O’ahu Home Sales Slip in September

O‘ahu’s housing market continued to see a slight softening in sales in September. Single-family home sales fell 6.5% year-over-year, dropping from 232 sales to 217, while condo sales experienced a modest 2.7% decrease, with 366 sales compared to 376.

However, single-family home sales remain 5.8% ahead of last year’s pace year-to-date, while condo sales are tracking 5.6% lower than the same period in 2023. The third quarter also showed a similar pattern, with single-family home sales increasing by 4.4% over Q3 2023, while condo sales decreased by 5.2%.

Both markets experienced moderate changes in median sales price. The median single-family home price rose 6% year-over-year to $1,112,722, while the median condo price fell 2.8% to $517,500.

HBR's September Monthly Statistics Report also shows:

• The median days on market for single-family homes remained under one month, with properties spending a median of 19 days on the market, nearly the same as 20 days last year. Condos, however, took longer to sell, with a median of 31 days compared to 21 days in September 2023.
• Single-family homes in the $899,999 and below range recorded the largest decline in sales, slumping by 36.6%, with just 52 sales compared to 82 a year ago. In contrast, the $300,000 to $499,999 price range accounted for more than one-third of all condo sales, ending the month with 135 transactions—a 16.4% uptick year-over-year.
• Contract signings in the single-family home market grew 16.8% year-over-year and 15.3% month-over-month to 271 pending sales. Meanwhile, condo pending sales increased by 7.5% from last year but dipped 2.7% month-over-month.
• Active inventory held steady month-over-month, shifting less than one percent. However, compared to the same time last year, inventory skyrocketed—up 27.5% for single-family homes with 755 active listings and 58% for condos with 1,887 active listings.
• New listing volume in September added 351 single-family homes and 631 condos, up 24.9% and 22.3% year-over-year, respectively.

“While overall sales volume in both markets softened in September, we did see positive movement in new listings and active inventory, providing more options for prospective buyers. Paired with the gradual decline in mortgage rates, buyers may feel encouraged to enter the housing market in the coming months,” said Fran Gendrano, President of the Honolulu Board of REALTORS.⁠

O’ahu Home Sales, Median Sales Prices, Experienced Modest Change in August

HBR's August stats report shows year-over-year active inventory of single-family homes rose by 27.1% with 760 active listings and 64% in the condo market with 1,879 active listings last month. Despite more options at across nearly every region and price point, sales remain relatively unchanged.

Similarly, median sales prices experienced minor changes, with the single family home market ending the month at $1,122,000, up 1.1% from a year ago, while the condo median sales price for August was $500,000, a 2.9% decline from August 2023.

HBR's August Monthly Statistics Report also shows:

• Single-family home sales rose 0.4% – up by one sale. The median sales price ticked up 1.1% to $1,122,000.⁠⁠
• In the condo/townhome market, sales fell 5% and the median condo price was $500,000, down 2.9% year over year.⁠
• The median days on market was 14 days for single-family homes and 28 days for condos/townhomes.⁠
• More new listings came on the market compared to a year ago with 346 single-family homes, up 4.8% year-over-year, and 629 condos or 14.6% more than August 2023.

⁠“With the growth in active inventory and new listings, buyers have more options in nearly every region and price range across O‘ahu. However, we continue to see little changes in median sales prices and sales volume due to sustained demand and competition,” said Fran Gendrano, President of the Honolulu Board of REALTORS. “There are several factors influencing our market, such as fluctuating interest rates and rising condo insurance, making it more important than ever to enlist the help of a licensed REALTOR to achieve your real estate goals.”⁠

O'ahu Single Family Home Sales Gain Momentum in July

July Sees Single-Family Home Sales Surge 20.1%, While Condo Sales Dip 7.8%

July saw year-over-year single-family home sales jump by 20.1%, from 224 to 269, while condo sales declined 7.8%, with 389 sales compared to 422 in July 2023. Compared to one month ago, sales in both markets rose slightly, up 4.3% in the single-family home market and 9.6% in the condo market.

Median sales prices in both markets increased modestly, with the single-family home median sales price reaching $1,140,000 and condos ending the month at $509,000, up by 4.6% and 1.8% respectively. Both the single-family home and condo markets saw a smaller share of sales close above their original asking price. This July, 29% of single-family home sales and 15% of condos closed above their original asking price, compared to 36% and 25%, respectively, in July 2023.

HBR's July Monthly Statistics Report also shows:

• Single-family homes had a median of 15 days on the market in July while condos saw a median of 30 days, nearly double the 16 days last July.⁠
• Active inventory increased in both markets, with single-family homes up 10.6%  and condos up 8%  month-over-month, totaling 722 and 1,867 listings, respectively. ⁠
• In the single-family home market, new listings in the $600,000 to $999,999 range grew 32.7% year-over-year to 138 listings, while new listings at $1,000,000 and above rose 36.5% to 213 listings. Condos in the $300,000 to $599,999 range accounted for 325 or 48% of new listings in July. This range also experienced a significant boost compared to a year ago, up by 95 units or 41.3%. Condos in the $700,000 to $1,999,999 range also saw a large jump in new listings, rising by 70 units or 53.4% year-over-year.
• Pending sales volume continued steadily from June, with nominal month-over-month change. Compared to a year ago, the single-family home market saw a slight bump with 3.2% more pending sales; however, the condo market experienced a decline of 9.7%.

