The O‘ahu housing market continued to see strong sales throughout February, with single-family home sales increasing 5.3% and condominium sales soaring 41.1% over last year. Most notably, the single-family home market set a record median sales price of $917,500, a nearly 20% year-over-year increase and a 3.9% jump above last month’s record of $883,000.

Fierce competition between buyers continues, with 48.5% of single-family homes and 29.1% of condo sales sold above asking price last month. The record-setting pace of sales continued in February, as single-family homes spent only nine days on the market.
 
“Demand for limited inventory and increased purchasing power through low-interest rates has placed sustained upward pressure on prices,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “While the record-setting median price and pace are good news for sellers, it creates a challenging environment for buyers who are up against the tough competition.”