Steep Competition Drives Positive Market Activity for O‘ahu Real Estate Sales
Single-family homes sales set a record median price of $883,000
O‘ahu housing market continued to gain positive momentum into the new year with closed sales of single-family homes and condos increasing 9.8% and 3.4%, respectively over last year.
The median sales price for single-family homes set a new record of $883,000, marking a 14.7% increase year-over-year and 1.5% more than last month. Compared to the previous year, the condo median sales price increased 5.4% to $452,000, which is a slight decrease of 0.7% from last month.
“With numerous buyers entering bids over asking price, a significant decline in news listings, and historically-low interest rates, homes are flying off the market,” said Shannon Heaven, president, Honolulu Board of REALTORS®. "Though buyer interest in condos appears to be picking up, single-family homes continue to demand consumer attention as the hot-ticket item."