MARKET TRENDS

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THE

SCOPE

O'AHU ONDO SALES SURGE IN BUSTLING HOUSING MARKET

Closed sales of single-family homes rose 49.3%, and condo sales skyrocketed 134.0% compared to this time last year when real estate activity first began to pick up following the economic standstill brought on by the pandemic. The median sales price of a single-family home edged past last month’s record to reach $979,000, while the condo median sales price of $460,000 was just shy of the standing record of $461,500 from July 2019.

The condo market continues to bustle with activity, setting a new record low days on the market at a median of just 11 days. Single-family homes continue to move into escrow quickly, spending a median of 8 days on the market. Sellers added much-needed inventory to the market, with June marking a 23.0% increase in new single-family home listings and a 31.1% increase in condo listings.

So far, in 2021, the trend of properties selling over the asking price persists, with 57.7% of single-family homes and 32.9% of condos closing above the original asking price. These over- asking price sales confirm bidding wars are occurring predominantly in mid-range price points for single-family home properties, with 57.0% of those sales in the $600,000 to $999,999 range. Inventory in this price bracket for single-family homes is down 37.0% compared to a year ago. Meanwhile, in the condo market, 66% of sales above the original asking price occurred in the $400,000 to $699,999 price range.

Year-to-date, the regions with the most substantial increase in single-family home sales were Diamond Head and the Metro area, up 84.4.% and 76.2%, respectively. The Metro region – which covers Mapunapuna and Kalihi all the way through Waikīkī and Moiliili – was also popular in the condo market with a 79.4% jump in sales, and the Ewa region marked a 60.2% increase in sales

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.

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. 

RE BUBBLE OR NOT?

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