While no new records were set this month, the real estate market held steady in October. Median sales price for single family homes dropped slightly from $880,000 in September to $865,000 in October. For condos, the median sales price dropped slightly from $445,000 in September to $439,500 in October.
Even among a global pandemic, real estate sales do not seem to have slowed on Oahu. Condo and single-family home sales on Oahu jumped to 825 which is a slight decrease compared to the number of sales in September.
New listings were on the rise last month, increasing from 1,051 to 1,128. The competition remains high due to a limited inventory and low interest rates. With more travelers being able to more freely travel to Oahu, more buyers are able to physically tour properties. Looking at the number of properties that have sold above asking price is a clear indicator of the steep competition. Hawaii Central reports that “the number of single-family homes sold above asking price more than doubled from last year, while the number of condos sold above asking price increased by 63.9%.”
One of the most impressive statistics this month, is the incredibly low number of days that an average property is on the market. For single family homes, the days on the market remained at 11 days for the second month in a row. For the third month in a row, the average days on the market for condos decreased, dropping from 21 days in September to 19. Overall, the average days on the market has decreased 42.3% since last October.