“The Oahu real estate market has remained competitive even amid the pandemic, as the lack of inventory paired with low interest rates continue to drive demand,” according to Tricia Nekota,
As Oahu’s housing market shifts into the fourth quarter of 2020, sales activity and prices continue to reflect unforeseen and surprising influences brought about by COVID-19. Single-family home sales and
As segments of Oahu’s housing market struggle to regain footing after being rattled by the pandemic, others are surprisingly resilient — including a median-sales-price record high. For example, while new
COVID-19 has had a significant effect on the number of new listings on Oahu — with double-digit drops from July 2019. The overall number of active listings has also dropped.
While the total number of home sales were down, as well as median prices for both single-family and condominiums when comparing June figures with June 2019, month-over-month, short-term comparisons —
Inventory of available homes — or more accurately the lack of inventory — is what drives prices in Oahu’s residential housing market. When available inventory (supply) is down, demand drives
According to resales figures by the Honolulu Board of Realtors®, the median sales price for single-family homes and condos rose slightly to $809,000 and $450,000, respectively. Closed sales for single-family