Oahu Housing Market Holds Steady Ahead of Holiday Season Lull
Median prices of single-family homes stand at $1 million, condos at $500K
Closed sales rose year-over-year with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%. The median sales price for a single-family home fell slightly from the August 2021 record of $1,050,000 to $1,000,000, while the median condo price tied the August record of $500,000.
Single-family home sales in the top price range of $2,000,000 and up range skyrocketed 188.2%, followed by closed sales of properties in the $900,000 to $1,099,999 range increasing 67.2% compared to October 2020. Year-over-year, the condo market recorded more than double the sales in the $600,000 and up range, though the bulk of sales occurred in the $300,000 to $599,999 range. The Metro region accounted for the majority of the sales volume growth, with 343 condo sales in October, rising 68.1% or 139 sales above last October. So far this year, closed sales of single-family homes and condos are up 22.6% and 58.8%, respectively.
“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawaii families are getting their offers accepted and moving into their homes,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Home ownership is about much more than simply owning a home. It poses many benefits including building equity and generational wealth and reaping the benefits of tax deductions and deductible expenses.”