Closed sales of single-family homes on O‘ahu increased 5.6% and remained relatively steady
from last month, while condo sales decreased 6.2% compared to this same period the previous year. Year-to-date, single-family home sales are almost back on track with 2019 activity and were down just 0.7%. Meanwhile, the condo market is struggling to recover to pre-pandemic levels and remained down by a double-digit percentage of 15.8%.
The number of single-family homes and condos sold above the original asking price
skyrocketed 210.2% and 79.2%, respectively, compared to this time last year. Practically every
region across O‘ahu saw over-bidding activity for single-family homes, though it was most
prevalent in the Ewa Plain, Kailua, and Kaneohe areas and the $700,000 to $999,999 price
range. The Ewa Plain, Central, and Waipahu regions accounted for the most condos sold above the asking price and were within the $300,000 to $599,999 range.
The median sales price of single-family homes rose 9.8% to $872,500 compared to November 2019. Properties priced at $700,000 and above marked a 25.7% increase in closed sales and represented more than 80% of all single-family homes sold last month. Regions across the island recorded significant jumps in sales, including Diamond Head with a 40% increase and Kailua with a 60%. In comparison, the usually active Metro region recorded a steep 28.6% drop in closed sales.
The median sales price of condos inched up 1.2% to $420,000. Condos listed just above the
median sales price in the $500,000 to $599,999 range saw the largest gains, up 19% over last
year. Mid-priced condos in the $400,000 to $499,999 range represented the bulk of condo
sales, accounting for 22.1% of all sales in November, and were on pace with November 2019
sales.
New listings typically begin to wind down during the winter season, but new listings for single family homes saw a year-over-year increase of 10.8%. Though new condo listings declined 4.1%, there was steady activity throughout the month. Sales in both markets continue to move quickly, with single-family homes and condos spending a median of 10 and 16 days on the market, respectively.
While the active inventory of single-family homes dropped 34.0% compared to 2019, condo
inventory is relatively mixed based on price points. There were modest increases on both ends of the price spectrum, including the $299,999 and below range and condos listed for $2 million and above, and 12.2% fewer listings for properties in the middle.
Source: Published by the Honolulu Board of Realtors, "Monthly Stats Report, Novemer 2020".
Questions? For more info, call Shaila at 808-741-7155 or email shaila@hawaiihe.com. Hawaii Homes & Estates LLC. License No: RB-20456.
Comments