For the third consecutive month, there was a new record high for the median sales price of single family homes last month. In March, the median sales price was $950,000 for single family home sales. Last month there were 361 single family sales on Oahu, this is up from 260 sales in February 2021 and a 19.1% increase when compared to March 2020. The days on the market decreased last month for single family homes on Oahu, dropping to just 9 days, compared to 15 days in March 2020.
Although there is still low inventory with only 1.3 months supply for single family homes, there was a significant increase in the number of new listings last month when compared with February, jumping from 355 to 479. Increasing the inventory to a healthier number of month’s supply will be crucial in evening out the market’s supply and demand. Hawaii Central reported that “with sustained limited supply and high demand, the number of single-family homes and condos sold over the asking price nearly tripled compared to March 2020.”
The number of condo sales has increased by 52.7% when compared to this time last year, jumping from 410 sales to 626 sales in March 2021. With a median sales price of $451,000 last month, we are seeing steady growth for condos with an increase of 3.7% when compared to last year at this time.
If you are a buyer in today’s market be sure your LUVA Realtors knows your property needs, time frames, and be sure that you are ready to move forward immediately when the right property hits the market. For anyone considering a sale of their property, reach out to your LUVA Realtor today to start the process!