Oahu Median Sales Price Hits Record High

For Sale: $814,999 4/3.5 Total Sqft 2,684 91-1053 Kaihanupa St, Ewa Beach 96706

Wow…Can you believe Oahu Record Sales Price for a Average Home?

Some are predicting that by year 2022 the Median Sale Price will be 1.Mil. on Oahu.

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.

Per Honolulu Board of Realtor Statement this week:

Oahu Single-Family Houses Sales Prices

Set Record in June

“It is amazing to see record sales prices and also the speed at which homes are selling this summer,” said Sue Ann Lee, president of Honolulu Board of REALTORS®. “Median sales prices for single-family houses were the highest we’ve seen since June 2016. Lack of inventory for single-family houses below $500,000 has pushed the median price higher. However, even with the higher median prices homeownership is clearly still a top priority of consumers, as pending sales for single-family houses are up by 38.7 percent and we anticipate those to be reflected in closed sales in the upcoming months.”

Bottom Line

There is a drastic need for a larger supply of home inventory to meet the skyrocketing demand. Builders are finally doing their part to help rectify this situation. If you need any information on new homes on the west side of Oahu, feel free to contact me.

Aloha for now, see you next time,

MM

P.S. I love my Ewa Beach life and would love to share with you about it!

Live the dream…Get your Hawaii Life now. #MMSellsHawaii