HONOLULU (KHON2) — Median prices for both single-family homes and condos reached record highs in January 2021, according to real estate firm Locations Hawaii.
The median prices are up three percent for single-family homes and 13 percent for condos compared to January of 2020.
Bid-ups, or the percentage of homes sold for above asking in a competitive bidding situation, also reached all-time highs for both single-family homes and condos in January 2021. More than half of all single-family homes and 29 percent of all condos were bid up over the asking price in January, suggesting rising prices and continued competitive market conditions in 2021.
“Lack of for-sale inventory is the biggest challenge to the Oahu real estate market,” said President and CEO of Locations Jason Lazzerini, adding that with fewer homes for sale, both prices and buyer competition have increased.
“Market conditions are very favorable for current homeowners with equity to move up to a newer or larger home, or to a different neighborhood,” Lazzerini added. “It’s a great time to be a seller.”
Lazzerini also noted that with interest rates below three percent, prospective homebuyers have greater purchasing power than last year.