‘Extreme demand’ pushes median price of a single-family home on Oahu near $1M
HONOLULU (HawaiiNewsNow) - The median price for a single-family home on Oahu set another new record high last month ― hitting $978,000, according to the Honolulu Board of Realtors.
That’s up 23% from May 2020, when the median price was $797,000.
The median means that half of homes sold for above that price while half sold below it. The previous record median price was $950,000, set in March.
Meanwhile, the median sales price for a condo on Oahu was up 15% at $457,750.
[Related coverage: Median price of single-family home on Oahu inches closer to $1M]
Shannon Heaven, president of the Honolulu Board of Realtors, said strong demand and low supply are likely to push the median sales price for a home on Oahu to $1 million soon.
“There’s just an extreme demand,” she said, adding that she recently got 60 offers on a home in the $800,000 range ― where competition appears to be steepest. “I was shocked.”
Another indicator of just how hot the housing market is: The median days homes stayed on the market in May hit a record low.
Single-family homes were on the market for a median of eight days before being snapped up. For condos, the median number of days on the market was 12.
And homes are also going over asking price. Nearly 60% of single-family properties sold for over asking price in May. For condos, the figure was 36%.
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