Record-Breaking Month for Oahu Real Estate Market in January 2021

MEDIA CONTACT:

Anne Cicero

Locations

anne.cicero@locationshawaii.com                                   

(808) 738-2041

Record-Breaking Month for Oahu Real Estate Market in January 2021  

More Oahu homes are selling faster and for more money than ever before 

HONOLULU – (Feb. 4, 2021) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending January 2021. This is a comparison to the previous 12-month period ending January 2020. 

• Median prices for both single-family homes and condos reached record highs in January 2021—up 15 percent and six percent, respectively, over last year to $890,000 for single-family homes and $455,000 for condos.  
• Home sales have recovered from the impact of the COVID-19 pandemic and are rising above the previous year’s levels. Single-family home sales are up three percent for the past year, and while condo sales are 13 percent below the previous year, they have risen six percent in the last quarter of 2020.  
• Bid-ups, or the percentage of homes sold for above asking in a competitive bidding situation, also reached all-time highs for both single-family homes and condos in January 2021. More than half—52 percent--of all single-family homes and 29 percent of all condos were bid up over the asking price in January, suggesting rising prices and continued competitive market conditions in 2021.  
• Bucking the typical seasonal trend, Days on Market fell to record lows last month. Single-family homes entered into escrow in a median of just 10 days—the lowest ever recorded, while condos were on the market of a median of 17 days—the fewest since 2017. Low Days on Market is another indicator of a competitive real estate market.  

“Lack of for-sale inventory is the biggest challenge to the Oahu real estate market,” said President and CEO of Locations Jason Lazzerini, adding that with fewer homes for sale, both prices and buyer competition have increased.  

“Market conditions are very favorable for current homeowners with equity to move up to a newer or larger home, or to a different neighborhood,” he added. “It’s a great time to be a seller,” Lazzerini continued, “with prices above last year’s levels, increasing sales, falling Days on Market and rising bid-ups.” Lazzerini also noted that with interest rates below three percent, prospective homebuyers have greater purchasing power than ever before. 

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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About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For more than 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has nearly 250 agents in five offices across Oahu. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.