Median real estate prices on Oahu have not suffered from COVID-19 impact. Median home prices are well above last year’s levels, and condo median prices are rising above last year. The final median prices for 2020 are $830,000 for homes and $435,000 for condos, up 5% and 2% from last year, respectively. Lack of inventory for sale is the Oahu real estate market’s biggest issue, adding pressure on prices and increased competition for buyers. Homes for sale are scarcer than they have ever been, with only 453 active listings on the market.

In November, the median single-family home price rose 11 percent over the previous November to $877,500. The median condo median price rose two percent in November to $425,000. For the past 12 months, the median single-family home price was $825,000, a five percent increase over the previous 12-month period, and $430,000 for condos, a one percent increase over the same time period.

Sales of both single-family homes and condos are rising after dipping last spring due to the COVID-19 pandemic. With record-low mortgage interest rates, the market has widened for buyers and sellers. However, extremely limited single-family home inventory is driving up competition among buyers. An all-time high of 43.3 percent of single-family homes sold for above the asking price in October Although competition for condos is not as fierce, it’s heating up, too, as more buyers are out bid on single-family homes or unable to find a home in their neighborhood of choice.

Single-family homes for sale on Oahu are at a record-low, with fewer homes for sale today than at any other point in time since Locations began tracking the market more than 40 years ago. West Oahu neighborhoods in the Mililani, Ewa and Leeward areas are seeing the lowest inventory, and some of the highest buyer competition.