Condo Sales Far Outpace Single-Family Home Activity in Bustling Housing Market

Metro region surges in popularity, marking substantial increases in property sales for single-family homes, condos

Closed sales of single-family homes rose 49.3%, and condo sales skyrocketed 134.0% compared to this time last year when real estate activity first began to pick up following the economic standstill brought on by the pandemic. The median sales price of a single-family home edged past last month’s record to reach $979,000, while the condo median sales price of $460,000 was just shy of the standing record of $461,500 from July 2019.

The condo market continues to bustle with activity, setting a new record low days on the market at a median of just 11 days. Single-family homes continue to move into escrow quickly, spending a median of 8 days on the market. Sellers added much-needed inventory to the market, with June marking a 23.0% increase in new single-family home listings and a 31.1% increase in condo listings.

“We are in a vastly different market now compared to this time last year, when activity was slowly starting to ramp up versus now where properties are moving into escrow in record time,” said Shannon Heaven, president, Honolulu Board of REALTORS^®. “In particular, the condo market surged in 2021 because some buyers decided not to pursue a single-family home due to the severe lack of inventory and competitive bidding wars.”

Steep Competition, High Demand Drives Record-Setting Month for O‘ahu Real Estate

Median sales price for a single-family home reaches $978,000 in May 

Closed sales of single-family homes climbed 63.3% and more than doubled for condos with 135.4% more sales compared to this time last year on O‘ahu. In stark contrast to the low activity of May 2020 amid pandemic uncertainties, May 2021 set new records with the median sales price of a single-family home rising to $978,000 – breaking the previous record of $950,000 set in March 2021 – and properties flying off the market at an unprecedented pace.
 
The median days on the market for single-family homes and condos hit new record lows of 8 and 12 days, respectively. In May, sellers added 430 new listings for single-family homes and 683 new condo listings to the market, representing 24.6% and 34.2% increases over last year. However, by the end of May, 61% of those new single-family home listings and 51% of new condo listings were already sold or in escrow.

“The market’s rapid pace is showing no signs of slowing, and buyers entering the market continue to face stiff competition, especially for homes under $800,000,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Every day REALTORS® are working with buyers to submit their strongest offer and with sellers to secure the best price for their home. As we mark Homeownership Month in June, we encourage anyone thinking about buying a home to work with a REALTOR®. No one knows the market better and is uniquely qualified to help clients work towards their homeownership goal.”

O‘ahu’s Housing Market Sales, Prices Continue to Climb to New Heights in March

Market for single-family homes shatters records with a new median sales price of $950,000

Closed sales of single-family homes and condos saw significant double-digit growth of 19.1% and 52.7%, respectively, compared to pre-pandemic activity last March. For the third consecutive month, the median price for a single-family home set a new record of $950,000, representing a 17.3% year-over-year increase and a 3.5% increase over February’s record of $917,500.

With sustained limited supply and high demand, the number of single-family homes and condos sold over the asking price nearly tripled compared to March 2020. During the first quarter of 2021, single-family homes sold over asking price made up 50% of the sales compared to just 19% in quarter one last year, while condos sold above the list price accounted for 29% of the sales compared to 10% in the previous year’s first quarter.
 
“Despite new listings, demand continues to outpace our limited housing inventory,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “This lack of inventory is driving a very active and competitive market for prospective home buyers on O‘ahu.”

New listings for single-family homes and condos added much-needed inventory to O‘ahu’s housing supply. Single-family homes marked a 12.6% jump with 439 new listings as nearly all regions saw positive growth. The condo market added 715 new listings, marking a 17.2% increase in listings compared to this time last year.

O‘ahu Real Estate Market Continues a Record-Setting Year

Single-family homes reach a new median sales price high of $917,500 while condo market activity heats up

The O‘ahu housing market continued to see strong sales throughout February, with single-family home sales increasing 5.3% and condominium sales soaring 41.1% over last year. Most notably, the single-family home market set a record median sales price of $917,500, a nearly 20% year-over-year increase and a 3.9% jump above last month’s record of $883,000.

Fierce competition between buyers continues, with 48.5% of single-family homes and 29.1% of condo sales sold above asking price last month. The record-setting pace of sales continued in February, as single-family homes spent only nine days on the market.
 
“Demand for limited inventory and increased purchasing power through low-interest rates has placed sustained upward pressure on prices,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “While the record-setting median price and pace are good news for sellers, it creates a challenging environment for buyers who are up against the tough competition.”

O‘ahu’s Housing Market Rebounds with Year-End Spike in Activity

Record-low mortgage rates and low inventory drive heightened competition and modest increase in median sales prices for O‘ahu’s real estate market in 2020

Closed sales of single-family homes on O‘ahu were up 35.9%, and condo sales rose by 20.1% compared to the same period in 2019. New listings increased by 15.3% and 3.6% year-over-year for single-family homes and condos, respectively. Median sales prices for December 2020 were up 6.1% at $870,000 for single-family homes and 6.9% to $455,000 for condos.

“Instead of the typical seasonal lull, the O‘ahu real estate market saw steady – and even slight increases – in activity through the year’s end despite the ongoing effects of the pandemic,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Record-low mortgage rates paired with cautious optimism around reopening continued to drive activity, allowing the market to surpass sales and near new listing levels compared to the fourth quarter of 2019.”

Total annual single-family home sales were up 2.3% over 2019, but condo sales remained down, declining 13.0%. Increased purchasing power from lower mortgage rates and heightened competition spurred by low inventory resulted in annual median sales price increases of 5.2% to $830,000 for single-family homes and 2.4% to $435,000 for condos. Total new listings were down by 17.7% for single-family homes and 14.4% for condos compared to 2019.