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Buyer competition remained steep last month on Oahu driving days on the market down and median sales price up. Adding to the formula for steep competition is the inventory, which remains low. Single family home sales are driving the market – staying on the market a mere 11 days on average and selling at a median sales price of $882,000. Compared to last year at this time, single family home prices have increased by 19.2% and the average days on the market have decreased 62.1%. The number of sales increased year over year by 9.8% for single family homes. The majority of home sales were in the range of $600,000 – $999,999 last month, while homes priced $800,000 saw steep increases in the number of homes sold last month.
While not as hot as the single family market, the condo market continues to show signs of picking up, with a median sales price of $452,000. The average days on the market is down to 17 days, which is 48.5% shorter than last year at this time. There were 392 condo sales last month, which is up by 3.4% when compared to January 2020. Hawaii Central reports that condos in the “$500,000 – $699,999 price range saw the largest increase in closed sales last month, up 35.3%.
LUVA Oahu Broker Kimi Correa commented that they are still seeing a lack of inventory and lots of buyers out looking and bidding on homes. She said “listings are slowly coming on the market and if priced at fair market value are in escrow within a matter of days. It is a good time to be a Seller.” If you have questions about the market in your Oahu neighborhood, our agents are ready to help. Contact your LUVA Realtor today!.