Oʻahu single-family home price at $1M for second month in a row
The median sales prices for a single family home on Oʻahu in October fell to $1 million — down slightly from September's seven-figure breaking $1,050,000.
The Honolulu Board of Realtors released the October Oʻahu real estate number this week. Condo prices were up to a median sales price of $500,000, up from September's $478,000.
In October, 381 single-family homes were sold (down from 424 in September) and 611 condos were sold (down from 615).
There were only 376 new single family home listings in October, the lowest number of monthly new listings since February, when 322 homes were listed.
The drop in listings may be seasonal.
"We're going into holiday season, people are less likely to want to be moving during Thanksgiving, during Christmas, and so they're waiting to put their house on the market," Shannon Heaven, president of the Honolulu Board of Realtors, said. "So although this isn’t unusual, we're still hoping that we get to see some more listings just because we do have still a pent-up demand of buyers out there that are ready to go if you're ready to put your house on the market.”
Nearly 3,800 homes have been sold this year (up 22.6% compared to last year) and more than 6,000 condos have sold so far in 2021 (up 58.8% compared to 2020).