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‘Extreme demand’ pushes median price of a single-family home on Oahu near $1M

Hawaii housing market: Makiki, Oahu.
Hawaii housing market: Makiki, Oahu.(HNN File)
Published: Jun. 7, 2021 at 1:38 PM HST|Updated: Jun. 7, 2021 at 1:55 PM HST
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HONOLULU (HawaiiNewsNow) - The median price for a single-family home on Oahu set another new record high last month ― hitting $978,000, according to the Honolulu Board of Realtors.

That’s up 23% from May 2020, when the median price was $797,000.

The median means that half of homes sold for above that price while half sold below it. The previous record median price was $950,000, set in March.

Meanwhile, the median sales price for a condo on Oahu was up 15% at $457,750.

[Related coverage: Median price of single-family home on Oahu inches closer to $1M]

Shannon Heaven, president of the Honolulu Board of Realtors, said strong demand and low supply are likely to push the median sales price for a home on Oahu to $1 million soon.

“There’s just an extreme demand,” she said, adding that she recently got 60 offers on a home in the $800,000 range ― where competition appears to be steepest. “I was shocked.”

Another indicator of just how hot the housing market is: The median days homes stayed on the market in May hit a record low.

Single-family homes were on the market for a median of eight days before being snapped up. For condos, the median number of days on the market was 12.

And homes are also going over asking price. Nearly 60% of single-family properties sold for over asking price in May. For condos, the figure was 36%.

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