Real Estate Stats for December 2021

The O‘ahu housing market ended 2021 with a slight decline of 10.0% in single-family home sales and a healthy 15.4% increase in condo sales year-over-year. The median sales price for single-family homes tied the previously set record in August 2021 at $1,050,000, while condos saw a median sales price of $485,000, slightly up from December 2020.

While O‘ahu’s single-family home market saw new listings, pending sales, and total inventory in escrow all drop year-over-year, the condominium market remained strong, with new listings up 13.1%, pending sales jumped 16.7% and total inventory in escrow rose 11.5%. 

“It was clearly a seller’s market in 2021,” said Chad Takesue, president of the Honolulu Board of REALTORS® in 2022. “Not only did properties enter escrow at a record pace, but they often marked multiple offers and sold for a premium.”

Single-family homes were in high demand throughout 2021, but sales leveled off in the last quarter of the year as buyers faced low inventory and a slight rise in average mortgage rates since the summer and early fall.

“With high demand and dismal inventory of single-family homes, buyers turned their sights to condos, driving competitive activity in some areas and leading to low supply in this market as well. As a result, every price point in the condo market saw more sales in 2021 and every region across Oʻahu marked more sales,” added Takesue.

Is A Flat Fee Buyer’s Agent Commission Coming Soon?

Have you ever heard of a Flat Fee Buyer’s Agent Commission? Maybe soon you will.

There are at least 3 big class-action lawsuits against Realtors claiming the fixed 2.5% buyer’s agent commission should not be paid for by the seller but instead the buyer should pay their own agent.

Their argument is this would allow buyers to negotiate the commission, the same way sellers have options, such as our $3,500 Flat Fee.

It would be a huge change for Real Estate buying and selling if sellers are no longer forced to pay a 2.5% commission to a buyer’s agent.

We will see how this turns out.