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Market News: Prices Remain at Record Highs and Homes Sell in Record Time

Using data collected from its computerized Multiple Listing Service (MLS) system, the Honolulu Board of REALTORS® has reported that the median condo price tied the August 2021 record of $500,000 in October 2021. This is a 13.8% increase from October 2020's median condo price of $439,000. Additionally, the number of condo sales in October 2021 increased 27.3% to 611 units compared to 480 in October 2020. Significantly, closed sales of condos are up 58.8% compared to last year. Additionally, around 41%, or 251 condos closed above the original asking price compared to last year. These statistics show that the market continues to hold steady.

The median time properties spent on the market remained low, with only 11 days for condos. Further, active inventory remains low while demand remains high. For these reasons, this may be a great time to consider selling. Contact us to see if this is the right move for you!

Read more from the Honolulu Board of REALTORS® below:

According to resales figures released today by the Honolulu Board of REALTORS®, closed sales rose year-over-year with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%. The median sales price for a single-family home fell slightly from the August 2021 record of $1,050,000 to $1,000,000, while the median condo price tied the August record of $500,000.

Single-family home sales in the top price range of $2,000,000 and up range skyrocketed 188.2%, followed by closed sales of properties in the $900,000 to $1,099,999 range increasing 67.2% compared to October 2020. Year-over-year, the condo market recorded more than double the sales in the $600,000 and up range, though the bulk of sales occurred in the $300,000 to $599,999 range. The Metro region accounted for the majority of the sales volume growth, with 343 condo sales in October, rising 68.1% or 139 sales above last October. So far this year, closed sales of single-family homes and condos are up 22.6% and 58.8%, respectively.

“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their homes,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Homeownership is about much more than simply owning a home. It poses many benefits including building equity and generational wealth and reaping the benefits of tax deductions and deductible expenses.”

The portion of single-family homes and condos selling over the asking price increased around 20% each since October 2020. Roughly 62% or around 236 single-family homes and around 41% or 251 condos closed above the original asking price. The median time properties spent on the market remained low, with 10 days for single-family homes and 11 days for condos.

New listings for single-family homes dipped slightly 1.1% compared to this time last year, while new condo listings bumped up 8.0%. However, active inventory remains down significantly in both categories, dropping 23.0% for single-family homes and 39.4% for condos.

“It’s likely that the decline in new listings will continue, especially with the holiday season quickly approaching. However, with our dire lack of inventory, it’s a good time to sell, and we encourage anyone thinking about listing their property to reach out to a trusted REALTOR® who can help you navigate the process,” added Heaven.

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