O‘ahu Median Home Sales Price Reaches $978K in May
O‘ahu real estate prices continue to break records as the median price of a home nears $1 million.
In May, the median sales price for a single-family home was $978,000, according to data released by the Honolulu Board of Realtors. That breaks the previous record of $950,000 set in March. Data shows 405 homes were sold during the month.
Condo sales were also hot, with 598 units sold in May. That’s more than double the 254 units sold in May 2020. The median sales price of a condo was $457,750.
Despite the high prices, properties are not staying on the market for long, with median days on the market for single-family homes and condos at record lows of eight and 12 days, respectively.
“I know our days on market has dropped another day for another record-setting like eight days, but in reality that would be one day if possible," Shannon Heaven, president of the Honolulu Board of Realtors, said in a release.
"It's just the fact that agents and sellers are allowing time for people to see the property so you get about four or five days to make appointments because there's so many people wanting to get into a property, and then they're giving you a timeline of like two days to get your offer in before everything's presented," Heaven said.
She added that demand is not subsiding.
"Even though we're getting more listings on the market from a year ago — I think we're up over 24% additional new listings compared to what we were seeing — but even that inventory is just gobbled up so quickly," Heaven said.