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Record year for homes sales on Oahu, median price over $1M

HONOLULU (AP) — The median sale price for a single-family home on Oahu was over $1 million during the second half of 2021, a record high for Hawaii’s most populous island.

In December, the median price was $1,060,000, a 22 percent increase compared to 2020, Hawaii Public Radio reported. Condo prices were also up 7 percent to $485,000.

Real estate firm Locations Hawaii’s senior vice president and principal broker, John Connelley, said despite higher prices, more people were buying last year.

“When we take a look at the number of sales for single-family homes, they were up 18 percent,” he said. “The number of sales for condos was up over 50 percent. And that doesn’t include the new developments. That’s just resales.”

More than half of the single-family homes sold in December were purchased above the asking price. Because of a decline in inventory, Connelley does not see prices going down.

“With the interest rates remaining down around 3 percent, the demand still being very, very high, we expect these trends to continue in the foreseeable future,” he said.

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