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July Market Report -2021

July Market Report -2021

August 26, 2021 11:12 pm

Single-Family Homes, Condos Hit New Record-High Median Sales Prices in July
Dwindling inventory, low mortgage rates push the median price of
a single-family home to $992,500

O’ahu single-family homes and condos set new record-high median prices in July at $992,500 and $475,000, respectively. Summer sales continue at the rapid pace the market has been experiencing the past few months, with single-family homes recording 404 total sales or an 11.9% increase in July. Condo sales continue to rise significantly year-over-year, outpacing single-family home properties with 671 total condo sales resulting in a 57.5% increase.

The new single-family home median sales price jumped up 21.8% compared to one year ago, while the condo median sales price rose 8.0% above last July’s median price. The new single-family home record ticked up slightly – 1.4% – above the previous record set just last month, while the new record price for condos was 2.9% higher than the previous record of $461,500 set in July 2019.

“We’re seeing these record-high median sales prices because inventory in the affordable and mid-range price brackets are dwindling,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Mortgage rates also continue to hover near record lows, enabling buyers to secure cheaper financing that, in turn, helps them to close on properties at higher price points.”

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“

I just wanted to pass along high praise and appreciation for your Realtor, Eric Olson. He helped me to sell a condo last year and just closed on a house that my family and I are thrilled about! Eric was friendly, knowledgeable, and accessible throughout the process and a pleasure to work with. Good all around experience with Eric and Carvill Sotheby’s.

- Honolulu Home Seller

“

“Patty Bell is the best realtor we’ve ever dealt with…..calm, professional, gets things done with ease…..even when it takes overcoming obstacles. We have used Patty for 3 transactions over the years, and she is consistently outstanding!”

- Kailua Home Seller

“

“Scott, our faith in your performance has easily been confirmed by your results. Thank you to each person involved. I have been in the Homebuilding Industry for 12+ years and, honestly, never seen the speed and quality of the results you have provided for us.”

- Kailua Home Seller

“

“It’s been a pleasure working with Kelly and Scott, who are experienced, professional, honest, and at the same time, friendly. I have worked with a number of realtors on different transactions, in different cities, and I find them outstanding.”
- Kailua Home Seller

“

“I wish to commend Nancy Young-Vieira on the manner in which she handled the recent sale of our Wahiawa home. We were impressed by her attention to detail and her knowledge of the market during these present times. She is professional in every way and walked us through every step of the process. Thank you for having such a well seasoned and pleasant agent as Nancy.”

Wahiawa Home Seller
-

“

John Schamber recently acted as our agent to market and sell our architecturally signficant home in Honolulu. John was great during the sales process-the utmost professional, granular, and balanced. We soon had three offers on the property and he navigated the transaction to a smooth closing. We wholeheartedly recommend John as an agent.

- Honolulu Home Seller

“

“We found Maureen O’ Guin an absolute pleasure to work with. I don’t think we could have found a better realtor for us. She listened to us carefully regarding what we were looking for in a house, and quickly identified properties that fit our specifications.”

- Honolulu Home Buyer

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