Oʻahu Third-Quarter Single-Family Home Sales Rise as Condo Sales Decline
Single-family home median price declines 3.9% year-over-year as 39% of September sales close below $1 million
HONOLULU — According to resale figures released today by the Honolulu Board of REALTORS® (HBR), Oʻahu’s housing market closed out the third quarter with mixed activity, with quarterly sales of single-family homes rising 9.3% year-over-year and condo sales declining 2.7%. Year-to-date sales showed a similar trend, with single-family home sales up 5.9% and condo sales down 2.4%. In September, single-family home sales increased 6.2% year-over-year to 293 transactions, while condo sales dipped 8.1% to 375.
Sales below $1 million accounted for 39% of single-family home transactions in September, with 113 homes sold in that range. Among condos, 175 sales, or 47%, closed below $500,000. Across both markets, 188 properties priced at $500,000 and below sold during the month.
Using data collected from its Multiple Listing Service (MLS) system, the Board reported the following statistics:
The median sales price for single-family homes dropped 3.9% year-over-year to $1,110,000 from $1,155,000, while the condo median rose 2.8% to $523,000 from $508,750. Single-family home sales saw their strongest year-over-year growth in the $900,000 to $999,999 range, increasing 61.5% from 26 to 42 transactions. Condo sales declined 15.8% in the $200,000 to $599,999 range, with 197 transactions compared to a year ago.
Single-family homes moved at a quicker pace than a year ago, spending a median of 16 days on the market compared to 26 days. Competition also increased, with 31% of single-family home sales closing above the original asking price, up from 25% last September. The condo market held relatively steady at a median of 41 days on market compared to 40 days a year ago. Twelve percent of condo sales closed above the original asking price, up from 8% last September.
“Recent upward pressure on mortgage rates is adding another consideration for buyers as they evaluate what works within their monthly budgets,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®. “We’re seeing relatively steady buyer and seller activity in the single-family home market, even as conditions vary across neighborhoods. In the condo market, the pullback in pending sales across price points and most regions suggests buyers are taking more time to weigh borrowing costs and their options.”
Pending sales softened in September, with single-family home contract signings edging down 1.3% year-over-year from 239 to 236 and condo pending sales slumping 28.6% from 409 to 292. The largest decline in condo pending sales occurred in the $400,000 to $599,999 range, down 37.2% year-over-year.
At the end of September, 1,222 active listings across Oʻahu were priced at $500,000 and below. Among single-family homes, 218 listings, or 27% of active inventory, were priced below $1 million. Nearly half of active condo inventory was priced below $500,000, with 1,196 listings accounting for 48% of the market.
Seller activity dipped slightly in September, with new listings declining 1.8% year-over-year for single-family homes and 4.4% for condos. Active inventory was unchanged from a year ago for single-family homes at 798 listings and increased 7.8% for condos to 2,509 listings. Compared to August, inventory was relatively unchanged in both markets.
“For homeowners who locked in lower mortgage rates, the decision to sell isn’t always straightforward,” added Tangonan. “They’re weighing whether it makes sense to give up a lower monthly payment and purchase another home at today’s rates. That’s where working with a REALTOR® can help people understand their options and determine whether buying or selling makes sense for them right now.”
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.
