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Last month there were 375 single family homes sold on Oahu, up from 361 in March 2021. Hi Central reports that the majority of the single family home sales last month were in the $700,000 – $999,999 range. Compared to April 2020, there has been an increase of 51.2% in the number of single family homes sold. More homes continue to sell above asking price, last month 58.9% of the homes that were sold, sold at the asking price.
For condos, there were 645 condos sold, up slightly from March 2021. This represents a significant 88% increase in the units sold when compared to April 2020. Last April, we saw a steep decrease in real estate sales activity as we were beginning to experience the effects of the state’s first stay at home mandate.
There are more new listings coming onto the market when compared to past months, however there is still limited inventory with single family listings down 35.3% year-over year and condo new listings down 17.6%.
With the limited inventory and high buyer demand, we continue to see record lows in the average number of days for both single family homes and condos. Last month, the average days on the market for single family homes was just 10 days and for condos the average days on the market was just 14 days. For single family homes this is 33.3% less time than homes were spending on the market last year at this time, and for condos it is a 48.1% decrease when compared to April 2020.