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THE

SCOPE

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?

  

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.

Have questions?

We've got answers! - Give us a shout.

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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.

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MORTGAGE

RATES

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

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1ST TIME HOMEBUYER

LOAN

PROGRAMS

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

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RE BUBBLE OR NOT?

Yes, Real Estate Prices Are Soaring, and No, It’s Not a Bubble.