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.”