Honolulu's real estate market is not slowing down, as closed sales of single-family homes and condos in September 2021 continue to outpace sales activity of September 2020. Some highlights:
Condo sales saw an increase of 34.9% in closed sales in September 2021, with 615 units sold compared to 456 in September 2020.
The median sales price of condos increased 7.4% in September 2021 to $478,000, compared to $445,000 in September 2020.
Sales of condo properties in the $700,000 and above price range more than doubled year-over-year with 129 closed sales compared to just 57 last September.
Approximately 39.6% of condos sold for more than the asking price.
The median price for a single-family home remained at $1,050,000, up 19.3% from last year when the median price for a single-family home was $880,000.
Roughly two out of every three single-family homes sold last month closed above the original asking price.
Active inventory of condos (properties listed and open for sale at the end of the given month) fell sharply, dropping by 40.9% in September 2021 compared to one year ago.
The Board's data clearly shows that demand for housing on O‘ahu is high. However, with inventory so low, it is important that both homebuyers and sellers find a Realtor they can trust to help them make the best decision and find the right property for them in a fiercely competitive market. Please contact us to talk real estate, and find out how we can help you!
Read more from the Honolulu Board of REALTORS®, below:
Year-over-year market activity continues to mark gains, but month-to-month closed sales dip
According to resales figures released today by the Honolulu Board of REALTORS®, closed sales of single-family homes and condos in September continued to outpace sales activity from the same time last year, recording 8.4% and 34.9% increases, respectively. However, sales dropped slightly compared to August, with single-family homes down 0.2% and condos dipping 8.9%. The median price for a single-family home remained at $1,050,000, while the median condo price rose 7.4% year-over-year to $478,000.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the above statistics.
Around 57% of single-family homes sold in September were priced at $1 million and above, and the most volume growth occurred in the $1,000,000 to $1,399,999 range, with more than double the sales as last September. Roughly two out of every three single-family homes sold last month closed above the original asking price. The practice of bidding over the asking price was most prevalent in the Ewa Plain region, representing more than 80% of the region’s thirdquarter sales.
“We’re seeing a slight decrease in total sales month-to-month as families focus on the return to the school year and prepare for the holiday season, which is typical for this time of the year,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Despite the modest dip in market activity, the majority of homebuyers continue to bid over the asking price in the hopes of securing a property to call home.”
Sales of condo properties in the $700,000 and above price range more than doubled yearover-year with 129 closed sales compared to just 57 last September. Meanwhile, 39.6% of condos sold for more than the asking price in the third quarter, especially in the Central, Ewa Plain, and Makakilo regions, where this occurred in over 70% of sales.
Both markets marked an uptick in new listings compared to 2020, however, active inventory – representing properties listed and open for sale at the end of the given month – fell sharply. The active inventory of single-family homes dropped by 17.4%. The regions with the most significant decline in active inventory for this market were Diamond Head and the North Shore, representing 49% and 59% drops, respectively. A total of 738 new condo listings came on the market in September, translating to a 28.1% year-over-year increase, though active inventory was down 40.9% compared to one year ago.
“The data indicates that there is a clear need for more inventory to meet the high demand for housing here on O‘ahu. Homebuyers and sellers can count on REALTORS® to help them search for the right property and put their best foot forward in this competitive market,” added Heaven.