Oahu Condos selling in record time

The Oahu single-family home median price increased by 21 percent over last November to $1,050,000, while the condo median price increased by 14 percent to $500,000. November 2021 marks the fifth consecutive month the median single-family home price has been at or above $1M and the third month that the condo median price has been at $500,000, as per the Locations real estate firm publication of Oahu Residential Real Estate Report for November 2021.

Single-family home sales increased by 9 percent over November 2020, while condo sales increased by 23 percent. However, sales are following typical seasonal patterns and trending down after peaking in the summer months.

Single-family homes were on the market for a median of 12 days in November 2021, while condos were on the market for a median of 10 days—a record low.

Bid-ups remain at record highs, with 61.5 percent of single-family homes and 42.1 percent of condos sold for above the asking price in November.

Months of Remaining Inventory (MRI), or the number of months it would take for all existing listings to sell if no new listings were to become available, remain at record lows. MRI for single-family homes is at a record low of 1.1 months, while condo MRI is 1.8 months—the lowest in 16 years.

While the single-family home market appears to have reached peak levels of competition and is holding steady, the condo market is growing increasingly competitive, as evidenced by rising bid ups and falling Days on Market.