Oahu Real Estate Market Report for August 2021
Housing Trends For August 2021 Vs August 2020
The Oahu real estate market continues at it's torrid pace.
Last month, single-family homes and condos reached new record-high median prices for the second consecutive month at $1,050,000 and $500,000, respectively.
The persistent competition in affordable price ranges and more closed sales at higher price points in both single-family home and condo markets are putting double digit upwards pressure on median home prices. Take a look at my brief market insights with boots on the ground stories below.
August 2021 Single-Family Home & Condo Median Sale Price
The $1,050,000 single-family median sales price is 25.1% higher than a year ago and up 5.8% above last month’s record. This is the fourth consecutive month single-family homes have set a record median price, and except for April, a new record has been set each month this year. Sales jumped 14.9% compared to last August.
Sales of properties upwards of $1 million doubled last month, and year-to-date, sales priced at $2,000,000 and above more than tripled, with 297 sales compared to just 97 at the same time last year. The luxury market is very hot with limited inventory and increased mainland buyers looking to relocate to Oahu.
The condo market attracted buyers at all price points, with year-over-year sales rising 65% last month. Sales at higher price points also occurred in the condo market. Condo sales at $600,000 and up nearly tripled, and the $800,000 and above range saw four times the volume as last year, pulling the monthly median sales price up 16.3% over last August.
The statistics in both single-family and condo markets followed similar trends with more new listings, low median days on market and increased offers over asking. More single-family home and condo listings came on market, rising 18.9% and 3.6% compared to last year, respectively. Single-family homes sold in August spent a median of nine days on market, while condos spent a median of 12 days on market.
The majority of sellers continue to receive a premium over their asking price. Last month, 64% of single-family homes sold above the original asking price, and 41% of condominium sales closed above the original asking price.
Move beyond your expectations. Contact me, Scott Startsman, at 808-291-5441, by email at [email protected], or by filling out the contact form below.
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