Low inventory and a large pool of buyers continue to drive the real estate market on Oahu. As reported by Hawaii Central, “the number of single-family homes and condos sold above the original asking price skyrocketed 210.2% and 79.2% respectively, compared to this time last year.”
New listings declined slightly last month, however have increased 10.8% year over year for single family homes. For condos, the number of new listings also declined last month and have declined by 4.1% year over year. This is not a surprising statistic because of the slow rate of recovery for the condo market overall.
Sale prices remained surprisingly high last month with a median sales price for single-family homes of $872,500 in November 2020. This is an impressive increase of 9.8% when compared to this time last year. Properties that were $800,000 or more represented over 80% of all single family home sales last month on Oahu. Overbidding continues to be a common occurrence in most regions on the island, driving median sales price upward.
There has also been an increase in condo pricing this year. The median sales price last month was $420,000, which is an increase of 1.2%. While this is down slightly from October 2020, prices have remained relatively stable throughout the pandemic. The majority of condo sales last month were with condos priced between $400,000 – $499,999.