Honolulu home prices pushed up by higher bids

HONOLULU (AP) — Higher bids have helped increase the median resale price of single-family homes on Oahu in November, with twice as many sales above the original asking price than during the previous year.

Sales data released by the Honolulu Board of Realtors Sunday indicated the new median high of $872,500 was nearly a 10 percent increase over the $794,750 in 2019, The Honolulu Star-Advertiser reported.

The new price mark was also the second highest ever behind the record of $880,000 set in September.

The figures showed sales of Oahu single-family homes increased in November by 5.6 percent over same month last year.

Most current sales are at the high end, with 80 percent of last month’s sales involving houses priced at $700,000 or more.

The median time between listing and sale of properties was 10 days.

Honolulu Board of Realtors President Tricia Nekota called the trend a “seemingly new normal of buyers entering bids tens of thousands of dollars over asking price.”