Even amidst a pandemic, home prices on Oahu continue to rise. The most notable statistic this month is the new record high for single family homes, which rose 6.2% since last year at this time to $839,000. The limited inventory and historically low interest rates are creating steep competition for buyers. The numbers support a strong buyer demand for single family homes, as last month single-family homes sold 43% faster and with more sellers receiving their full asking price or higher when compared to this time last year.
New listings remained level this month when compared to July. However, the numbers tell a different story when compared to 2019. Last month, for single family homes and condos there has been a 12% decrease in new listings than there were in August 2019. The limited number of new listings contributes heavily to the level of buyer demand, creating an excellent opportunity for sellers. In particular, for single family home sellers, as these units are moving faster.
The number of new condo listings continue to see steady improvements month to month for number of new listings. However, the median sales price for condos is down 20% when compared to last year at this time and dropped slightly by 4% when compared to July.
With the new Stay-At-Home Order that was issued on August 27, open houses on Oahu have been suspended for now. However, Hawaii Central reports that the level of real estate activity is remaining steady during this Stay-At-Home Order.