The most notable figure to report this month is the new record high median sales price of $917,500 for single family homes on Oahu. This represents an increase of 19.5% compared to this time last year. The median sales price for condos was $457,500 last month, an increase of 6.4% since February 2020. The limited inventory and low interest rates are contributing to the increasing buyer competition. Hawaii Central reports that “the fierce competition between buyers resulted in sellers receiving more than their asking price in 48.5% of single-family home sales and 29.1% condo sales compared to only 19.8% and 8.9% respectively, in February 2020.
Condo sales picked up drastically last month jumping from 316 sales in February 2020 to 446 sales this past month. This is an increase of 41% more sales than there were in February 2020.
The steep competition is keeping the average days on market low for both single family homes and condominiums, at 11 and 19 days respectively.
Compared to February 2020, the days on market for condo listings are down 45.7% and down 60.7% for single family homes. One factor contributing to the low DOM is the declining inventory – which declined by 21.8% for single-family homes and 1.3% for condos when compared to one year ago at this time. Contact your LUVA Realtor for more information or if you would like more information on buying and selling your home in today’s real estate market!