2021, what a year for Oahu real estate. Just when we all thought that 2020 was a busy year, 2021 rolled in, and the market took off again, and it really hasn’t stopped. Month after month, new price and sales records were coming in, crushing the previous month’s numbers. All of us in real estate, buyers and sellers, could see that $1,000,000 price point approaching, and then in August it happened. Oahu’s median single-family price hit $1,050,000. As we move into the final months of 2021, will the upward trend continue?
Scroll through the slides for a market update.
While some mainland markets are seeing the market stabilizing, Oahu is still competitive, although huge price escalations are cooling off a bit. The inventory is low, and there are plenty of buyers in the market trying to take advantage of the low interest rates. Buyers who are in the market are still experiencing multiple offer situations. With the higher prices, some would be single-family home buyers are also switching to townhomes and condos, which can be just as competitive. With condos, it depends on the area and the buildings, as some are more popular than others.
New Construction Market
The new construction home and condo markets on Oahu are experiencing huge demand for properties. West side home/townhome lotteries have upwards of 230 lottery applications for 30+ available properties. New condos in Honolulu, while sold on a first come first serve basis, are also in short supply of pre-sale condos, and the inventory is shrinking.
As of right now, Oahu is busy. Many homes and condos are still selling over asking prices. Of course, every property is different, and certain price points are way more competitive than others. Overall, however, it’s a busy real estate market, but not as crazy as it was a few months ago.
Despite the price gains of 2021, is it still a great market for Buyers and Sellers? Absolutely! The demand is high and interest rates are low.
If you have any questions about Oahu real estate, please don’t hesitate to contact me.
Kinga Mills | 808-722-3985 | firstname.lastname@example.org
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