Guess How Many Oahu Home Sold Over Asking Price…

Much about this year has been unprecedented — the real estate market has not been immune. Despite the impacts of COVID-19 and the uncertainty in the economy, the Oahu real estate market is soaring.

Last month, the number of single-family homes sold above the original asking price skyrocketed 210.2% compared to this time last year. Last year, 49 homes sold over asking price — this year 152 homes sold over asking price!

The median price for a single family home was up almost 10% compared to last year. The market is hot and inventory remains low leading to bidding wars and rapidly rising prices. Let’s jump into the details and as always reach out if you have questions.

November 2020: Oahu Single Family Home Sales

Single Family Home sales blazed on last month. With the median price jumping 9.8% vs this time last year. Limited inventory and intense buyer demand driven by sustained low interest rates and COVID-related lifestyle changes has caused homes to fly off the market. The average days on market dropped by 56.5% — from 26 days on market last year to 10 days on market this year. Bidding wars have become common in certain neighborhoods as buyers compete for the limited home inventory.

November 2020: Oahu Condo Sales

Condos and townhouses prices showed slight increases last month compared to this time last year. However, overall sales volume of condos has dropped slightly as the market struggles to recover to pre-pandemic levels. Condos and townhouses are still selling with the average days on market dropping by 10 days compared to last year — from 26 days to 16 days this year.

Other Trends We’re Watching:

With the election cycle behind us and the holidays upon us, we are closely monitoring the market for shifts and updates. Some interesting trends we’ve got our eye on include:

• A push to attract mainland talent to the island: Large Oahu employers are teaming up to use the “new normal” of working from anywhere as an incentive for young professionals to work from Oahu. We’ll be watching how this “Movers and Shakas” program evolves.
• Koa Ridge — the new suburban planned community by Castle & Cook — continues development and sales in Waipio. Contact us if you’d like additional details.
• Tourism inching back: Continued updates in the pre-travel testing program has caused the near future of tourism to be uncertain. While no longer on lock down, data released by the Department of Tourism shows October’s total visitor count was down by 90.1% vs last year. These numbers.

Overall, buyers and sellers need to be prepared to move quickly in this fast-paced market. Our eyes remain on the market as we prepare to ring in the New Year.