The Oahu housing market continued to gain positive momentum into the new year with closed sales of single-family homes and condos increasing 9.8% and 3.4%, respectively over last year.
The median sales price for single-family homes set a new record of $883,000, marking a 14.7% increase year-over-year and 1.5% more than last month. Compared to the previous year, the condo median sales price increased 5.4% to $452,000, which is a slight decrease of 0.7% from $455,000 recorded last month.
Steep competition continued to drive the market’s pace, with single-family homes spending a mere median of nine days on the market before entering into a contract. This speedy pace ties with the record low nine days on the market set in September 2020. In addition to quick transactions, sellers received more than their asking price in 54.6% of all single-family home sales in January. Condos spent more time on the market than single-family homes, with a median of 18 days on the market, but this rate is 45.5% faster than the median days on the market last year. Meanwhile, nearly 30% of condo sales closed above the original asking price, which is more than triple the amount compared to last January.
While single-family homes in the $600,000 to $999,999 range accounted for 56.4% of closed sales last month, most sales increases were generally in the upper price ranges. Homes sold at $800,000 to $999,999 increased by 61.5%, and properties sold in the $1 million and up range hiked up 64.1%. In the condo market, properties in the $500,000 to $699,999 price range saw the largest increase in closed sales, up 35.3%.
Typically, new property listings see a bump in the New Year; however, new listings were down for both single-family homes and condos at 14.7% and 5.3%, respectively. There are 790 active listings for single-family homes and 1,992 active listings for condos available on Oahu.
Courtesy of the Honolulu Board of Realtors
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