2 Out of Every 3 Single-Family Homes Sell for Over the Asking Price in September
Year-over-year market activity continues to mark gains, but month-to-month closed sales dip
Closed sales of single-family homes and condos in September continued to outpace sales activity from the same time last year, recording 8.4% and 34.9% increases, respectively. However, sales dropped slightly compared to August, with single-family homes down 0.2% and condos dipping 8.9%. The median price for a single-family home remained at $1,050,000, while the median condo price rose 7.4% year-over-year to $478,000.
Around 57% of single-family homes sold in September were priced at $1 million and above, and the most volume growth occurred in the $1,000,000 to $1,399,999 range, with more than double the sales as last September. Roughly two out of every three single-family homes sold last month closed above the original asking price. The practice of bidding over the asking price was most prevalent in the Ewa Plain region, representing more than 80% of the region’s third-quarter sales.
Sales of condo properties in the $700,000 and above price range more than doubled year-over-year with 129 closed sales compared to just 57 last September. Meanwhile, 39.6% of condos sold for more than the asking price in the third quarter, especially in the Central, Ewa Plain, and Makakilo regions, where this occurred in over 70% of sales.
“We’re seeing a slight decrease in total sales month-to-month as families focus on the return to the school year and prepare for the holiday season, which is typical for this time of the year,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Despite the modest dip in market activity, the majority of homebuyers continue to bid over the asking price in the hopes of securing a property to call home.”