Single-Family Homes, Condos Hit New Record-High Median Sales Prices in July

Dwindling inventory, low mortgage rates push the median price of a single-family home to $992,500

According to resales figures released today by the Honolulu Board of REALTORS®, single-family homes and condos set new record-high median prices in July at $992,500 and $475,000, respectively. Summer sales continue at the rapid pace the market has been experiencing the past few months, with single-family homes recording 404 total sales or an 11.9% increase in July. Condo sales continue to rise significantly year-over-year, outpacing single-family home properties with 671 total condo sales resulting in a 57.5% increase.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
July 2021 404  +11.9% $992,500  +21.8%
July 2020 361 $815,000

Condominium Resales

Number of Sales Median Sales Price
July 2021 671  +57.5% $475,000  +8.0%
July 2020 426 $440,000

The new single-family home median sales price jumped up 21.8% compared to one year ago, while the condo median sales price rose 8.0% above last July’s median price. The new single-family home record ticked up slightly – 1.4% – above the previous record set just last month, while the new record price for condos was 2.9% higher than the previous record of $461,500 set in July 2019.

“We’re seeing these record-high median sales prices because inventory in the affordable and mid-range price brackets are dwindling,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Mortgage rates also continue to hover near record lows, enabling buyers to secure cheaper financing that, in turn, helps them to close on properties at higher price points.”

Last month, 70% of single-family home sales closed above the asking price. Offers over asking were common across all price points, but they were especially prevalent among 79% of the properties under the median sales price of $992,500. Meanwhile, in July, 38% of condo sales closed above the asking price compared to just 14% in July 2020.

Single-family home properties in the North Shore, Kailua, Hawai‘i Kai and Diamond Head regions saw the majority of sales close at prices above the record median sales price of $992,500, while the closed sales in Leeward, Waipahu and Ewa regions were primarily under the median sales price. In the condo market, the popularity of the Metro region persists, marking the largest volume growth of 127.5% or 218 sales last month.

“It’s clear that there’s robust, competitive real estate activity throughout the island, but it’s incredibly varied by property type, price point and region,” added Heaven. “That’s why it’s critical that buyers and sellers work with a trusted REALTOR® professional who not only knows the intricacies of the market but also deeply understands your neighborhood, so they can help you put your best foot forward.”

Single-family homes and condos continue to spend mere days on the market, a median of 9 and 11 days, respectively. New single-family home listings increased 11.1% over last year, while new listings for condos barely moved at all up, recording a modest 1.1% increase.