MARKET TRENDS

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THE

SCOPE

O‘ahu’s Home Sales continue at a quick pace with strong sales volume in April

In April 2021, a year after O‘ahu’s real estate market saw a steep decline in sales and listings, activity has rebounded. Closed sales of single-family homes and condos rose 51.2% and 88.0%, respectively. The wide year-over-year variance is due to 2020’s downturn in real estate activity spurred by the initial shocks of the pandemic and the first stay-at-home order.

 

Single-family homes in the $700,000 to $999,999 range accounted for the bulk of the sales in April, with 167 total sales, an increase of 45.2% compared to this time last year. Total closed sales of single- family homes priced at $1 million and above more than doubled compared to April 2020, with 118 properties sold in the $1 to $1.99 million range and 40 in the $2 million and above range. More than half of single-family homes – 58.9% to be exact – sold above the asking price last month. Meanwhile, high demand for single-family homes continues to keep the median days on the market at a low of just nine days.

Condo sales in the Ewa Plain and Waipahu regions recorded the most significant month-over-month increases of 22.8% and 57.9%. The Metro region more than doubled its closed sales of condos with 345 total sales compared to this time last year when just 167 condos sold. In April, 30.9% of condos sold above the asking price and condo properties spent a median of 13 days on the market, which tied the record low set in June 2017.

While new listings for single-family homes are up 58.3% compared to April 2020, active listings remain down 35.3% year-over-year. The condo market tells a similar story with a 60.5% increase in new listings last month, but active listings are still down 17.6%.

Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low-interest rates, it has created the fast-paced, competitive environment we see in today’s market.

BREAKING IT DOWN

WHAT DO THESE NUMBERS MEAN?

  

Every month we take a look at the local market and take a deep dive on what we think is going on. You can see our monthly comments on Instagram! Or we'ed love to talk to you one on one to go over the trends we are seeing.

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RESOURCES

Are you thinking of getting a VA loans for your next home purchase?

 

This no-down-payment loan option was created especially for qualified veterans, service members and their spouses.

MORTGAGE

RATES

Mortgage rates dropped again (MARCH 2021) across all loan categories. It’s the second day in a row that rates have declined.

1ST TIME HOMEBUYER

LOAN

PROGRAMS

Options that can ease the financial burden of finding a place to call your own in Hawaii.