We are seeing substantial increases in number of sales and median sales price when compared to this time last year on Oahu for both single family and condo sales. The lack of inventory and increased demand is causing many homes selling above asking price, in 2021 57% of single family homes and 33% of condos closed above asking price.
Last month there were 451 single family homes sold on Oahu, up from 405 in May 2021. Last year at this time there were only 302 homes sold, representing a 49.3% increase. Hi Central reports that the “closed sales of single-family homes climbed to 63.3% and more than doubled for condos with 135.5% more sales compared to this time last year.”
For condos, there were 730 condos sold, which is up slightly from May 2021 when there were 598 condos sold on the island. Compared to last June when there were only 312 condos sold, there has been a 134% increase in the number of sales.
The average days on market for Oahu listings remains extremely low, at a median of 8 days for single family homes and a median of 11 days for condos. Hi Central reports that “sellers added much-needed inventory to the market, with June marking a 23% increase in single family home listings and 31.1% increase in condo listings.
The median sales price for single family homes on Oahu increased just slightly to $979,000 last month, representing a 27.1% increase when compared to this time last year. Last month, the median sales price for condos was also up slightly to $460,000. This represents an increase of 9.1% compared to this time last year.