Text: CENTURY 21 Hawaiian Style | Images & Statistics: Honolulu Board of Realtors (HBR)
In the last months of summer, Hawaii's median single-family home sales price inches ever-closer to the $1 million mark.
Summer 2021 is coming to a close, and the real estate market in Hawaii is showing no signs of slowing down. The Honolulu Board of Realtors (HBR) just released their July 2021 statistics, and the numbers are astounding.
Following a consistent upward trend throughout the opening quarters of 2021 and throughout the summer, July 2021 sales statistics show a further 21.8% increase in the median sales price for single-family homes in Honolulu. That median sales number is now a new record-setting $992,500. 404 total closed sales were reported in July alone, an increase of approximately 11.9% from just last month in June. Many listings are staying on the market for shorter periods of time when compared to months prior, and it's not uncommon for them to sell for asking prices or higher.
For many brokerages, 2021 has ushered in big sales and even bigger opportunities for sellers. Million-dollar sales for both single-family homes and condominiums are far from uncommon, especially in the Metro Honolulu area. HBR's statistics showed 671 closed sales in July, which accounts for a whopping 57.5% increase from the previous month. For now, market analysts say that there are no signs that this upward trend will come to an end any time soon.
With the numbers continuing to trend upwards, we are looking at a robust seller’s market.
Many homeowners are looking to downsize, relocate, or switch up a second home for something new. Whatever the circumstances, for homeowners contemplating listing their properties, this quarter may provide the most lucrative window of opportunity. The statistics show that there’s no shortage of buyers out there now, with the average single-family home staying on the market for just 9 days. Similarly, condominiums on average stay on the market for only 11 days prior to sale.
Market analysts say that it’s very likely we’ll see the median single-family home sales price hit a cool $1 million within a few months. Fall’s first quarter will be a gauge for whether this trend will sustain itself through the remainder of 2021. As for now, sellers should take action now in order to take full advantage of this historic opportunity.
But experts warn first-time sellers to heed the advice of experienced Realtors when navigating a sale. Don’t make the mistake of navigating the market—even a lucrative, robust one such as what we’re seeing now—alone. Too often homeowners believe that they can “cut out the middle man,” so to speak by electing not to work with a Realtor. Experts and homeowners who have gone through the process before agree that working with an experienced, knowledgeable Realtor is key to a successful sale. In any market, sellers will want to ensure that their properties are being handled with the utmost care, and that they get the most out their sale. Only a trusted and experienced Realtor can ensure this from start to finish.
The market is hot—are you interested in listing your property?
Contact us today to learn about how you can get the most out of the sale of your property today!
Patrick & Takako McMillen (R)
Owners & Principal Brokers
CENTURY 21 Hawaiian Style
Ph: (808) 383-6551