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Tuesday, September 27, 2022

With eviction moratorium set to end, Oahu’s median home price hits $1 million

HONOLULU (HawaiiNewsNow) – It appears to be a perfect storm: Hawaii’s moratorium on evictions is set to end this week, putting in jeopardy thousands of renters who are behind in payment.

And while so many local families are struggling to make ends meet, homeownership is seemingly becoming more unattainable as prices continue to soar out of control.

Real estate agency Locations Hawaii says the median price for a single family home on Oahu hit $1 million in July. Competition in the housing market remains stiff as homes are selling faster, getting more offers, and being sold for far over the asking price.

Real estate experts say this $1 million milestone was anticipated.

“Market conditions have been pointing to a $1M median single-family home price this year for some time,” said President and CEO of Locations Jason Lazzerini. “Lack of for-sale inventory continues to be the biggest challenge to the Oahu real estate market, driving up prices and increasing buyer competition.”

Prices on Maui have been even worse since June. [Read more: Maui median home price in June was more than $1.1M]

Locations Hawaii added, the median price for Oahu condos last month was $467,500, which is also a record high.

“Condo sales took off in July, thanks in part to low for-sale inventory and continued rising prices on the single-family home side. Not only did condo sales rise by more than 50 percent, they also sold in half the time compared to a year ago—a point in time in which the market had already rebounded from the effects of the pandemic.” Lazzerini said. “We’ve never seen condos sell so quickly before,” he added.

Inventory remained low with 44% fewer condos on the market, along with 32% less single-family homes. In July, there were 406 sales of single-family homes, and 678 condo sales.

Below is data provided by Locations on market conditions for July:

Data on market conditions provided by Locations Hawaii.(Locations)

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