Market Update: Oahu, HI
Luxury Real Estate in Oahu, Hawaii continues to rise according to the latest market statistics.
Single-family homes have seen a 19.9% increase in median sales prices year-over-year, and a 3.9% increase compared to last month according to the Honolulu Board of Realtors® report for February 2021. Where last month’s median sales price was $883,000 for a single-family home in O’ahu, compared to this month’s now at $917,500.
Limited inventory and high demand continue to drive median home prices of both single-family homes and condominiums throughout Oahu, according to the February Luxury Market Update by LH Affiliate, Caron B Davis. While Luxury Condos saw a 46.6% rise in median sales price month-over-month to $2,859,000, Luxury Single-Family Homes saw a slight decrease of 7.4% to a median sales price of $2,000,000, according to the report.
“There are currently 110 luxury homes listed at or above $3,000,000 on the market; 49 of them are listing for $6,000,000 more; 25 homes are listed at $10,000,000 or above.” – Caron B Davis, Caron B Realty International.
A total of 47 single-family homes sold in February 2021 with an average of 77 days on the market, while 10 condominiums sold at an average of 80 days on market. In addition, homes have been selling for 98.4% of the asking price on average, and 42.5% are selling for or above their asking price, according to the report.
The Honolulu Board of Realtors noted the Highest Sold Single-Family Home this past February at $5,600,000, and the top condominium for at $10,250,000.