O‘ahu Home and Condo Sales Slip in September
Year-to-date median prices show modest gains as third-quarter mortgage rates see gradual decline
HONOLULU—According to figures released today by the Honolulu Board of REALTORS®, 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%.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
“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,” said Fran Gendrano, President of the Honolulu Board of REALTORS®. “Paired with the gradual decline in mortgage rates, buyers may feel encouraged to enter the housing market in the coming months.”
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.
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.
“In addition to the changes in interest rates, we are also working to understand the influence of rising condo insurance and maintenance costs on the market,” added Gendrano. “Whether you are a buyer or seller, REALTORS® can provide you with valuable data and insights to help you navigate the challenges and find opportunities.”
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. Fewer single-family homes closed above their original asking price, accounting for 29% of sales this month compared to 38% in September 2023. Similarly, a smaller share of condo units sold above the asking price, dropping to 15% compared to 20% one year ago.
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. West O‘ahu regions saw the largest increase in single-family listings, with Ewa Plain up 63.2% to 62 new listings and the Leeward region up 46.2% to 38 new listings. Condo listings increased across most regions, with Diamond Head rising 188.9% to 26 listings and Pearl City up 78.3% to 41 listings compared to last September.
Media Kit
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse O‘ahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to view on Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.
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 nearly 6,800 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.
