Closed sales of single-family homes on Oahu increased 5.6% and remained relatively steady from last month, while condo sales decreased 6.2% compared to this same period the previous year. Year-to-date, single-family home sales are almost back on track with 2019 activity and were down just 0.7%. Meanwhile, the condo market is struggling to recover to pre-pandemic levels and remained down by a double-digit percentage of 15.8%.
The number of single-family homes and condos sold above the original asking price skyrocketed 210.2% and 79.2%, respectively, compared to this time last year. Practically every region across Oahu saw over-bidding activity for single-family homes, though it was most prevalent in the Ewa Plain, Kailua, and Kaneohe areas and the $700,000 to $999,999 price range. The Ewa Plain, Central, and Waipahu regions accounted for the most condos sold above the asking price and were within the $300,000 to $599,999 range.
The median sales price of single-family homes rose 9.8% to $872,500 compared to November 2019. Properties priced at $700,000 and above marked a 25.7% increase in closed sales and represented more than 80% of all single-family homes sold last month. Regions across the island recorded significant jumps in sales, including Diamond Head with a 40% increase and Kailua with a 60% increase. In comparison, the usually active Metro region recorded a steep 28.6% drop in closed sales.
The median sales price of condos inched up 1.2% to $420,000. Condos listed just above the median sales price in the $500,000 to $599,999 range saw the largest gains, up 19% over last year. Mid-priced condos in the $400,000 to $499,999 range represented the bulk of condo sales, accounting for 22.1% of all sales in November, and were on pace with November 2019 sales.
New listings typically begin to wind down during the winter season, but new listings for single-family homes saw a year-over-year increase of 10.8%. Though new condo listings declined 4.1%, there was steady activity throughout the month. Sales in both markets continue to move quickly, with single-family homes and condos spending a median of 10 and 16 days on the market, respectively.
While the active inventory of single-family homes dropped 34.0% compared to 2019, condo inventory is relatively mixed based on price points. There were modest increases on both ends of the price spectrum, including the $299,999 and below range and condos listed for $2 million and above, and 12.2% fewer listings for properties in the middle.
Courtesy of the Honolulu Board of Realtors