Text: CENTURY 21 Hawaiian Style | Statistics: Honolulu Board of Realtors (HBR)
The real estate market in Hawaii continues to thrive well into Summer 2021.
According to the Honolulu Board of Realtors (HBR), “steep competition and high demand drives a record-setting month for O’ahu Real Estate” in May. As demand for properties continues to boom well into 2021, O’ahu’s real estate market in particular is approaching a historic landmark. With the median single-family home price coming in at $978,000 in May of 2021, we are now seeing a substantial 22.7% increase from the reported median price at the same time last year (May 2020). That may not sound like much, but it means the difference between an asking price of $797,000 and what is now just under $1 million.
This new record pushes the median selling price for single-family homes in Hawaii closer to an unprecedented $1 million. Demand for properties, particularly on the island of O’ahu, has never been higher. As sale prices continue to rise and inventory continues to diminish at a record pace, the average days-on-market (DOM) statistics are now reflecting a scant 8 days. That’s a 38.5% decrease, meaning single-family homes are selling a whole 5 days faster that in earlier quarters. There’s no denying it: inventory is becoming scarce for prospective O’ahu homebuyers.
In what can only be described as a substantial boom in demand, sales, and asking price, the Hawaii real estate market saw a whopping 63.3% increase in single-family home sales.
Where there are historic shifts in the market, there’s always opportunity.
If you’re looking to purchase a home, it’s best to act swiftly. Experts say that all signs point to an upward continuation of this trend, which means that we could be looking at a median of $1 million in due time. In addition, the heavy demand for properties in the market continues to support a shortage in inventory. Acting sooner rather than later could mean a substantial difference in the location, type, and price of the home you purchase.
As a rule of thumb, changes in markets always present unique opportunities for buyers and sellers alike. For homeowners thinking of selling, this couldn’t be a better time to list. The continued rise in demand shows that buyers are eager to snatch up Hawaii real estate. Homeowners who have been reluctant to make the jump and list should be encouraged by the statistics. Now may be the best time to get the most out of your sale!
Whether you are in the market to purchase, or looking to sell, this historic time in the real estate market here in Hawaii presents unprecedented opportunity that you shouldn’t wait to capitalize on.
Are you working with experts that know the market?
Working with the right Realtor makes all the difference. With extensive experience in helping people from around the world purchase and sell Hawaii Real Estate, CENTURY 21 Hawaiian Style is a leader in its industry. We understand that making big decisions like buying or selling can be daunting, but with the right guidance and support, you can rest assured that you’ll be getting the most out of your transaction.
Want to learn more about Hawaii’s real estate market? Ready to purchase or sell?
Don’t miss out on this historic opportunity. We can help— ask us how!
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