O‘ahu Housing Inventory Sees August Boost
Active inventory of single-family home sales rose 27.1% and condos jumped 64% compared to a year ago
HONOLULU—The Honolulu Board of REALTORS® released figures today that show the year-over-year active inventory of single-family homes rose by 27.1% with 760 active listings and 64% in the condo market with 1,879 active listings last month. August sales were nearly even compared to a year ago, with single-family home sales rising 0.4% – up by one sale – and condo sales declining 5%. Similarly, median sales prices experienced minor changes, with the single-family home market ending the month at $1,122,000, up 1.1% from a year ago, while the condo median sales price for August was $500,000, a 2.9% decline from August 2023.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
“With the growth in active inventory and new listings, buyers have more options in nearly every region and price range across O‘ahu,” said Fran Gendrano, President of the Honolulu Board of REALTORS®. “However, we continue to see little changes in median sales prices and sales volume due to sustained demand and competition.”
Both markets maintained a steady pace of days on market month over month. Single-family homes that sold in August were on the market for a median of 14 days, while condo sales reflected a median of 28 days. Compared to a year ago, the single-family home median days on market in August was four days quicker, while the condo median increased by 10 days.
In August, 30% of single-family home sales closed above the original asking price, compared to 33% at the same time last year. The condo market also continued to see a smaller share of sales close above the original asking price at just 15% of sales this August, compared to 26% in August 2023.
“There are several factors influencing our market, such as fluctuating interest rates and condo insurance, making it more important than ever to enlist the help of a licensed REALTOR® to achieve your real estate goals,” added Gendrano.
Active inventory for both single-family homes and condos was higher in most regions. Most single-family home inventory could be found in the Diamond Head, ‘Ewa Plain, Leeward, and Metro regions, accounting for more than 50% of active single-family home listings. Many neighborhoods offered more than twice the options in the condo market from a year ago, with the most significant change occurring in the $300,000 to $599,999 range which more than doubled compared to last year, rising from 419 to 847 active units.
Over the last two years, condo inventory across all unit types has increased more than 50%, with the sharpest increases occurring in one- and two-bedroom units, and active inventory during this period reflected an 11% increase in average total monthly fees. While average monthly maintenance costs vary greatly by individual building, these fees have risen for most unit types as a whole.
More new listings came on the market compared to a year ago with 346 single-family homes, up 4.8% year-over-year, and 629 condos or 14.6% more than August 2023. Every region throughout the island offered buyers a selection of new single-family home listings last month. ‘Ewa Plain added the most new listings, 56 for the month, followed by the Diamond Head region at 45 new listings, and the Pearl City region at 39 new listings. In the condo market, new listings in the Metro region rose 13.9% year-over-year with 394 condos listed throughout the month.
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.
