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.

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.

The Oahu real estate market is more competitive than ever, evidence of Oahu’s strong demand for housing and the lack of supply for sale. February 2021 hit records again, in several market indicators, signs of strong demand and a continued competitive market. Home and condo prices are at record highs, days on market at record lows, and the percent of sales bid-up over asking price at all-time highs.