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Market Report

Oahu Market Report – April 2021

Tall buildings at Waikiki Beach and Wai Canal in Honolulu, Hawaii. Light effect applied

In April 2021, a year after Oahu’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 singlefamily 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.

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Oahu Market Report – March 2021

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Closed sales of single-family homes and condos saw significant double-digit growth of 19.1% and 52.7%, respectively, compared to pre-pandemic activity last March. For the third consecutive month, the median price for a single-family home set a new record of $950,000, representing a 17.3% year-over-year increase and a 3.5% increase over February’s record of $917,500.

With sustained limited supply and high demand, the number of single-family homes and condos sold over the asking price nearly tripled compared to March 2020. During the first quarter of 2021, single-family homes sold over asking price made up 50% of the sales compared to just 19% in quarter one last year, while condos sold above the list price accounted for 29% of the sales compared to 10% in the previous year’s first quarter. Single-family homes continue to spend a record-low median of just nine days on the market.

New listings for single-family homes and condos added much-needed inventory to Oahu’s housing supply. Single-family homes marked a 12.6% jump with 439 new listings as nearly all regions saw positive growth. The condo market added 715 new listings, marking a 17.2% increase in listings compared to this time last year.

Sales activity in March rounded out a solid first quarter for 2021 with total increases of 11.9% and 32.5% for single-family homes and condos, respectively. The single-family home market recorded an uneven shift in sales with a 36.1% drop in sales for properties sold below $800,000. In comparison, the upper price tiers of $1.5 million and above saw a dramatic 113% increase in sales. The condo market remained active with steady growth at all price points. 

Courtesy of the Honolulu Board of Realtors

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Oahu Market Report – February 2021

The Oahu housing market continues a record-setting year as single-family homes reached a median sales price high of $917,500, a nearly 20% year-over-year increase and a 3.9% jump above last month’s record of $883,000. Single-family home sales saw a 5.3% increase and condominium sales soared 41.1% over last year.

The fierce competition between buyers resulted in sellers receiving more than their asking price in 48.5% of single-family home sales and 29.1% of condo sales compared to only 19.8% and 8.9%, respectively, in February 2020. The record-setting pace of sales continued in February, as single-family homes spent only nine days on the market.

Approximately one-third of single-family homes sold were in the $700,000 to $899,999 range, nearly even with the sales a year ago. However, sales in the $1,000,000 and over range doubled, jumping to 111 sales compared to 55 sales in February 2020. The $400,000 to $499,999 range accounted for 21.3% of sales in the condo market and saw the largest increase in sales volume, up 53.2%.

New listings for single-family homes and condos declined by 19.3% and 2.5%, respectively, offering no relief to the difficulties presented by the lack of inventory. There are 774 active listings for single-family homes and 1,979 active listings for condos available on Oahu.

While strong demand for limited inventory and increased purchasing power through low interest rates continues to place sustained upward pressure on prices is good news for sellers, buyers face a challenging environment with steep competition.

Courtesy of the Honolulu Board of Realtors

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Featured Market Report

Oahu Market Report – January 2021

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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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Latest COVID-19 Hawaii Travel Updates

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Pre Clear Program

Hawaiian Airlines, Alaska Airlines and United Airlines have launched Pre-Clear Programs for the opportunity for passengers to be pre-cleared prior to departure and bypass long wait times upon arrival into Hawaii. For more information:

Recent Travel Updates

Update January 27: Starting Feb. 5, travelers from South Korea can forego the State of Hawaii’s mandatory 10-day self-quarantine through the pre-travel testing program. Learn more.

Update January 20: The U.S. Centers for Disease Control and Prevention (CDC) has issued an order that went into effect Jan. 25, 2021 for all travelers flying to the U.S. from a foreign country. All airline passengers arriving into the United States are required to show proof of a negative COVID-19 test or documentation of having recovered from COVID-19. You will be required to complete the CDC passenger attestation form at home or during check-in at the airport. Every traveler two (2) years and older will need to submit the form and receive a negative test result. To be exempt from the State of Hawaii’s mandatory quarantine, make sure you comply with both State of Hawaii and CDC requirements.

