Nearly half of all Oahu regions have million-dollar median home prices

The median price of a single-family home was more than $1 million in nearly half of the regions on Oahu during the first four months of this year, compared to just six regions with a median price of $1 million or more a year ago, according to data fro the Honolulu Board of Realtors.

Oahu’s overall median price has been rising toward the $1 million mark each month this year, reaching an all-time high of $950,000 in March before backing down to $928,000 in April. Year-to-date, the islandwide median price was $920,000.

Sales of single-family homes for $2 million or more were four times higher in April than a year ago, when the Covid-19 pandemic slowed sales and spurred cancellations, according to a recent report by Coldwell Banker Realty.

And Locations points out that the number of bid-ups, or homes that sell for more than asking price more than doubled to 13% for homes selling for $2 million or more, while the percent of bid-ups for homes selling in the $750,000 to $2 million range also doubled.

Among the Oahu regions with a median price of $1 million or more during the first four months of this year, the Waialae-Kahala area saw the greatest year-to-date increase, with the median price rising 49% to $2.54 million, the highest year-to-date increase and the highest median price on Oahu, from $1.71 million last year, while the number of sales nearly doubled to 38 homes sold, from 21 sold last year.

The North Shore had the second-largest price increase among the regions with million-dollar medians, with the median price rising 34% to $1.42 million from $1.06 million last year, while sales increased by 77% to 55 homes sold from 31 last year.

Hawaii Kai’s year-to-date median price rose 27% to $1.46 million, from $1.15 million last year, while sales grew 49% to 61 homes sold, from 41 sold last year.

Other regions with $1 million-plus median prices include:

  • Kailua-Waimanalo, whose $1.32 million median rose 13% from $1.17 million last year;
  • Kaneohe with $1.05 million, up 22% from $860,000 last year;
  • Downtown Honolulu-Nuuanu with $1.11 million, a 20% increase from $927,000 last year;
  • Ala Moana-Kakaako, whose four sales had a median price of $1.06 million, a 14% increase from $927,000 last year, when there were also four sales;
  • Kapahulu-Diamond Head, with a median price of $1.14 million, which was 21% higher than $942,500 last year;
  • Makiki-Moiliili with $1.43 million, a 20% increase from $1.19 million;
  • And Aina Haina-Kouliouou with $1.38 million, a 7% increase from $1.29 million last year.

The lowest median price on the island was $585,000 in Makaha-Nanakuli, and that was a 17% increase from $498,000 last year.

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