Text: CENTURY 21 Hawaiian Style | Images & Statistics: Honolulu Board of Realtors (HBR)
At the close of Summer 2021, the real estate market in Hawaii continues to show growth.
Single-family homes have been the center of discussion for the first quarters of 2021, and for good reason. The median single-family home sales price has seen a steady and record-breaking increase since the start of the pandemic in 2020, reaching record-breaking highs in 2021. According to the Honolulu Board of Realtors, that price is continuing to inch ever closer to the $1 million mark, coming in just shy at $979,000 in June 2021. This surpasses the previous record set just a month earlier in May.
However, resale statistics from June 2021 recently released by the Honolulu Board of Realtors indicates that single-family homes aren’t the only hot-ticket items in Hawaii. Condominium sales rose an astronomical 134% in June 2021, as compared to the same time last year (2020). Honolulu’s diverse and growing condominium market includes exciting neighborhoods such as Ala Moana and Kaka’ako. June statistics show that both areas collectively increased by 18%, bringing the median sales price to $566,000. Closed sales in those areas increased dramatically by 207%, while new listings rose by 50%.
The addition of new condominium complexes in areas such as Ala Moana and Kaka’ako that accommodate a wide range of budgets—from affordable to ultra-luxurious—accounts for much of the increase in listing availability. With demand for condominiums in Hawaii growing, these new developments are off-setting the shortage in inventory caused by highly competitive market conditions. But statistics don’t lie: if June’s numbers are any indication, competition and demand have not waned in the face of increased inventory. Prospective buyers are advised to act sooner rather than later.
Do you have questions about the home-buying process? Interested in purchasing a condominium in Honolulu? Working with an experienced, knowledgable agent is key to making the right investment.
Contact us today!
Patrick & Takako McMillen (R)
Owners & Principal Brokers
CENTURY 21 Hawaiian Style