Single family home price on Oahu hits high for fifth time in 6 months

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The Oahu housing market experienced a third straight month of exceptionally strong buyer demand in June, with record average monthly sales for the fifth time this year.

The Honolulu Board of Realtors reported today that single-family homes sold for an average of $ 979,000 last month, just above the previous record of $ 978,000 in May and up 27% from the average sale price of $ 770,000 in June 2020.

The exceptional demand from buyers and the relatively low inventory of homes available for sale contributed to the recent price records.

451 single-family homes were sold in June, up 49% from 302 in the same month last year when the market was weighed down by a raging coronavirus pandemic.

The increase in sales volume in June was followed by year-over-year gains of 63% in May and 51% in April after gains of between 5% and 19% in the first three months of the year.

In the Oahu condominium market, sales grew even further.

Condominium sales rose 134% last month to 730 from 312 last year, helping to increase the average sale price by 9% to $ 460,000 from the previous year’s $ 421,500.

The average condominium price last month was the highest since July 2019, when it hit a record $ 461,500.

Shannon Heaven, the president of the trade association and an agent at Property Profiles, said in a statement that some of the surge in condominium purchases has come from buyers who have chosen not to chase a single-family home because of a lack of inventory and competitive bidding warfare.

Some of the increased buying has also come from people who postponed buying over the past year amid greater economic and pandemic uncertainties.

Much of the recent demand for single family homes is coming from people who have had to work from home since last year due to COVID-19, including local residents and people moving away from the mainland.

“We urgently need more real estate to accommodate our local families, especially in the affordable to mid-range,” said Heaven.

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