Oahu remained a seller’s market last month, with low inventory, above-asking-price sales and short times spent on the market, according to resale data released today by the Honolulu Board of Realtors.

The median sale price for single-family homes dipped slightly in October to $1 million, down from $1.05 million in September and August, when the median price first hit the million-dollar mark.

However, the year-over-year median price rose 15.6% from $865,000 in October 2020, the report said.

The median condo resale price in October tied the August record at $500,000 and was 4.6% above the September median price of $478,000.

For condos, including townhomes, the year-over-year median price saw a jump of 13.8% from $439,500 in October 2020.

Median price means half the sales prices were above median and half were below.

The report, based on Multiple Listing Service data, also shows there were 381 single-family sales last month, a modest 10.4% increase from the 345 sales in October 2020, but down from the 424 sales in September.

Condo sales in October surged 27.3% from a year ago, from 480 to 611, and were only four short of the September total, according to the data.

“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawaii families are getting their offers accepted and moving into their homes,” Shannon Heaven, president of the Honolulu Board of Realtors, said in a news release. “Home ownership is about much more than simply owning a home. It poses many benefits including building equity and generational wealth and reaping the benefits of tax deductions and deductible expenses.”

Single-family home sales in the top price range of $2 million and above shot up 188.2% last month from a year earlier, with sales of properties in the $900,000 to $1,099,999 range up 67.2%.compared to October 2020.

Although the Honolulu Realtors Board says the bulk of Oahu condo sales occur in the $300,000 to $599,999 price range, the number of condo sales for $600,000 or more than doubled from last year.

Meanwhile, the median time on the market for properties sold in October was just 10 days for single-family houses and 11 days for condos.

Another noteworthy figure underscoring the impact of Oahu’s low housing inventory is that since October 2020, there has been a 20% increase in the number of single-family houses and condos sold over asking price, the report said.

Of single-family home sales in October, a whopping 62%, or around 236 homes, sold over asking price. For condos, the figure was roughly 41%, or 251 condos, the report said.

Historically low mortgage rates, still under 3% for a 30-year mortgage, and work-from-home lifestyle changes are to likely continuing to fuel the fierce competition.

Proof of low inventory can be seen in the drop of active inventory from October 2020, down 23% for single-family homes and 39.4% for condos, the report said. However, new listings dipped only 1.1% for single-family homes while there was actually an 8% increase in new condo listings.

“It’s likely that the decline in new listings will continue, especially with the holiday season quickly approaching,” Heaven said in the release. “However, with our dire lack of inventory, it’s a good time to sell, and we encourage anyone thinking about listing their property to reach out to a trusted Realtor who can help you navigate the process.”