Oahu Real Estate Market Report for December 2021
As the year rounds out, total Oahu sales are up an impressive amount in 2021 over 2020. For the month of December the single-family home market saw a drop in new listings, pending sales, and total inventory in escrow which is the trend for the holiday time, while the condo market stayed strong with increases in new listings, pending sales, and total inventory in escrow.
The median sales price for single-family homes for December 2021 is tied with the previous record of $1,050,000, set in August 2021. Year-over-year, there was a 10% drop in single-family home sales and a 20.7% increase in the median sales price for single-family homes.
The condo market saw a healthy increase across the board. The median sales price for condos was at about $485,000, slightly up from December 2020, while new listings are up 13.1%, pending sales are up 16.7%, and total inventory in escrow is up 11.5%.
2021 Market Stats
In total, sales on Oahu during 2021 were up by 37.3% compared to the previous year. Breaking it down, single-family homes saw a 17.9% increase, while condo sales made a massive jump of 53.1% compared to 2020. More than half of single-family home sellers and at least half of condo sellers got their full asking price or higher. The median days on the market for the end of the year was 9 days for single-family homes and 12 days for condos.
In a continuation of the improving market, the annual median price for single-family homes ended the year at $990,000, up 19.3% from $830,000 last year. 60.8% of single-family homes sold in 2021 went for over their asking price, up from 31% in 2020.
Almost 40% of single-family home sales were in the price range of $700,000 to $999,999, though most sales increases were in price points of $1,000,000 and higher. Properties sold in the $1,000,000 to $1,499,999 range were up 84.5%, properties sold in the $1,500,000 to $2,000,000 range were up 95.6%, and properties sold at $2 Million or above increased by over double at 145.5%.
In the condo market, 18.4% of condo sales in 2021 were in the $400,000 to $499,999 price range. The annual median sales price for condos was $475,000 in 2021, a 9.2% increase from the median in 2020 at $435,000. Similar to the single-family home market, condos with higher prices saw more than double the sales of the previous year. The $600,000 to $999,999 price range in condo sales increased by 114.6%, while condos sold at $1 Million or more increased by 162%