Record Highs Across the Oahu Real Estate Market!

Tis the season for hot cocoa, holiday cheer, and another strong month in Oahu real estate. Last month the beginning of the holiday season reigned in record highs across the market!

The median price for Single Family homes and Condos in November matched record highs of $1.05M and $500K medium prices respectively. This record was set earlier this year in August 2021. The fact that this record high is being matched in November demonstrates that the market remains strong despite moving into the holiday season, where historically we may have seen a slowdown in activity and pricing.

November 2021 — Oahu Residential Real Estate

Single Family Home Update

Condo Update

Behind the Numbers

For the first time this year, Condos are flying off the market faster than Single Family homes. Condos are spending a median of 9 days on the market vs. single family homes spending a median of 11 days on the market. This speed of sale is partially driven by a market starved for inventory. Condo active inventory was down 37% in November while single family home inventory was down 27% year over year.

All this means that buyers who want to secure a home in this limited inventory market are staying aggressive in their search and offers. Savvy buyers are also looking to move in this low interest rate environment, which makes securing a mortgage more affordable. Analysts expect we may see interest rates tick up next year, which would have a downward impact on buyer’s purchasing power.

For now, sellers are still enjoying multiple offers in a highly competitive seller’s market.

Questions? Connect with us. As we noted last month, buyers and sellers need to be prepared to move quickly in this fast-paced market.

For additional stats, please contact me. Data was taken from the Honolulu Board of REALTORS® MLS system. It is deemed to be accurate, but not guaranteed.