Single Family Home Stats
Well, Deja Vu or Hana Hou, whatever you want to call it, we have another record for the median sales price of a single family home here on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the monthly market report for single family homes for the month of March, 2021. As I said, we hit another record at $950,000! That is up 17.3% from just a year ago, where we were at $810,000 right in the middle of COVID lockdown. So, homeowners have seen a nice bump up in their equity and taking advantage in this market. We're also seeing homes sell really briskly at just 9 days on market. That's a trend we've noticed (that 9 Days on Market) over the last several months, which is down 40% from a year ago, where it was at 15 Days on Market.
New listings have creeped up just over 12%, so the word is kind of getting out to Sellers that it is a Seller's Market because there's only 1.3 months of remaining inventory. According to the National Association of Realtors, what's defined as a "Seller's Market" is 6 months or less and we're now at 1.3 months. We're also just about at an all time low as far as inventory goes with just 752 homes on the market. That's down 38.7% from a year ago. So, it's once again a great market for Sellers of single family homes. On the Buyer's side it is very competitive, but buyers are getting good deals. However it is competitive and I don't want to sugarcoat it.
Here's an exciting headline for our March condo market report "50% more condos sold on Oahu in March compared with the number that sold in March last year". Wow! The market momentum continues. This is Dianne Willoughby with your monthly update on condo sales. In March, there were 626 condos sold on Oahu, about 53% more than in March last year. Year to date for the first quarter the number of condo sales is by more than 32%. And, year to date the median price of sold condos at $455,000 is running 5.6% ahead of last year. Sales velocity is picking up too with half of the condos selling in 14 days or less!
There were 715 new condo listings coming on the market in March, but sales are extremely strong and despite the number of new listings, the total number of listings is down 17% from the same time last year. It looks as if the strong Seller's Market we've been following for the past few months will continue into the 2nd quarter. This may be an excellent time to list a condominium on Oahu, especially if you've tried to sell in the past but were not able to attract a price that met your expectations. Contact us to get a quick idea of what your property may be worth. We look forward to hearing from you. Aloha!