Honolulu

Oahu median home price inches even closer to $1M – Honolulu, Hawaii

Honolulu, Hawaii 2021-06-11 06:08:55 –

The continued surge in home purchases on Oahu last month helped bring the median market price closer to $ 1 million.

A former home on the island was sold for $ 978,000 in May, according to a report released today by the National Association of Realtors Members of Honolulu.

That figure was 23% above the median selling price of $ 797,000 in the same month last year, the fourth highest in five months this year.

“The rapid pace of the market is showing no signs of slowing, and buyers entering the market continue to face fierce competition, especially for homes under $ 800,000,” said Shannon Haven, chairman of the industry group, in a statement. I have. “

Last month’s sales of single-family homes were 405, up 63% from 248 in the previous year.

Much of the profits reflect the unusual decline in sales volume last year due to the early impact of the COVID-19 pandemic. However, last month’s sales volume far exceeded the May 2019 sales of 320, which included a lot of disgusting demand from buyers.

Property profile agent Heaven said one Oahu home on the market last month received 60 offers within a week of listing.

In the Oahu condominium market, sales surged further, with May sales up 135% from 254 in the same month of the previous year to 598.

Median condominium sales prices rose 15% from $ 399,000 in the year-ago quarter to $ 457,750.

The record average selling price of a monthly condo was set at $ 461,500 in July 2019.

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