Hawaii's housing market is holding steady with median prices of single-family homes staying at the $1 Million mark and condos at $500,000, Closed sales for October rose year-over-year with single-family homes ticking up modestly 10.4% and condo properties surging higher to 27.3%.
Single-family home sales in the top price range of $2,000,000 and up range skyrocketed 188.2%, followed by closed sales of properties in the $900,000 to $1,099,999 range increasing 67.2% compared to October 2020.
The condo market recorded more than double the sales in the $600,000 and up range, though most of the sales were in the $300,000 to $599,999 range. The largest sales volume growth comes from the Metro region with 343 condo sales in October, rising 68.1% or 139 sales from last October. So far this year, closed sales of single-family homes and condos are up 22.6% and 58.8%, respectively.
Roughly 62% or 236 single-family homes and around 41% or 251 condos closed above the original asking price. The median time properties spent on the market remains low: 10 days for single-family homes and 11 days for condos.
The increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their homes. However, a decline in new listings will likely continue with the holidays and low inventory.