Honolulu Board of Realtors President Shannon Heaven stated that “the market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawai’i families are getting their offers accepted and moving into their homes.” This change has only just started to occur over the last few months, and while it is a promising sign, buyers are still facing extreme competition on Oahu.
For single family homes there were 381 closed sales in October 2021, which is down from 424 sales in September, indicating a slight slow down in the pace of the market. However, compared to this time last year the number of closed sales has increased by 10.4%. There were 611 condos sold last month, down only four units when compared to September. However, this represents a 26.3% increase when compared to October 2020.
The average days on market for Oahu listings remains low at 10 days for single family homes and 11 days for condos. This represents no change for single family homes when compared to this time last year but a staggering 38.9% decrease for condos when compared to October 2020.
The median sales price remained dropped only slightly last month from $1,050,000 in September to $1,000,000 in October, representing an increase of 15.6% when compared to this time last year. For condos, the median sales price was a record high of $500,000, representing an increase of 13.8% when compared to this time last year. According to HI Central the number of homes sold at $2,000,000 or more has increased by 188.2% when compared to this time last year. For condos, there were more than double the number of sales that closed at $600,000 or more when compared to this time last year.