Oahu Single-Family Home Median Price Remained Above $1M in September
Market indicators point to stable, steady growth
HONOLULU – (Oct. 5, 2021) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for September 2021.
- The Oahu single-family home median price rose to $1,050,000 in September, 19 percent over last year, while the condo median price rose by eight percent to $480,000--both record highs for the month of September.
- Single-family home sales increased by 10 percent over September 2020, while condo sales increased by 33 percent. However, the pace of sales appears to be following seasonal trends, one indicator of a return to a more stable market.
- Sixty-three percent of single-family homes and 40 percent of condos were sold for above the asking price in September—indicating competitive market conditions and rising prices continuing into 2022.
- 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, remain at record lows. MRI for single-family homes was at a record low of 1.2 months, while condo MRI was 1.9 months.
“The Oahu single-family home median price remained above $1M for the third month in a row in September,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley.
“However, even as prices continue to be pushed upward due to a combination of strong buyer demand, low inventory, and competitive market conditions, we’re beginning to see some moderating from the extremely aggressive market conditions that have defined the past year. Several market indicators are now aligning with typical seasonal trends, which could be a harbinger of a stable and steady market.”
Strong demand from both local and offshore buyers continues to fuel competition, reflected in record-low Days on Market. Single-family homes entered into escrow in a median of just 10 days and in September, while condos went under contract in a median of just 12 days.
Lack of for-sale inventory remains the greatest challenge to the Oahu real estate market. However, Connelley pointed to one bright spot for qualified buyers: A new reserved housing condo project planned for Kaka’ako.
“There is some good news for first-time homebuyers who meet reserved housing guidelines,” added Connelley, “Howard Hughes has a new tower planned—Ulana Ward Village—which will add nearly 700 units to Kaka’ako at below-market prices.”
Mortgage interest rates, which have also been a contributor to increased buyer competition and rising home prices for more than a year, ticked up above three percent for the first time in three months in September.
“We expect mortgage rates to remain historically low into next year,” Connelley said, adding, “However, slight rate increases will help to ease pressures on our extremely competitive market.”
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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