Oahu Market Update July 2021

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Market Trends

Single-Family Homes, Condos Hit New Record-High Median Sales Prices in July
Dwindling inventory, low mortgage rates push the median price of a single-family home to $992,500

O'ahu single-family homes and condos set new record-high median prices in July at $992,500 and $475,000, respectively. Summer sales continue at the rapid pace the market has been experiencing the past few months, with single-family homes recording 404 total sales or an 11.9% increase in July. Condo sales continue to rise significantly year-over-year, outpacing single-family home properties with 671 total condo sales resulting in a 57.5% increase.

The new single-family home median sales price jumped up 21.8% compared to one year ago, while the condo median sales price rose 8.0% above last July’s median price. The new single-family home record ticked up slightly – 1.4% – above the previous record set just last month, while the new record price for condos was 2.9% higher than the previous record of $461,500 set in July 2019.
 
“We’re seeing these record-high median sales prices because inventory in the affordable and mid-range price brackets are dwindling,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Mortgage rates also continue to hover near record lows, enabling buyers to secure cheaper financing that, in turn, helps them to close on properties at higher price points.”

Information courtesy of the Honolulu Board of Realtors