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.

January 2021 was a record-breaking month for the Oahu real estate market. Record prices, strong sales, record low days on market and record-high bid-ups, all bucked the typical seasonal trend.

Median real estate prices on Oahu have not suffered from COVID-19 impact. Median home prices are well above last year’s levels, and condo median prices are rising above last year. The final median prices for 2020 are $830,000 for homes and $435,000 for condos, up 5% and 2% from last year, respectively. Lack of inventory for sale is the Oahu real estate market’s biggest issue, adding pressure on prices and increased competition for buyers. Homes for sale are scarcer than they have ever been, with only 453 active listings on the market.

In November, the median single-family home price rose 11 percent over the previous November to $877,500. The median condo median price rose two percent in November to $425,000. For the past 12 months, the median single-family home price was $825,000, a five percent increase over the previous 12-month period, and $430,000 for condos, a one percent increase over the same time period.