What a crazy year 2020 has been! Of course the pandemic was front and center, but Oahu’s real estate market was no different. Covid-19 dramatically affected our housing market during the first half of the year with the closing of businesses deemed non-essential, travel quarantines, and people working from home. Through Covid-19 we saw the amount of “new listings” decline and general pause by Sellers and Buyers who were unsure of what to make of our local economy and how it would affect them. But as we understood more about the virus and implemented safety measures, pent-up demand from Buyers combined with extremely low-interest rates, fueled the second half of 2020’s real estate market.
Overall Oahu saw a 3% increase in Single-Family home sales as well as a 5% increase in the Median Single-Family home price to $830,000 compared to last year. The condominium market however saw a decrease of 13% in sales although Median Sales Price increased 2% to $435,000. In a year that had many people unsure of what will become of Oahu’s housing market due to Covid-19, we ended the year strong and anticipate its continued growth for 2021