Well, there's a first time for everything. We now for the first time in history surpassed the $1,000,000 mark for single family homes on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the monthly market report for August of 2021.
Single Family Home Report
Like I said, we surpassed $1,000,000 for the first time in history, here on Oahu as far as the median sales price goes. Some of the neighbor islands like Kauai and Maui hit that mark earlier this year. Now, the median sales price for August was $1,050,000. That is up 25.1% from a year ago, where we had a median price of just $839,000, so that's a significant jump.
The number of sales are up 14.9% from a year ago and Days on Market 40%, going from 15 Days in August of 2020 to just 9 Days this year. The market is firing on all cylinders once again as we see these graphs go up and up. Stay tuned for the condo report.
Well, the condo market was arguably just as crazy. We now have a new record median price there as well, which is $500,000. We were hovering in the $400,000 range for many, many months and now the median sales price of a condo is half a million bucks. That is also a 16.3% increase from a year ago where we were at $430,000.
What's even more impressive is the volume or number of sales, because those were up 65% from a year ago! If you can think back to August of 2020, we were still kind of in the lockdowns and there was nothing really happening on the condo front. Fast forward a year and we see the number of sales up 65% for condos. There was also a significant drop in the median Days on Market, which went from 23 Days down to 12 Days. That's a 47.8% drop.
It's a seller's market here on Oahu. Give us a call because every market is different. You'll be surprised - even though we're following this nationwide phenomenon of an increase in sales, increase in median sales price and lower days on market that's the overall trend. However, there are little pockets here and there where things might not be as strong as they were say 3, 4, 5 years ago. To find about some opportunities there, feel free to reach out and we look forward to working with you. Mahalo!