As a new record high, the median sales price of single family homes on Oahu reached almost one million dollars at $992,500 last month. The median sales price for condos also reached a new record high of $475,000 last month. Compared to this time last year, the prices of single family homes has increased by 21.8% and 8% for condos. According to Shannon Heaven, president of Honolulu Board of Realtors “We’re seeing these record high median sales prices because inventory in the affordable and mid-range price brackets are dwindling. Mortgage rates also continue to hover near record lows, enabling buyers to secure cheaper financing that, in turn, helps them to close on properties at higher price points.”
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 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 remains low at 9 days for single family homes and 11 days for condos. In addition to the extremely low days on the market and low inventory, 70% of single family homes and 38% of the condos sold last month closed above asking price. If you are thinking of buying or selling your property, it has never been more important to work with a Realtor to help you navigate the market. Reach out to a LUVA Realtor today for more information on the market and to start the home buying or selling process!