January 2021 Market Recap - Oahu

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Real Estate

Oahu had some cold temperatures last month, but the real estate market stayed hot! There were increases in the prices of homes, and decreases in the number of days that they were on the market, which is exactly the kind of trends that sellers want to see. Mortgage rates being as low as they are, buyers are lining up to see the available inventory of homes and condos on Oahu.

In January 2021, there were 291 single family homes sold. This is 9.8% higher than 2020's 265 single family homes sold in January. The condo market saw a 3.4% increase over 2020's 379 units sold, versus 391 for 2021. Increases all around!

The median price of a single family home in January of 2020 was $770,000. In January 2021, that median price increased 14.7% to a new record of $883,000. The average sales price of all single family homes sold in January 2020 was  $899,689 but this January, that number increased  16.7% to $1,050,263. Many homes also received more than their asking price!

Condos had their increase, too, with the median price up 5.4% from $429,000 in 2020 to $452,000 for January 2021. The average price of all the condos that were sold on Oahu was $496,296, which is 2.4% less than the condos sold in January 2020, which was $508,395.

In addition to the increase in the selling prices of homes and condos, they're also selling faster this year. The average number of days on the market for a single family home in January 2021 was 9 days. 9! In January 2020, the average number of days was 35 days, and that means that homes are selling 74.3% faster this year. Condos are moving fast, too, with their average number of days on the market at 18 in January 2021, which is 45.5% faster than the 33 days they were on the market in January 2020.

If you're thinking of selling, the time is now! As an expert, I recommend to move fast while the interest rates are low and buyers are eager. A real estate agent will be glad to help provide a no cost home valuation. By working with a realtor, you'll have a professional on your side who has all the tools and resources to help your home stand out from the competition and sell.

If you're considering buying, talk with a lender about getting pre-approved so you can take advantage of the incredible interest rates to maximize your buying power and stretch your home budget. Contact an agent to schedule a consultation; it doesn't cost you anything and can help make your new home search very easy. Your agent can also help to make sure your offer is competitive in the current real estate market. 


Data gathered from Honolulu Board of Realtors monthly stats report.