For a 3rd straight month, the median price of a home on Oahu hit a new record high

For a 3rd straight month, the median price of a home on Oahu hit a new record high
Hawaii housing market: Makiki, Oahu. (Source: HNN File)

HONOLULU, Hawaii (HawaiiNewsNow) - Prospective homebuyers, this is not the news you wanted to hear: The median price of a single-family home on Oahu hit $950,000 in March.

That’s a new record high. And the third record high in as many months.

So, ouch.

“Despite new listings, demand continues to outpace our limited housing inventory,” Honolulu Board of Realtors President Shannon Heaven said, in a news release Tuesday. “This lack of inventory is driving a very active and competitive market for prospective homebuyers on Oahu.”

Active and competitive, sure, but also maddening.

After the median price of a single-family home on Oahu hit $917,500 in February, Hawaii News Now asked would-be homeowners on Facebook what the market has been like.

Many said they were simply being outbid ― over and over and over again.

In fact, in the first quarter of 2021, about half of all Oahu homes went for over asking price. The average amount of time that a home stays on the market? Just nine days.

And putting that record median price in perspective, a year ago the median was at $810,000. The median price for home sales means that half of homes went for more than that and half for less.

Heaven’s advice: It’s a seller’s market.

“If you’ve been thinking about selling your property, now is the time to reach out to a trusted Realtor and throw your hat in the ring,” she said. Because that’s a lot better than trying to buy a place.

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