Market Update: O’ahu, HI
O‘ahu Single-Family Home Market Drives Activity Breaking Two Records
Single-family home market marks new record and steady recovery,
while condos continue to trail 2019 activity
O‘ahu’s single-family home market continues to make a steady recovery, the summer season ended on a high note with closed sales of single-family homes surpassing year-over-year activity by 12.7%, while condo sales marked a steady month-over-month improvement of 11.5%. Dynamic activity in O‘ahu’s single-family home market drove the median sales price to a record of $880,000 and properties are spending a record-low of just nine days on the market.
“The spike in demand for single-family homes may correlate to buyers’ pursuing a different quality of life and a new environment following the sharp shift in people working from home,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities.”
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