O'ahu Housing Market Sees Mixed Activity in February

 

According to HBR's latest market report, single-family home and condo sales on O‘ahu were down despite a new record median sales price for single-family homes in February.⁠

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Condo sales dropped 12.3% year-over-year as the median condo price dipped 3.6% to $494,000. New listings increased 20.3% to 641 as more condos entered the market across all price points, with nearly 50% of new listings priced between $300,000 and $599,999. At the end of February, there were 2,160 active condo listings, up 55.6%.⁠

 

Meanwhile, single-family home sales fell 6.7%. New listings declined 4.7% to 281 while active inventory rose 21.5%, ending the month with 728 active SFH listings.⁠

 

February 2025 Report also shows:

  • Homes continued to move at different paces across both markets. Single-family homes remained on the market for a median of 23 days, down from 30 days a year ago, while condos took longer to sell, with the median days on market increasing to 48 from 39.
  • The median single-family home price hit a record $1,185,000, up 10.2% from last February and surpassing the previous peak set in May 2022. The increase was driven by a smaller sales sample, more transactions in the $1.1 million to $1.39 million range (27% of sales, up from 21% last year), and fewer home purchases below $899,999 (22% of sales, down from 30%). ⁠
  • Buyer demand also varied, with pending sales down 13.4% for single-family homes and 2.3% for condos year-over-year. However, compared to January, contract signings increased, rising 11.5% month-over-month for single-family homes and 6.7% for condos, showing continued buyer interest despite shifting market conditions. ⁠Contract signings increased month over month, rising 11.5% for single-family homes and 6.7% for condos.⁠

“With the single-family home median price reaching a record high and condo inventory expanding across the island, market conditions are shifting, creating different opportunities for buyers and sellers. In this evolving landscape, understanding pricing strategies and market dynamics is critical. A REALTOR will provide expert guidance, helping buyers navigate available options and sellers position their properties competitively to achieve the best possible outcome,” said Trevor Benn, President of the Honolulu Board of REALTORS.⁠