Sellers' Market: Honolulu Homes Selling For Above List Price

Single-family Oahu homes selling quickly for above asking price.

Photo: Chad Asuncion

Competition for real estate on Oahu has heated up to the point that many homebuyers are having to bid higher than the asking price.

Single-family homes sold for an average of 101.2 percent of their original asking price last month, according to the latest monthly housing statistics released by the Honolulu Board of Realtors. That is the first time it has surpassed the 100 percent mark and the highest percentage since the board began tracking the statistic in 2010.

That means that, on average, a Honolulu home listed at $700,000 would have sold for $708,400 in the month of March.

The 101.2 percent is up from 98.5 percent in March 2013. Oahu reached the 100 percent mark twice before–in October 2013 and December 2013.

Condos, meanwhile, are selling for 97.2 percent of their original listing price, down from 99.1 percent the same month a year ago. Condos have hit 100 percent in June 2013 and again in November 2013 but have never broken the century mark.

The board also reported the median sales price for a single-family home on Oahu was $657,000 in March, up 2.7 percent from a year ago. Condos were at $350,000, an increase of 2.9 percent.

There were 246 homes and 387 condos sold during the month, up 6.5 percent and down 5.8 percent, respectively.

For the first three months of the year, the median sales price of a single-family home has increased 9.2 percent to $655,000 while condos are up a modest 1.5 percent to $345,000.

Another indicator of the market is how long a property takes to sell. The median days on market for a single-family home is just 17 days, down from 22 days in March 2013.

Board President Julie Meier said 17 days “indicates a very active and strong market, with higher buyer interest.”

Condos are staying 25 days on market, unchanged from a year ago.