Oʻahu Single Family Home and Condo Sales Slow in May
Single-family homes show pricing resilience amid steady demand; condo market reflects shifting dynamics
HONOLULU - According to resale figures released today by the Honolulu Board of REALTORS®, Oʻahu’s housing market recorded a slowdown in overall sales activity in May, particularly in the condominium segment. Single-family home sales dipped 5.6% year-over-year to 235 closed sales, while condominium sales dropped 21.8% to 374 transactions. Year-to-date, sales remained below 2024 levels, down 5.3% for single-family homes and 7.2% for condominiums.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
“We are seeing an increasingly price-conscious and value-driven buyer mindset,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “Higher borrowing costs, inflation, and rising carrying costs like maintenance fees are contributing to longer decision cycles. REALTORS® remain key partners in helping buyers and sellers stay informed and adapt to changing market dynamics.”
Median Sales Prices
The median price of a single-family home rose 8.3% year-over-year to $1,175,000, while the condominium median price saw a modest 1.0% increase to $500,000. Compared to April, the median single-family price rose 0.4%, while the median condominium price declined by 1.0%.
Median Days on Market
Properties took longer to sell in May, reflecting more deliberation among buyers. Median days on market for single-family homes rose to 21 days, up from 14 just a year ago, and condominiums rose to 39 days, up from 25.
As of early June, the 30-year fixed-rate averaged 6.85%, according to Freddie Mac. Higher borrowing costs and rising fees are prompting more cautious decision-making, especially among condominium buyers who continue to prioritize affordability.
Sales Volume
In May, single-family home sales declined 5.6% year-over-year, with the sharpest drop in the $800,000 to $1,099,999 range, down 30.2% from 96 to 67 sales. ‘Ewa Plain and Pearl City saw the largest regional declines, down 25% and 48% respectively, while Kailua experienced a 58.8% increase in closed sales.
In addition, condominium sales dropped 21.8% year-over-year to 374. Sales at $1 million and above declined only slightly from 42 to 39. The steepest regional slowdowns occurred in Metro, ‘Ewa Plain, and Leeward regions.
“While overall sales volume has softened, especially in the condominium market, we are still seeing movement in price-stable segments and specific regions,” added Benn. “Todayʻs buyers are more selective, and sellers are learning to respond with competitive pricing and patience.”
Pending Sales
Buyer activity was mixed across single-family and condo markets, but picked up in several neighborhoods. Pending sales for single-family homes rose 13.1% overall, with strong gains in ‘Ewa Plain (41.5%) and Diamond Head (46.4%). Pending condominium sales fell 8.3% overall but rose 33.3% in both Central Oʻahu and Pearl City.
New Listings and Active Inventory
In May, new single-family home listings increased 13.6% to 392, including a 44% rise in the $800,000 to $999,999 range, led by ‘Ewa Plain, which accounted for 36% of those listings. Active inventory inched up slightly from a month ago, up 1.6% for single-family homes with 818 active single-family homes, a year-over-year change of 27.8%. Approximately 33% of those listings had undergone a price decrease at some point since it was first listed, compared to approximately 35% of active listings in May 2024.
In the condo market, new listings increased 4.6% to 688, with nearly half (48%) priced between $300,000 and $599,999, the range that saw the most year-over-year growth (12.2%). Active condominium inventory was 1.8% higher than one month ago and jumped 54.8% year-over-year to 2,556 units. Sellers appeared more responsive to market shifts, with 40% of condominium listings having experienced a price reduction, up from 35% a year ago.
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 the 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 more than 6,400 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.
