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Oahu real estate prices in November matched all-time highs as properties spent little time on the market before being scooped up by hungry buyers.
Single-family homes fetched a median price of $1,050,000 to mark the fourth straight month they had reached seven figures, according to data released Monday by the Honolulu Board of Realtors. That number tied the all-time high achieved in August and September and was $50,000 higher than the $1 million median price in October. It also was 20.3% above the $872,500 reached in November 2020. Single-family homes moved into escrow at a quick pace of just 11 days on the market.
Condominiums, meanwhile, sold at a median price of $500,000 in November to match their previous highs reached in August and October. The median condo price was up 19% over $420,000 in the year-earlier period. Moreover, condos set a record for low median days on the market of only nine days.
With buyers piling into more-affordable condos, sales soared 47.7% during November to 601 from 407 in the year-earlier period. Single-family home sales also rose, but at a slower pace of 9.8% to 371 from 338 in November 2020.
The Honolulu Board of Realtors only counts sales of previously owned homes, which is different from the neighbor islands’ trade associations, which also include sales of new homes in their data. The median price represents a point at which half the sales were for more and half for less.
“It’s evident that O‘ahu buyers are entering the market well-prepared and are wasting no time, working with their Realtors to get their offers submitted and accepted as soon as possible,” Honolulu Board of Realtors President Shannon Heaven said in a statement. “Additionally, a large portion of sellers are receiving bids above their original list prices, which tells us that we remain in a competitive market despite the expected holiday lull.”
Condo buyers set their sights at the more affordable range of $400,000 to $499,999. That slice of condo sales accounted for the most volume – around 18% of sales for the month, or 109 sales. However, nearly all price segments in the condo market posted gains in sales volume, with the most growth occurring in the $600,000 to $699,999 range, a 182.8% increase.
Year-over-year new listings for single-family homes dropped 5.5%, with just 358 new properties entering the market in November. On the other hand, sellers added 639 new condo listings, representing a 13.9% uptick compared with this time last year.
The number of sales for both single-family homes and condos — albeit above their year-ago numbers — was down for the third month in a row.
“Sales in both the single-family home and condo markets appear to have leveled off over the past few months. However, we continue to exceed 2020 sales, which dropped due to the initial waves and economic fallout of the COVID-19 pandemic,” Heaven said.
HOME SALES
The number of homes sold on Oahu in November with the median price and percentage change from the same month last year.
HOMES
SALES MEDIAN PRICE
November 2021 371 $1,050,000
November 2020 338 $872,500
Change 9.8% 20.3%
CONDOS
SALES MEDIAN PRICE
November 2021 601 $500,000
November 2020 407 $420,000
Change 47.7% 19%
Source: Honolulu Board of Realtors
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