Update January 19: Maui County has added an additional requirement the state of Hawaii pre-travel testing program, requiring all travelers to download the AlohaSafe Alert application or enable their exposure notification setting on their mobile device prior to arrival. Learn more

Update January 5: Kauai has resumed its participation in the pre-travel testing program for inter-island travel and established a “resort bubble” model for U.S. Domestic travelers. Inter-island travelers who have been in the State of Hawaii for 72 hours or more can forego the 10-day self-quarantine by taking a state-approved COVID-19 test no more than 72 hours prior to departure and providing proof of a negative test result upon arrival. US domestic travelers who take a pre-travel test, quarantine for three days on an Enhanced Movement Quarantine “resort bubble” property, then take a post-travel test, will be released from quarantine with negative test results. Read more for more details

Update December 2020: Governor David Ige announced Hawaii’s mandatory travel quarantine period has been reduced from 14 days to 10 days. The reduction reflects updated guidance from the Centers for Disease Control and Prevention. Travelers without a negative test result before boarding the final leg of their flight MUST quarantine for 10 days or the length of their stay, whichever is shorter.

Update November 2020: All travelers must have a negative test result BEFORE beginning the final leg of their trip. Travelers without a negative test result before boarding the final leg of their flight MUST quarantine for 14 days or the length of their stay, whichever is shorter.

For more information about Traveling to Hawaii click here: https://hawaiicovid19.com/travel/

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Featured Market Report

Oahu Market Report – December 2020

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The Oahu real estate market ended 2020 with a spike in sales and new listings in December. Closed sales of single-family homes on Oahu were up 35.9%, and condo sales rose by 20.1% compared to the same period in 2019. New listings increased by 15.3% and 3.6% year-overyear for single-family homes and condos, respectively. Median sales prices for December 2020 were up 6.1% at $870,000 for single-family homes and 6.9% to $455,000 for condos.

While 2020 began with both single-family home and condo sales outpacing the start of 2019, Oahu’s real estate market experienced a steep decline in activity when the COVID-19 pandemic hit in mid-March. In reaction to stay-at-home orders, record-high unemployment, health concerns, and general uncertainty brought about by the pandemic, second-quarter sales dropped 17.3% for single-family homes and 38.1% for condos, compared to the same period in 2019.

Deemed an essential business, the real estate industry pivoted to implement new policies and procedures that allowed for safe client interactions, open houses and transaction elements while adhering to public health and safety guidelines. Third-quarter sales saw a 4.0% bump in single-family home sales and a 13.4% decline in condo sales.

By the end of the year, mortgage rates were at a record low, with the average 30-year fixed-rate dipping more than one percentage point over the 12-month period. Total annual single-family home sales were up 2.3% over 2019, but condo sales remained down, declining 13.0%. Increased purchasing power from lower mortgage rates and heightened competition spurred by low inventory resulted in annual median sales price increases of 5.2% to $830,000 for single-family homes and 2.4% to $435,000 for condos. Total new listings were down by 17.7% for single-family homes and 14.4% for condos compared to 2019.

The number of single-family homes sold over the original asking price was up 168.1% in the fourth quarter of 2020, representing 45.0% of the quarter’s sales compared to just 19.0% in the year prior. Competitive bids were also seen more frequently in the condo market during the fourth quarter of 2020. The number of condos sold over the original asking price increased by 93.2%, representing 22.3% of the quarterly sales compared to 12.1% in 2019.

Neighborhood trends and sales by bedroom count may indicate how some buyers navigated their options during the pandemic. The greatest annual sales increases for single-family homes occurred in Kailua, North Shore and Ewa Plain regions. The Ewa Plain and Kailua also saw the greatest increase in sales volume for condos. Given the shortage in single-family home inventory, preferences for more space and added purchasing power from low mortgage rates, condos with four or more bedrooms experienced a 31.7% jump in closed sales at 79 properties compared to 60 in 2019.

Courtesy of the Honolulu Board of Realtors

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Featured Market Report

Oahu Market Report – November 2020

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Closed sales of single-family homes on Oahu increased 5.6% and remained relatively steady from last month, while condo sales decreased 6.2% compared to this same period the previous year. Year-to-date, single-family home sales are almost back on track with 2019 activity and were down just 0.7%. Meanwhile, the condo market is struggling to recover to pre-pandemic levels and remained down by a double-digit percentage of 15.8%.

