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Oahu median home price inches even closer to $1M

A continued surge in home buying on Oahu last month helped drive the median sale price in the market closer to $1 million.

Previously owned single-family houses on the island sold for $978,000 in May, according to a report released today by the Honolulu Board of Realtors.

The figure represented a 23% rise over a $797,000 median sale price in the same month last year, and was the fourth high in five months this year.

“The market’s rapid pace is showing no signs of slowing, and buyers entering the market continue to face stiff competition, especially for homes under $800,000,” Shannon Heaven, president of the trade association, said in a statement.

There were 405 single-family home sales last month, a 63% surge from 248 sales a year earlier.

Much of the gain reflected abnormally low sale volume last year because of impacts during an early stage of the COVID-19 pandemic. Yet last month’s sale volume far exceeded the 320 sales in May 2019 and included much pent-up demand from buyers.

Heaven, an agent with Property Profiles, noted that one Oahu home put on the market last month received 60 offers within a week of being listed.

In Oahu’s condominium market, the number of sales spiked even more — by 135% to 598 in May from 254 in the same month last year.

The condo median sale price rose 15% to $457,750 from $399,000 in the year-over-year period.

The record median sale price for condos in a single month was set in July 2019 at $461,500.

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