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.