Nearly Half of August Condo Sales on Oʻahu Closed Below $500,000
More than 1,200 listings remained available at that price point as the single-family median rose 12.2% on stronger sales above $1.3 million
HONOLULU — According to resale figures released today by the Honolulu Board of REALTORS® (HBR), buyers closed on 183 properties priced at $500,000 and below in August, bringing the year-to-date total to 1,397 sales. At month’s end, 1,232 active listings remained available in that range. Seventy-one single-family homes, or 27% of the month’s sales, closed under $1 million, and 176 condo sales, or 48% of the condo market, closed under $500,000. Year-to-date, 33% of all single-family home sales have closed below $1 million, and 47% of all condo sales have closed below $500,000.
O‘ahu single-family home sales rose 1.9% year-over-year in August to 264 transactions, while condo sales declined 6.6% to 365. Year-to-date, single-family home sales were up 5.9% compared to the same period last year, while condo sales were down 1.6%.
“With more inventory available in the condo market and buyers remaining cost-conscious, condo sellers faced greater competition and generally took longer to secure offers than single-family home sellers. Still, homes in both markets moved faster than a year ago, reflecting continued buyer activity,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®.
Using data collected from its Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-family homes continued to move quickly in August, spending a median of 17 days on the market compared to 22 days a year ago, though slightly longer than during the previous three months. Condo median days on market also improved year-over-year, declining from 48 to 37 days.
Sellers received a median of 100% of their original asking price for single-family homes, up from 98.8% a year ago. Fifty-one percent of single-family home sales closed at or above asking, with 33% closing above asking. Condo sellers received a median of 97.1% of their original asking price, compared to 96.4% a year ago, though just 10% of condo transactions closed above the original asking price.
“Single-family buyers are largely weighing the purchase price, while condo buyers are also looking at maintenance fees, insurance and reserve funding as part of the monthly cost of ownership. Those carrying costs shape what condo buyers are willing to pay. Sellers who price realistically from the start and are upfront about their building’s financial position have generally seen stronger results,” Tangonan said.
Median sales prices were mixed in August, with the single-family home median rising 12.2% year-over-year. In contrast, the condo median dipped 1.0% to $510,000. Single-family home sales in the $1,300,000 to $1,499,999 price range saw the largest year-over-year increase, rising 74.1% from 27 to 47 transactions. Year-to-date, sales in that range were up 43.7%, from 197 to 283 transactions.
Active inventory held relatively steady for single-family homes, up 0.5% year-over-year to 794 listings, while condo active inventory rose 4.1% to 2,512 listings. New listings increased in both markets compared to last August, rising 14.5% year-over-year to 364 single-family homes and 6.4% to 684 condos.
Single-family home pending sales declined 7.6% year-over-year to 279. Condo pending sales fell 3.2% to 393 overall, but contract signings increased notably in the $500,000 to $699,999 range (up 21.2%) and the $1,000,000 to $1,999,999 range (up 54.2%).
“Programs like the Hale Kamaʻāina Mortgage Program are helping local buyers take concrete steps toward homeownership. As of July, 50 loans had been approved through the program, including 14 that have already closed. For first-time buyers especially, working with a REALTOR® can help them understand which resources may be available and identify a path that fits their budget,” added Tangonan.
Resources available to prospective first-time homebuyers include:
- Homebuyer Education & Coaching: HBR’s HOPE Homebuyer Education Program, offered in partnership with Hawaiʻi HomeOwnership Center, provides education, one-on-one coaching and mortgage readiness support. Since 2021, more than 875 participants have enrolled, with 70% purchasing a home or entering escrow within six to 18 months of program completion.
- Down Payment & Mortgage Assistance: The Hawaii Housing Finance and Development Corporation’s Hale Kamaʻāina Mortgage Program offers eligible first-time homebuyers below-market mortgage rates and optional down payment through participating lenders.
- Bank-Sponsored First-Time Homebuyer Programs: Several local lenders also offer programs designed to support eligible first-time homebuyers, including American Savings Bank’s This is HOME Program, First Hawaiian Bank’s First Step Home LoanSM, Bank of Hawaiʻi’s First-Time Homebuyer Program and Territorial Savings Bank’s First-Time Homebuyer Special.
- Native Hawaiian Homeownership Assistance: OHA’s Access to Homeownership Program helps eligible Native Hawaiian first-time homebuyers qualify for a mortgage with a lower down payment and no private mortgage insurance through a partnership with American Savings Bank.
Media Kit
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Business, Economic Development and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All MLS data is compiled from sales reported during the cited months and is known only after escrow closes.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers can browse O‘ahu single-family home and condominium listings, available for sale and for rent, and see a comprehensive guide of homes open for viewing on Sunday. All searches can be filtered by geographic location and/or price range, with resources available for buyers and sellers alike.
About the Honolulu Board of REALTORS®
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,100 boards of REALTORS® in the nation and, with more than 6,300 members, is one of the largest trade organizations on O‘ahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. The Honolulu Board of REALTORS® and its members are committed to serving as housing advocates, community builders and good neighbors. For more information, call (808) 732-3000 or visit www.hicentral.com.
