Mika Saito Algeri - Realtor

May 2021 Oahu Real Estate Market Update 🤓

Median sales price for a single-family home reaches $978,000 in May!

Closed sales of single-family homes climbed 63.3% and more than doubled for condos with 135.4% more sales compared to this time last year on O‘ahu. In stark contrast to the low activity of May 2020 amid pandemic uncertainties, May 2021 set new records with the median sales price of a single-family home rising to $978,000 – breaking the previous record of $950,000 set in March 2021 – and properties flying off the market at an unprecedented pace.

The median days on the market for single-family homes and condos hit new record lows of 8 and 12 days, respectively. In May, sellers added 430 new listings for single-family homes and 683 new condo listings to the market, representing 24.6% and 34.2% increases over last year. However, by the end of May, 61% of those new single-family home listings and 51% of new condo listings were already sold or in escrow.

The portion of single-family homes sold over the asking price remained steady month-overmonth, accounting for 58% of all single-family properties sold in May. Single-family homes in the $700,000 to $999,999 price range made up 40% of all closed sales, though properties sold in the $1,000,000 to $1,999,999 range captured nearly the same market share, making up 38% of sales in May.

Condos sold above the asking price represented 36% of all sales this month, a big jump up from just 9% last May. Every price point recorded a rise in sales volume. The most significant shift in sales volume occurred in the $600,000 to $699,999 range, with 83 sales compared to 16 last May, an increase of 418.8%. However, properties in the $300,000 to $499,999 price range accounted for more than one-third of the month’s sales, with 94 more sales than last year.

{source: Honolulu Board of REALTORS®}

Open House TODAY Sunday May 16, 2-5pm 🏠

Are you looking for a new home that has..⠀
⠀
☑️ 3 Bedroom 🛌
☑️ 2 Bathroom 🛁
☑️ Large open kitchen with stainless steel appliances ✨
☑️Conveniently located from Parks, shopping and entertainment 🌲🛍🥳
⠀
THIS IS THE ONE 🙌⠀
⠀
$938,000 FS 3 Bed 2 Bath 🌈

Listing agent: Myron Kiriu, R
Open House Host: Mika Algeri, RA and Chelsea Lee, RA
⠀
Mika Algeri RS-82097⠀
Better Homes and Gardens Advantage Realty⠀
www.HomeSalesHawaii.com⠀
ハワイ不動産についてお気軽にお問い合わせ下さい🏠
⠀

April 2021 Oahu Real Estate Market Update 🤓

O'ahu home sales continued at a quick pace with strong sales volume in April!

Real estate activity spikes a year after the first stay-at-home order
In April 2021, a year after O‘ahu’s real estate market saw a steep decline in sales and listings, activity has rebounded. Closed sales of single-family homes and condos rose 51.2% and 88.0%, respectively. The wide year-over-year variance is due to 2020’s downturn in real estate activity spurred by the initial shocks of the pandemic and the first stay-at-home order.

Single-family homes in the $700,000 to $999,999 range accounted for the bulk of the sales in April, with 167 total sales, an increase of 45.2% compared to this time last year. Total closed sales of singlefamily homes priced at $1 million and above more than doubled compared to April 2020, with 118 properties sold in the $1 to $1.99 million range and 40 in the $2 million and above range. More than half of single-family homes – 58.9% to be exact – sold above the asking price last month. Meanwhile, high demand for single-family homes continues to keep the median days on the market at a low of just nine days.

Condo sales in the Ewa Plain and Waipahu regions recorded the most significant month-over-month increases of 22.8% and 57.9%. The Metro region more than doubled its closed sales of condos with 345 total sales compared to this time last year when just 167 condos sold. In April, 30.9% of condos sold above the asking price and condo properties spent a median of 13 days on the market, which tied the record low set in June 2017.

While new listings for single-family homes are up 58.3% compared to April 2020, active listings remain down 35.3% year-over-year. The condo market tells a similar story with a 60.5% increase in new listings last month, but active listings are still down 17.6%.

Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low-interest rates, it has created the fast-paced, competitive environment we see in today’s market.

{source: Honolulu Board of REALTORS®}

Open House TODAY Sunday April 11, 2-5pm 🏠

Are you looking for a new home that has..⠀
⠀
☑️ 4 Bedroom 🛌
☑️ 2 Bathroom 🛁
☑️ Beautiful city and diamond head views ⛰
☑️Conveniently located from UH, Freeway and Park 📓🚘🌲
⠀
THIS IS THE ONE 🙌⠀
⠀
$1,199,000 FS 4 Bed 2 Bath 🌈

Listing agent: Colin Lee, R
Open House Host: Chelsea Lee, RA
Mika Algeri, RA
⠀
Mika Algeri RS-82097⠀
Better Homes and Gardens Advantage Realty⠀
www.HomeSalesHawaii.com⠀
ハワイ不動産についてお気軽にお問い合わせ下さい🏠