Oahu Real Estate Market Update: August 2021

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There were new record high median sales price for both single family homes and condos last month. The record high median sale price for single family homes on Oahu was $1,050,000 and the median sale price for condos was $500,000 last month. For single family homes this represents a 25.1% increase and for condos a 16.3% increase. HI Central reported that “the persistent competition in affordable price ranges and more closed sales at higher price points in both single-family home and condo markets are putting upwards pressure on median home prices.”

The number of condos and single family homes sold in July decreased slightly when compared to June, however the change has been minimal and it could greatly be attributed to the lack of inventory. When comparing the number of sales figures to this time last year, there has been a drastic increase for single family homes at 11.9% more homes sold.

The average days on market for Oahu listings remained at low at 9 days for single family homes and increased by just one day to 12 days for condos. 64% of single family homes and 41% of condos sold last month closed above asking price, signaling that we continue to be in a market that is highly favorably to sellers.

LUVA Realtors are noticing that some neighborhoods on Oahu that have more interest and demand from Buyers. LUVA Realtor Susie Kimhan commented that “Kailua and the Town area is where i see the biggest increase.” She also commented that Buyers are submitting offers over asking and with appraisal clauses. She believes that we will see this mar