Oʻahu’s Housing Market Marks Positive 2021 for Sellers
Properties continued to sell at record speed and over the asking price
amid persistent low inventory levels
The O‘ahu housing market ended 2021 with a slight decline of 10.0% in single-family home sales and a healthy 15.4% increase in condo sales year-over-year. The median sales price for single-family homes tied the previously set record in August 2021 at $1,050,000, while condos saw a median sales price of $485,000, slightly up from December 2020.
While O‘ahu’s single-family home market saw new listings, pending sales, and total inventory in escrow all drop year-over-year, the condominium market remained strong, with new listings up 13.1%, pending sales jumped 16.7% and total inventory in escrow rose 11.5%.
“It was clearly a seller’s market in 2021,” saidChad Takesue, president of the Honolulu Board of REALTORS® in 2022.“Not only did properties enter escrow at a record pace, but they often marked multiple offers and sold for a premium.”
Single-family homes were in high demand throughout 2021, but sales leveled off in the last quarter of the year as buyers faced low inventory and a slight rise in average mortgage rates since the summer and early fall.
“With high demand and dismal inventory of single-family homes, buyers turned their sights to condos, driving competitive activity in some areas and leading to low supply in this market as well. As a result, every price point in the condo market saw more sales in 2021 and every region across Oʻahu marked more sales,” added Takesue.
