HONOLULU — The median sale price for a single-family home on Oahu was over $1 million during the second half of 2021, a record high for Hawaii’s most populous island.
In December, the median price was $1,060,000, a 22% increase compared to 2020, Hawaii Public Radio reported. Condo prices were also up 14% at $485,000.
Real estate firm Locations Hawaii’s senior vice president and principal broker, John Connelly, said despite higher prices, more people were buying last year.
“When we take a look at the number of sales for single-family homes, they were up 18%,” he said. “The number of sales for condos was up over 50%. And that doesn’t include the new developments. That’s just resales.”
More than half of the single-family homes sold in December were purchased above the asking price. Because of a decline in inventory, Connelly does not see prices going down.
“With the interest rates remaining down around 3%, the demand still being very, very high, we expect these trends to continue in the foreseeable future,” he said.