Oahu Real Estate Market Update – July 2021

Single-Family Homes, Condos Hit New Record-High
Median Sales Prices in July

Real Estate Market Update July 2021

Dwindling inventory, low mortgage rates push the median price of a single-family home to $992,500

Single-family homes and condos set new record-high median prices in July at $992,500 and $475,000, respectively. Summer sales continue at the rapid pace the market has been experiencing the past few months, with single-family homes recording 404 total sales or an 11.9% increase in July. Condos sales continue to rise significantly year-over-year, outpacing single-family home properties with 671 total condo sales resulting in a 57.5% increase.

The new single-family home median sales price jumped up 21.8% compared to one year ago, while the condo median sales price rose 8.0% above last July’s median price. The new singlefamily home record ticked up slightly – 1.4% – above the previous record set just last month, while the new record price for condos was 2.9% higher than the previous record of $461,500 set in July 2019.

Last month, 70% of single-family home sales closed above the asking price. Offers over asking were common across all price points, but they were especially prevalent among 79% of the properties under the median sales price of $992,500. Meanwhile, in July, 38% of condo sales closed above the asking price compared to just 14% in July 2020.

Single-family home properties in the North Shore, Kailua, Hawai‘i Kai and Diamond Head region saw the majority of sales close at prices above the record median sales price of $992,500, while the closed sales in Leeward, Waipahu and Ewa regions were primarily under the median sales price. In the condo market, the popularity of the Metro region persists, marking the largest volume growth of 127.5% or 218 sales last month.

Single-family homes and condos continue to spend mere days on the market, a median of 9 and 11 days, respectively. New single-family home listings increased 11.1% over last year, while new listings for condos barely moved at all up, recording a modest 1.1% increase.

{source: Honolulu Board of REALTORS®}

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Colin Lee Real Estate Team Photo

Team Lee

About Colin Lee, Team Lead
Realtor-Associate, CPA* | RS-75820
(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.