Optimisim remains high in Hawaii's real estate market as buyers nagivate historic-low interest rates. 2019 was relatively a slow year, and the market expected some increases as a result. However, COVID-19 rapidly adjusted projections to a down year.
December 2020 ended very strong, with increases across the board for single-family and condominium number of sales and median sale prices.
December 2020 Statistics:
Despite the slow start due to the pandemic, 2020 finished above the previous year across the board, except in number of condominium sales.“Instead of the typical seasonal lull, the O‘ahu real estate market saw steady – and even slight increases – in activity through the year’s end despite the ongoing effects of the pandemic,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Record-low mortgage rates paired with cautious optimism around reopening continued to drive activity, allowing the market to surpass sales and near new listing levels compared to the fourth quarter of 2019.”
Annual 2020 Statistics:
Buyer behavior trended more toward suburban than urban for single-family homes, with contracts up in numbers at Ewa Plain and Kailua.
“O‘ahu’s real estate market remained an economic driver amid a challenging year,” added Heaven. “We saw a relatively stable market, but with heightened competition. Offers over asking price were commonplace and the pace of sales grew quicker as the year progressed.”