Single Family Home Report
Well, believe it or not, we hit another record for the median sales price of a single family home on Oahu. This is David Buck, with Harcourts Island Real Estate here to give you the monthly market report for single family homes on Oahu for May, 2021. Well, like I said we hit a new milestone which is now $978,000. That's the median price to get in on a single family home in our market for the month of May. That's a 22.7% jump from just over a year ago where we were at $797,000 and the last record we reported on was in March, two months ago and that was at $950,000. So, now that we're above that, we'll see what's going to happen.
Days on market are also very low dropping from 13 days last year to 8 days this year. New listings, however are on the uptick. We've got 24.6% more new listings hitting the market compared to the previous May of last year. So, the word is getting out that the market is hot for sellers. Active listings are quite anemic with only 745 homes on the market in May and that's down nearly 40% from the previous year of just over 1200 homes for sale. Last, but not least the mean price is up 24.2% to $1.246 million and change. It's a great time for sellers and I'll be talking about the condo market here shortly once you take a look at this infographic. Mahalo.
Regarding the condo market on Oahu, we also saw a significant uptick where we saw the median price was up 14.7% to finish off at $457,750. That might sound high, however that's not a record. We hit $461,000 in July of 2019. We'll see if that trend continues and maybe we'll eclipse that record going into this summer, but the condo market is starting to rebound. We've put some under contract recently with some good numbers that we weren't able to achieve just a year ago.
Closed sales saw the biggest jump of all with 135% increase in the number of sales from condos jumping from 254 sales in May of last year to 598 this year! That's a significant increase. New listings were up similar to the home front with 34% more condos for sale than we were a year ago. Months of remaining inventory are also very low. Average sale price up 22% as well.
The condo market is strong. We're getting to that point we see in real estate cycles on Oahu where people are getting priced out of single family homes and considering the condo option. Mahalo and thanks for listening and hope you're looking forward to a great summer as am I. Mahalo.