The Oahu real estate market in 2021 is more competitive than ever, with nearly one in two single-family homes and one in three condos sold for above the asking price in a bidding war.

With single-family home for-sale inventory so constrained—especially in the entry-level price range—condo sales shot up in March to the most since 2006. Home prices are expected to continue to climb into late spring and early summer, pushed upward by strong buyer demand, extremely low inventory and highly competitive market conditions.

If you’ve been searching for a home on Oahu this year — especially a single-family home — you’ve probably noticed there’s not much for sale. Single-family home inventory has been limited for many years, as new home construction has not been keeping pace with demand for decades.

Oahu single-family home inventory is at its lowest point in more than 40 years and condo inventory is dropping at an accelerating pace. Coupled with decades of pent-up demand, there’s no end in sight to current market conditions—making it an advantageous time for sellers and a critical time for homebuyers, especially first-time buyers.