O‘ahu’s Housing Market Holds Steady Ahead of Holiday Season Lull
Median prices of single-family homes stand at $1 million, condos at $500K
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.
BREAKING IT DOWN
WHAT DO THESE NUMBERS MEAN?
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