O'ahu Single-Family Home Sales Slowed, Condo Sales Saw Modest Growth

 

According to HBR's latest market report, the first quarter of 2025 ended with mixed results for O‘ahu’s housing market, but one clear trend was the continued growth in inventory. In March, new listings rose year-over-year—up 29.6% for single-family homes and up 21.9% for condos, providing buyers with more options. As active inventory continued to grow across all regions, the month ended with 773 single-family home and 2,302 condo listings.⁠

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Single-family home sales fell 10.4%  year-over-year, with 206 sales while the median sales price rose 5.5% to $1,160,000, up from $1,100,000 last March. Year-to-date, there were 569 total sales through Q1 2025, 4.0% lower than Q1 2024. Despite fewer home sales, median days on market for single-family homes remained under one month at 15 days, compared to 31 days a year ago.⁠

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Condo sales rose 7.3%, with 369 units sold as the median price remained unchanged at $500,000. Year-to-date condo sales held nearly even at 974 total sales, up 0.4% compared to Q1 2024. Condo properties spent more time on the market, with a median of 40 days, up from 29 days last March.⁠

 

March 2025 Report also shows:

  • Active inventory continued to grow in March, ending the month with 773 single-family home and 2,302 condo listings, reflecting year-over-year increases of 33.0% and 54.2%, respectively. For single-family homes, inventory grew across all regions, with the largest unit gain in ‘Ewa Plain, where active listings increased to 144, up 73.5% from a year ago.
  • Contract signings declined year-over-year in both markets, down 5.4% for single-family homes and 4.3% for condos. In the single-family home market, the largest drops occurred in the ‘Ewa Plain and Pearl City regions, which recorded 41 and 15 pending sales, respectively. For condos, most of the decline was concentrated in the Metro region, where pending sales fell from 264 to 223—a 15.5% decrease.

 

“We continue to see a balanced, stable O‘ahu real estate market. There are modest ups and downs in sales and median prices, but interest rates are playing a larger role in affordability than any single month’s price point. As inventory builds and fewer properties move quickly, we’re starting to see a shift in how homes are positioned and priced,” said Trevor Benn, President of the Honolulu Board of REALTORS®.⁠