Oahu Real Estate Market Update: December 2021

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Throughout 2021, we experienced a strong sellerʻs market – with a year of low inventory, high buyer demand, and record setting sale prices and low days on the market. For this past year, more than half of all sellers of single family homes received more than their asking price.

The median sales price in 2021 was $990,000 for single family homes recording 19.3% higher than it was in 2020. For condos, the median sales price was $475,000 in 2021 which is a 9.2% increase when compared to 2020. In 2021, number of sales was down by 17.9% for single family homes but for condos there was a 53.1% increase in 2021 compared to 2020.

For December 2021, the median sales price was $1,050,000, an increase of 20.7% when compared to this time last year. According to HI Central, 60.8% of single-family homes sold for over the asking price, representing an increase from 2020 when that number was just 31%. The median sales price for condos on Oahu last month were $485,000 which is up 6.6% when compared to December 2020. For Condos, 36.8% of units sold for over the asking price in 2021.

For single family homes there were 378 closed sales in December 2021, which is up slightly from 371 sales in November. This is an increase of 10% when compared with this time last year. There were 593 condos sold last month, down slightly from November. There were 15.4% more condos sold this year when compared to last year at this time. The average days on the market stayed impressively low again last month. The average days on the market for condos was 12 days, and just 9 days for single family homes.