Residential Properties on Oahu Continue to Perform Well

Residential Properties on Oahu Continue to Perform Well

  • Tomoya Tsuruhara
  • 12/13/21
A monthly report from the Honolulu Board of Realtors found that the number of single-family homes sold on Oahu last November was lower than the number of condo sales.
 
In addition, although the number of sales in both the detached house market and the condominium market increased compared to November 2020 last month, the number of condominium sales was 601 compared to 407, an increase of about 48% compared to the same month last year. In contrast, the number of detached houses sold was 371 compared to 338, an increase of only about 10% over the same period.
 
According to the Board of Realtors, which used data collected from the Multiple Listing Service systems to create the report, the median number of days on the market for properties in November 2020 was 10 days and 16 days, respectively, compared with single-family homes. was on the market for a median of 11 days and condos were on the market for a median of 9 days.
 
Additionally, about 61% of single-family homes and about 42% of condos sold above asking prices last month.
 
Last month's median home prices were $1.05 million for single-family homes and $500,000 for condominiums, about 20% and 19% lower than the November 2020 median prices of $870,000 and $420,000, respectively. It has risen to a record high.
 
Looking at the breakdown of last month's sales by price range, single-family homes in the price range of $1 million to $1.49 million were 127 last month, an increase of about 72%, compared to 74 in November. In the condominium market as well, the number of sales changed positively in almost all price ranges.
 
As for the trend in 2021, the number of sales in both the detached house market and the condominium market has leveled off in the past few months, and I feel that Hawaii real estate has begun to see a shadow. You can see that it continues to perform well when compared to.

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