The number of single-family homes and condos sold above the original asking price skyrocketed 210.2% and 79.2%, respectively, compared to this time last year. Practically every region across Oahu saw over-bidding activity for single-family homes, though it was most prevalent in the Ewa Plain, Kailua, and Kaneohe areas and the $700,000 to $999,999 price range. The Ewa Plain, Central, and Waipahu regions accounted for the most condos sold above the asking price and were within the $300,000 to $599,999 range.

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Market Report

Oahu Market Report – October 2020

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Oahu single-family home sales dropped by 0.6%, while condo sales marked a 1.7% increase compared to the same period last year. The modest jump in sales activity is the first year-over year sales increase for the condo market since January.

The median sales price for single-family homes was up 10.9% at $865,000 compared to last year, slightly less than last month’s record-setting median of $880,000. Single-family homes that sold last month spent a median of 10 days on market. New listings were down 17.6% compared to October 2019, but marginally higher than September 2020 at 3.3%.

The greatest shift in single-family home sales occurred in the $600,000 to $699,999 price range, with a 56.8% decrease in sales and a 52.3% drop in new listings compared to last October. The most sales increases occurred in the $800,000 to $1,199,999 range, with sales up 39.2%. Over 50% of the sales that occurred above asking price were in the $700,000 to $899,999 price range.

In addition to seeing year-over-year growth in sales, new condo listings also saw a small increase of 1.7% compared to last year. The largest increase in new listings, at 18.5%, occurred in the $500,000 to $599,999 price range. Condo sales in the $400,000 to $499,999 price range increased by 30.2% with 112 closed sales compared to 86 last year, while 63% of condos sold above asking price were in the $400,000 to $599,999 range. Condos spent a median of 18 days on market.

Yet another sign of the competitive market, the number of single-family homes sold above asking price more than doubled from last year, while the number of condos sold above asking price increased by 63.9%. Properties are spending a median of fewer than 20 days on market.

In accordance with Tier 2 of Mayor Caldwell’s Honolulu Recovery Framework, REALTORS® continue to host modified in-person open house showings, which are limited to no more than five people in a home at any given time. As an essential business, real estate remains open with modifications, and REALTORS® continue to serve the housing needs of their clients, buyers, sellers, and landlords while observing social distancing, wearing a mask and utilizing heightened sanitation practices.

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Market Report

Oahu Market Report – September 2020

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We’re pleased to share the Oahu real estate update for September 2020.

The summer season ended on a high note with closed sales of single-family homes surpassing year-over-year activity by 12.7%, while condo sales marked a steady month-over-month improvement of 11.5%. Dynamic activity in Oahu’s single-family home market drove the median sales price to a record of $880,000 and properties are spending a record-low of just nine days on the market.

Sales of single-family homes under $700,000 dropped 36.3%, while homes priced in the $700,000 to $1,499,999 range drove the most activity with 74 more sales or an increase of 39.4% compared to this time last year. Closed sales of homes in the $1.5 million and above range saw a 42.9% year-over-year increase. Notably, closed sales of larger homes with more than 2,000 square feet in interior space saw a 37.9% year-over-year increase. Meanwhile, there is a 26.1% surge in purchasing activity backed by VA loans compared to this time last year.

The condo market fell just shy of maintaining year-over-year activity by 2.1% or about 10 fewer sales. Properties listed in $400,000 to $499,999 and the $600,000 to $699,999 price ranges marked the most activity. The median price for condos held steady at $445,000, though condos sold faster than this time last year with properties spending a median of 21 days instead of 27 days on the market. Closed condos sales also saw a 34.7% uptick in purchasing activity backed by VA loans compared to last September.

The number of single-family home sales closing over the original asking price more than doubled compared to this time last year with 163 sales versus 79 sales. Condos also saw a boost in properties selling above the asking price, with 82 closed sales this year compared to 62 in 2019.

As the market shifts into the fall season, inventory of available single-family homes and condos are down 39.3% and 5.8%, respectively, compared to this time last year. The drop in single-family home inventory is due to fewer new listings entering the market, paired with high demand and strong sales in the third quarter. While the condo market is also suffering from a lack of new listings, the decline in listings has not been as sharp compared to single-family homes. Although condo demand has grown steadily from the second quarter, sales were down 13.4% in the third quarter compared to last year.

Courtesy of Honolulu Board of Realtors

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