since Locations began recording market data more than 40 years ago, with just 403 active listings. There are currently 1,425 condos for sale, fewer than last year’s levels for the past seven months and falling.
Lazzerini also noted that interest rates are still near record lows, offering prospective homebuyers greater purchasing power. 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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