March 2021 Market Update

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Real Estate

March 2021 was another record breaking month for single family home prices and sales for Oahu, and the market doesn't show signs of slowing down!

This March, the median price for a single family home on Oahu was $950,000, which is $140,000 more than March of 2020, marking a 17.3% increase. The average price of homes sold on Oahu was $1,226,827 in March of 2021, which is 26.2% higher than the $972,367 that we had last March. The median days on the market for a single family home remains at 9 days, 40% faster than what we saw in March of 2020. There are currently 1.3 months of inventory available, which is half of what was available at the beginning of the pandemic. Homes that are sold are averaging 100.4% of their listed price, better than last year.  The shortage of inventory means that buyers are making highly competitive offers to secure their dream homes.

Condo sales also increased in March, with 626 closed sales this year compared to 410 closed sales last year. The median sales price is $451,000, a 3.7% increase over March 2020. The average price is $530.257. This year, condos are getting 99.1% average of their original listed price, an increase over January and February, indicating that the condo market is getting more competitive as tourism has increased. Condos are selling faster this year, with a median of 14 days on the market compared to 23 days last March. There are currently 2.9 months of inventory available, 19.4% lower than the 3.6 that we had at the beginning of the pandemic.

As March and the first quarter of the year wrapped up, it seems clear that this momentum for home and condo sales is not slowing down any time soon. If you're considering buying or selling, now is definitely the time to make a move. Contact your Realtor if you have any questions or want to take steps on your own real estate journey.

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Market Update stats provided by Honolulu Board of Realtors  monthly statistics report