O‘ahu single-family home sales dropped by 0.6%, while condo sales marked a 1.7% increase compared to the same period last year. The modest jump in sales activity is the first year-over-year sales increase for the condo market since January.
Yet another sign of the competitive market, the number of single-family homes sold above asking price more than doubled from last year, while the number of condos sold above asking price increased by 63.9%. Properties are spending a median of fewer than 20 days on market.
The O‘ahu real estate market has remained competitive even amid the pandemic as the lack of inventory paired with low interest rates continue to drive demand, said Tricia Nekota, president, Honolulu Board of REALTORS®.