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.