Condo owners - it's a great time to sell! The market has set a new record low of only 9 median days on the market! Buyers are loving the more affordable price points of condos. While most of the sales volume occurred in the $400,000 - $499,999 range, nearly all price points in the condo market experienced a positive change in sales volume!
Single-family home sales are still rising at 21% increase over the year. They are also moving quickly at only 11 days on the market. And around 61% of single-family home sales closed OVER the asking price in November.
“It’s evident that O‘ahu buyers are entering the market well-prepared and are wasting no time, working with their REALTORS® to get their offers submitted and accepted as soon as possible,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Additionally, a large portion of sellers are receiving bids above their original list prices, which tells us that we remain in a competitive market despite the expected holiday lull.”
“Sales in both the single-family home and condo markets appear to have leveled off over the past few months. However, we continue to exceed 2020 sales, which dropped due to the initial waves and economic fallout of the COVID-19 pandemic,” added Heaven.