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Oahu Single-Family Home Median Prices Hit $1M in July 2021

Oahu Single-Family Home Median Prices Hit $1M in July 2021  

HONOLULU – (Aug. 5, 2021) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for July 2021. 

  • The Oahu single-family home median price increased by 23 percent over the previous year in July, reaching $1M and surpassing previous record-high medians set in May and June of this year. The median price for Oahu condos in July was $467,500, also a record high and a six-percent increase over the previous year.   
  • Sales of single-family homes rose by 10 percent over last July to 406, while condo sales rose by 56 percent to 678.  
  • Single-family homes entered into escrow in a median of just 10 days in July, while condos were on the market for only 12 days—a tie for the record low, set last month.  
  •  Sixty-six percent of single-family homes and 37 percent of condos sold for above the asking price in July—a tie with the record highs set in June.    

 “Market conditions have been pointing to a $1M median single-family home price this year for some time,” said President and CEO of Locations Jason Lazzerini. “Lack of for-sale inventory continues to be the biggest challenge to the Oahu real estate market, driving up prices and increasing buyer competition.” 

There were 32 percent fewer single-family homes and 44 percent fewer condos for sale last month compared to a year ago. Even with a slight uptick of homes for sale, inventory remains at historic lows, with only 474 homes and 1,050 condos on the market. 

“Condo sales took off in July, thanks in part to low for-sale inventory and continued rising prices on the single-family home side. Not only did condo sales rise by more than 50 percent, they also sold in half the time compared to a year ago—a point in time in which the market had already rebounded from the effects of the pandemic.” Lazzerini said.

“We’ve never seen condos sell so quickly before,” he added.  The percentage of single-family home bid-ups also set a new record in July, with two in three homes sold for above the asking price. Thirty-seven percent of condos were bid up over asking in July, just short of the 39 percent record-high bid up in June.  

“The unprecedented level of competition in the current market--and the speed at which it’s moving--underscores the importance of partnering with a skilled agent, for both homebuyers and sellers,” 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