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September Market Report 2021

September Market Report 2021

October 12, 2021 11:33 pm

As is typical for this time of year, the O‘ahu real estate market saw a slight decrease in total
sales month-to-month. However, despite the modest dip in market activity, the majority of
homebuyers continue to bid over the asking price in the hopes of securing a property to call
home.

In September, closed sales of single-family homes and condos continued to outpace sales
activity from the same time last year, recording 8.4% and 34.9% increases, respectively.
However, sales dropped slightly compared to August, with single-family homes down just 0.2%
and condos dipping 8.9%. The median price for a single-family home remained at $1,050,000,
while the median condo price rose 7.4% year-over-year to $478,000.

Around 57% of single-family homes sold in September were priced at $1 million and above, and
the most volume growth occurred in the $1,000,000 to $1,399,999 range, with more than
double the sales as last September. Roughly two out of every three single-family homes sold
last month closed above the original asking price. The practice of bidding over the asking price
was most prevalent in the Ewa Plain region, representing more than 80% of the region’s thirdquarter sales.

Sales of condo properties in the $700,000 and above price range more than doubled year-overyear with 129 closed sales compared to just 57 last September. Meanwhile, 39.6% of condos
sold for more than the asking price in the third quarter, especially in the Central, Ewa Plain, and
Makakilo regions, where this occurred in over 70% of sales.

Both markets marked an uptick in new listings compared to 2020; however, active inventory –
representing properties listed and open for sale at the end of the given month – fell sharply. The
active inventory of single-family homes dropped by 17.4%. The regions with the most
significant decline in active inventory for this market were Diamond Head and the North Shore,
representing 49% and 59% drops, respectively. A total of 738 new condo listings came on the
market in September, translating to a 28.1% year-over-year increase, though active inventory
was down 40.9% compared to one year ago

*info courtesy of Honolulu Board of Realtors

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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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