In April, the median price for a single-family home on Oahu dropped approximately 3% from last month’s record of $950,000 down to $928,000. This median price represents a 14.7% year-over-year increase. Meanwhile, the median price for Condos pretty much held steady (year-over-year) at $450,000, which is $1,000 less than last month’s median price.
The number of closed sales in both categories (single-family & condos) increased for April as compared to sales in April of 2020. In the Single-family category, there were 375 closed sales, which was an increase of 51.2%(year-over-year) and 4% over the previous month. In the Condo/Town-home market, there were 645 closed sales, which represented an increase of 88% year-over-year and 3% over last month.
During April of this year, the Days on Market was about the same as in March. The average days on market for single-family homes was just 9 days, the same as in March, but 10 less than a year prior. Condos/Town-homes, in a similar manner, were on the market for an average of 13 days which was only one day less than last month. We are still very much in a Seller’s Market with many listing receiving multiple offers and closing at a price above the listing price.
