Oahu Real Estate Market Update – December 2021
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
December 2021
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%.
2021
In 2021, total O‘ahu sales were up an impressive 37.3% from 2020. Single-family homes saw a substantial 17.9% increase, and condo sales roared back, ending the year up a whopping 53.1% compared to 2020. The median percentage of the original list price received reached 102% for single-family homes and 100% for condos. This means more than half of single-family home sellers received more than their original asking price, and at least half of condo sellers received their full asking price or more. The year-end median days on the market was a mere nine days for single-family homes and 12 days for condos.
In line with the year-over-year double-digit price increases that dominated most of 2021, the single-family home annual median price rose 19.3%, ending the year at $990,000. One year ago, the annual median sales price for single-family homes was $830,000. In 2021, 60.8% of single-family homes sold over the asking price, compared to 31% in 2020.
The $700,000 to $999,999 price range made up the bulk of single-family home sales at nearly 40%; however, most sales increases were seen at the higher $1 million and up price points. Properties sold in the $1,000,000 to $1,499,999 range were up 84.5%, homes that sold in the $1,500,000 to $1,999,999 range were up 95.6%, and homes sold at $2,000,000 and above more than doubled, up 145.5%.
The $400,000 to $499,999 price range made up 18.4% of condo sales in 2021, and the year ended with an annual median sales price of $475,000, an 9.2% increase from the 2020 median of $435,000. Like the single-family home market, condos in the higher price ranges saw more than double the sales. Condo sales in the $600,000 to $999,999 price range increased by 114.6%, and condos sold at $1 million and above increased by 162.0%.
The increase in demand for condos caused supply to drop to astonishingly low levels, driving competitive activity in some areas. In 2021, Oahu condo market saw 36.8% of properties sold over the original asking price, but numerous regions saw over 50% of sales close over asking.
{source: Honolulu Board of REALTORS®}
Click HERE to view full market report.
- Relief for Renters and Homeowners
- Support for Small Businesses
- Aloha United Way 211 Hotline - Connect with a 211 specialist for help
Click HERE to start viewing homes for sale instantly.
Team Lee
About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.com
Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.
*Colin is a full-time real estate agent and no longer practices public accounting.
