The Oahu market is not showing any signs of slowing down. In fact, we are seeing the opposite with record high median sales prices for single family homes and record lows average days on market last month.
Last month there were 405 single family homes sold on Oahu, up from 375 in April 2021. 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 598 condos sold, which is down slightly from April 2021 when there were 645 condos sold on the island.
There was a slight decrease in the number of new listings when compared to last months, with 462 new single family home listings and 725 new condo. The ongoing lack of inventory continues to contribute to the extremely high competition that buyers are facing.
With many buyers having to compete for the same properties, the average days on the market continues to drop. Last month, the average days on the market dropped from 10 to 8 days and the condo DOM dropped from 14 to 12 days.
Oahu reached a new record high last month with a median sales price of $978,000 for single family homes. This is an increase of 22.7% when compared to this time last year. HI Central reported that 58% of the single family homes sold were sold over the asking price. Last month, the median sales price for condos was $457,750, this is an increase of 14.7% when compared to this time last year.