Oʻahu Home Prices Ease as Sales Volume Declines in April
Despite softer sales activity, median days on market improved, with single-family homes remaining under one month
HONOLULU — According to resale figures released today by the Honolulu Board of REALTORS®, median prices in April decreased slightly in both markets. Prices for single-family homes declined 1.7% compared to the same period last year, while the condo median decreased 1.0% to $500,000.
Properties priced at $500,000 or less accounted for 193 sales in April and 666 year-to-date, with 1,168 active listings in that price range.
Using data collected from its Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-family home sales declined 4.6% year-over-year to 230 transactions in April, compared to 241 a year ago, though year-to-date sales are up 6.3% compared to the same period last year. Condo sales were down 4.3% to 378 from 395 last April, with year-to-date sales dipping 3.8%.
The $900,000 to $1,099,999 price range recorded the largest gain in single-family home sales, rising 37.8% year-over-year from 37 to 51 sales. Condo sales in the $400,000 to $499,999 range recorded a 26.9% uptick from 52 to 66, while the $1,000,000 to $1,999,999 range rose 50.0% from 26 to 39 transactions.
“Broader economic factors, including mortgage rates, condo insurance and overall affordability, are influencing how buyers approach the market. As a result, we’re seeing more selective activity, with demand increasingly dependent on pricing and how well a property aligns with current buyer expectations,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®.
Despite softer sales activity, properties in both markets moved faster than a year ago, with median days on market for single-family homes dropping from 29 to 24 days and condominiums from 43 to 38 days.
New listings for single-family homes slipped 4.1% year-over-year to 351 in April, compared to 366 a year ago, while active inventory was down 12.2% to 707 listings. Condo new listings also fell 18.0% to 698 units from 851 last April, with active inventory declining 6.3% to 2,353.
“Increased contract signings in both markets indicate buyers remain engaged and continue to move forward with the right opportunities presented,” added Tangonan. “For sellers, this reinforces the importance of pricing strategically and understanding how their home is positioned in today’s market. Working with a REALTOR® can help both buyers and sellers navigate those conditions and make informed decisions.”
Both markets ended the month with increases in pending sales, rising 1.5% year-over-year in the single-family home market and 8.0% in the condo market.
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 MLS data is compiled from sales reported during the cited months and is known only after the closing of escrow.
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.
