February 2021 Market Update

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Real Estate

What a lovely February we had! As Oahu moves out of Tier 2 COVID measures and into Tier 3, the housing market has continued to remain strong. In February 2021, single family homes and condos both continued to sell, and sell fast, with no sign of slowing down.

According to the Honolulu Board of Realtors president Shannon Heaven, “Demand for limited inventory and increased purchasing power through low-interest rates has placed sustained upward pressure on prices." As a result, February set a new record for the median price of single family homes, at $917,500. This is a 19.9% increase over 2020, and a 3.8% increase over January 2021s median price of $883,000. Homes were on the market for an average of 9 days in February 2021, which is 74.3% faster than the 35 days on the market from February 2020. If you're still not sure if now's a good time to sell, this really should help to show you that it is!

Condo sales also started increasing. The median price for a condo in February 2021 was $457,500, and that's 6.4% higher than 2020's median price, and 1.3% higher than January 2021. Condos are also selling faster this year than last, with the average of 18 days on the market as compared to the 34 days in February 2020. There was also a 41.1% increase in the total number of closed sales for condos in February 2021 compared to 2020, and a 12.2% increase over January 2021. The condo market looks like it's starting to pick up some speed! Now's the time to buy if you've been thinking of changing your scenery or taking advantage of some great investment opportunities.

The current real estate market is hot, and that heat creates competitive buyers and sellers. It's helpful to have a realtor on your side, an expert who can help to negotiate for you and make sure that no matter what side of the sale you're on, you're getting the best value possible. As a realtor, I want to help you achieve your real estate goals and I have all the tools and resources to do it. Contact your realtor if you think you might be ready to buy or sell your home. 

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Information provided from Honolulu Board of Realtors monthly market update, February 2021.