"While year-over-year sales are mixed, we saw activity in both single-family home and condo sales pick up in July, which is typical for this time of year. Demand and median sales prices are continuing to hold steady, particularly in the single-family home market, despite an uptick in active inventory. We’re closely monitoring the interest rate, condo insurance and new practices and policies that could affect our market, but it will take some time to see any impact. The best thing buyers and sellers can do to stay informed is to work with a REALTOR, who can help them navigate the market, said Fran Gendrano, president of the Honolulu Board of REALTORS.

Oahu Condo Sales Slump in June

June condo sales experienced the largest year-over-year decline this year

June saw a modest increase in single-family home sales, up by 4% year-over-year. However, condo sales dropped 24.5% from last year, with 355 units sold.

Median sales prices for single-family homes and condos increased modestly year-over-year, with single-family homes reaching $1,120,000 and condos ending June at $530,000, up by 6.7% and 3.9%, respectively. Year-to-date, median sales prices saw moderate changes from a year ago. The single-family home year-to-date median price rose by 3.3% to $1,085,000, while condos experienced a 2.0% uptick to $510,000 compared to the previous year.

HBR's June Monthly Statistics Report also shows:

• Single-family homes sold quickly, with a median of 15 days, two days faster than last June. Condos took longer, with a median of 26 days compared to 18 days last year.⁠
• From January through June, single-family home sales in the $1 million and above range exceeded those from the first six months of 2023, with 794 homes sold year-to-date, a 15.9% uptick from 685 sold over the same period last year. For condos, the $799,999 and below range slumped 31.8% in June, with 275 units sold compared to 403 units the same time last year. Conversely, sales in the $800,000 and above range grew 19.4%, with 80 units sold compared to 67 last year.
• Year-to-date, condos sold in the $300,000 to $699,999 range accounted for the largest decline in sales volume, falling 9.9%, while sales in the $800,000 to $899,999 range saw the largest increase, rising 28.6% to 117 units sold compared to 91 last year.
• There were 334 new single-family home listings and 622 new listings in the condos market, marking 3.1% and 16.3% year-over-year increases, respectively. Year-to-date, both markets saw new listings rise by 10.5% for single-family homes and 16.8% for condos compared to last year.

“While O‘ahu’s residential real estate market has remained relatively stable through the first half of the year, we saw a significant drop in condo sales last month, which the threat of rising insurance costs may have influenced. As our community seeks opportunities to increase inventory, affordability and housing opportunities for all, buyers and sellers can benefit from working with a trusted REALTOR who can guide them through the complexities of the real estate market,” said Fran Gendrano, president of the Honolulu Board of REALTORS.⁠

O‘ahu’s Housing Prices Dip Modestly Compared to 2023

More than a quarter of single-family homes sold in May in the $899,999 or less price range

Single-family home sales in May fell 5.0% year-over-year and month-over-month, while condo sales increased 9.1% year-over-year and 10.9% from the previous month.

Median sales prices for both single-family homes and condos saw a slight decline compared to May 2023. Single-family homes ended the month with a median price of $1,085,000, reflecting a 2.2% decrease year-over-year, while the condo median price of $495,000 marks a 2% dip year-over-year. However, year-to-date median prices for single-family homes and condos experienced a modest increase of 2.4% and 1.0%, respectively.

HBR's May Monthly Statistics Report also shows:

• Single-family home sales in the $899,999 and below range accounted for 28% of sales for the month of May. In this price range, buyers closed on properties in multiple regions, from Leeward and ‘Ewa neighborhoods to Central Oʻahu, Pearl City, Kaneohe and the Metro Honolulu area.
• Condo sales in the $300,000 to $399,999 range surged by 43.6%, reaching 89 units and representing the largest share of sales at 18.7%. This contributed to the lower median sales price for condos this May.
• Buyers in the single-family home market acted decisively, with properties spending a median of 14 days on the market—entering contract a week quicker than last year. Conversely, condos took slightly longer to sell compared to a year ago, though they moved faster month-over-month, with a median of 25 days in May.
• New listing activity continued to grow year over year, with 345 single-family home listings and 658 condo listings, an 11.7% and 13.1% uptick, respectively. Listings for single-family homes priced at $1,400,000 and above rose by 39.6% year over year, totaling 134 compared to 96 new listings. Additionally, condos in the $300,000 to $599,999 range comprised the largest share of new listings, accounting for 45% or 296 units.

“Though we continue to face a housing inventory crisis, the slight upticks in new listings, especially in the affordable condo market, are promising for buyers looking to enter the market. On the other hand, it’s good news for sellers that properties continue to move swiftly despite higher interest rates,” Gendrano added.

Happy Holidays, from our family to yours.

Banff, Canada. Aug 2023

Lums trying to stay warm. Aug 2023- Glacier National Park

O‘ahu Home Sales Remain Sluggish Amid Holiday Season
Median sales prices steady month over month

November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.
 
Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.

“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS^®. “However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos.”

A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.

Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.