Oahu Real Estate Market Report for October 2021
Oahu's housing market held steady for October 2021 over 2020 ahead of the typical lull from the holiday season.
Closed sales rose year-over-year for October 2021, with Single-Family Homes ticking up by a modest 10.4% and condos surging by 27.3%. The increase in closed sales for all properties is an indicator that buyers are getting their offers accepted, though the decline in new listings is ongoing.
October 2021 Single-Family Home & Condo Median Sale Price
Single-Family home sales in the price range of $2,000,000 and up increased by 188.2%, while closed sales on property in the range of $900,000 to $1,099,999 increased by 67.2% compared to October 2020. Year-over-year, the condo market has over double the sales in the $600,000 plus range - though the majority happened in the range of $300,000 to $599,999.
The metro region accounted for the majority of the sales volume growth, with 343 condo sales in October 2021 vs 139 sales in October 2020, a growth of 68.1%. To date in 2021, closed sales of single-family homes and condos are up by 22.6% and 58.8%, respectively.
There has been about a 20% increase in single-family homes and condos selling over the asking price in October 2021 compared to 2021. Of closed sales, 236 Single-Family Homes, roughly 62%, and 251 Condos, roughly 41%, sold above the original asking price. The median time properties spend on the market is remaining low, with 10 days for single-family homes and 11 days for condos.
New single-family home listings dipped by 1.1% compared to October of last year, while new condo listings increased by 8.0%. Active inventory for both categories is down significantly, down 23.0% for single-family homes and 39.4% for condos.
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