Oahu Condos Sell in Record Time, For Record Price, in November 2021

Oahu Condos Sell in Record Time, For Record Price, in November 2021

Competitive market conditions, low inventory persist

HONOLULU – (Dec. 2, 2021) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for November 2021.

• The Oahu single-family home median price increased by 21 percent over last November to $1,050,000, while the condo median price increased by 14 percent to $500,000. November 2021 marks the fifth consecutive month the median single-family home price has been at or above $1M and the third month that the condo median price has been at $500,000. 
• Single-family home sales increased by 9 percent over November 2020, while condo sales increased by 23 percent. However, sales are following typical seasonal patterns and trending down after peaking in the summer months. 
• Single-family homes were on the market for a median of 12 days in November 2021, while condos were on the market for a median of 10 days—a record low. 
• Bid-ups remain at record highs, with 61.5 percent of single-family homes and 42.1 percent of condos sold for above the asking price in November. 
• Months of Remaining Inventory (MRI), or the number of months it would take for all existing listings to sell if no new listings were to become available, remain at record lows. MRI for single-family homes is at a record low of 1.1 months, while condo MRI is 1.8 months—the lowest in 16 years. 

“Continued competitive market conditions, strong buyer demand and record-low inventory pushed median home prices higher in November,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. “Although the peak home-buying season has passed, buyer competition remains fierce, with nearly two out of three homes and four in 10 condos sold for above asking,” Connelley added.

While the single-family home market appears to have reached peak levels of competition and is holding steady, the condo market is growing increasingly competitive, as evidenced by rising bid ups and falling Days on Market.

“November was also the strongest month on record for condo sales in terms of price, bid-ups and Days on Market, as buyers look to more affordable, newer or more centrally located housing—whether for themselves or as an investment property,” said Connelley.

Locations recommends that homebuyers and sellers partner with an experienced Realtor®, as local markets perform differently. Locations agents are able to serve their clients safely while complying with the State of Hawaii’s health and safety guidelines. Virtual meetings, home tours and open houses are also available.

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