O'ahu home sales continued at a quick pace with strong sales volume in April
Real estate activity spikes a year after the first stay-at-home order
Closed sales of single-family homes and condos rose 51.2% and 88.0%, respectively. The wide year-over-year variance is due to 2020’s downturn in real estate activity spurred by the initial shocks of the pandemic and the first stay-at-home order.
More than half of single-family homes – 58.9% to be exact – sold above the asking price last month. Meanwhile, high demand for single-family homes continues to keep the median days on market at a low of just nine days.
In April, 30.9% of condos sold above the asking price and condo properties spent a median of 13 days on the market, which tied the record low set in June 2017.
While new listings for single-family homes are up 58.3% compared to April 2020, active listings remain down 35.3% year-over-year. The condo market tells a similar story with a 60.5% increase in new listings last month, but active listings are still down 17.6%.
“A year ago, O‘ahu’s real estate market saw a steep decline in sales and listings as we were confronted with uncertainty about the pandemic’s impact on our community and economy,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low interest rates, it creates the fast-paced, competitive environment we see in today’s market.”
