Oahu Real Estate Market Update: November 2021

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During typical holiday seasons, the real estate market experiences a slow down. However, while the market appears to be showing some signs of stabilizing, it is clear to see that the real estate market is not experiencing a slow down when compared to this time last year or compared to earlier this year.

For single family homes, the median sales price for the 371 sales in November was $1,050,000. This is nearly 10% more sales when compared to this time last year and a price increase of 15.6%. A contributing factor to the rising prices is the limited inventory, there were 5.5% fewer sales when compared to this time last year. All of these factors combined lead to a low average days on market. Last month, the average days on the market for single family homes was just 11 days. Buyers are competitive and last month, 61% of home sales closed over the asking price.

While the condo sale statistics are impressive, the condo market is even more staggering. There was a 13.9% increase in new listings last month when compared to last year. However, even with the increased inventory, condos stayed on the market for a record low number of days at just 9 days on average. For condos, the median sales price remained at a record high of $500,000 for the second month in a row, representing an increase of 47.7% when compared to this time last year. In November, 42% of condos sold for above the asking price on Oahu.