Honolulu’s real estate market showed positive signs in November, with both single-family home and condominium sales experiencing double-digit growth compared to the same period last year. According to the Honolulu Board of REALTORS®, single-family home sales rose by 12.8% with 203 closings, while condo sales jumped 10% to 341 closings. Despite these increases in sales volume, median sales prices remained relatively stable. The median sales price for single-family homes was $1,115,000, a 1.4% increase year-over-year, and the median condo price reached $530,000, a 2.7% increase.

Single-Family Home Resales

Condominium Resales

Source: HiCentral

This positive trend is attributed to a combination of increased seller activity and sustained buyer demand, leading to what the Honolulu Board of REALTORS® describes as a balanced market. Notably, the $900,000 to $1,199,999 price range for single-family homes saw significant growth, with a 66.7% increase in sales compared to November 2023. In the condo market, the $300,000 to $599,999 range dominated sales, accounting for over half of all transactions and showing a 25.5% increase in sales volume.

While more single-family homes sold above the original asking price this November (26% compared to 21% last year), fewer condos did so (12% compared to 19%). Single-family homes also spent slightly less time on the market, with a median of 24 days compared to 29 days last year, while condos saw a slight increase in median days on market, from 23 to 32 days. The number of new listings also increased year-over-year, with single-family home listings up 11.2% and condo listings soaring by 30.9%, particularly in the higher price range of $1,000,000 and above. Active inventory also saw increases compared to last year, indicating more options for prospective buyers.

As always, the Honolulu Board of REALTORS® recommends working with a qualified real estate agent to navigate the complexities of the Oahu market.

If you’ve been thinking about selling your Hawaii property, contact Sachi Hawaii today:
(808) 596-8801 | info@sachihawaii.com

The Honolulu Authority of Rapid Transportation (HART) has given the green light for the next phase of the city’s ambitious rail project, known as Skyline. The new segment, dubbed the City Center Guideway, will span three miles and include six stations, connecting Downtown Honolulu to Kakaako.

Construction is expected to start in late 2025 and wrap up by 2030.

The Honolulu rail project has faced significant cost overruns, exceeding its initial budget by billions. Factors contributing to these overruns include unexpected construction challenges, rising material costs, and changes in project scope. Despite these setbacks, the project is still expected to positively impact real estate values and assist residents and visitors with traveling and commuting across Oahu.

The new rail line is expected to have a significant impact on real estate values in the areas it serves. Demand for properties in these neighborhoods is likely to increase alongside the useability of the Skyline rail. This could lead to higher prices and a more competitive market for certain neighborhoods or condominium projects.

For more information on the Honolulu rail project and its potential impact on real estate, please contact Sachi Hawaii:
(808) 596-8801 | info@sachihawaii.com

The O‘ahu housing market continued to exhibit signs of cooling in September, with both single-family home and condominium sales declining compared to the same period last year. However, year-to-date figures indicate that the market remains relatively strong, particularly for single-family homes.

According to data released by the Honolulu Board of REALTORS®, single-family home sales dropped 6.5% in September, while condominium sales decreased by 2.7%. Despite the monthly declines, single-family home sales are still up 5.8% year-to-date, while condominium sales are tracking 5.6% lower.

Single-Family Home Resales

Condominium Resales

Source: HiCentral

The median sales price for single-family homes rose 6% to $1,112,722, while the median condo price fell 2.8% to $517,500. The average time on market for single-family homes remained under one month, while condos took slightly longer to sell.

“While overall sales volume has softened, we are seeing positive movement in new listings and active inventory, providing more options for buyers,” said Fran Gendrano, President of the Honolulu Board of REALTORS®. “Combined with the gradual decline in mortgage rates, buyers may feel more encouraged to enter the market.”

The Honolulu Board of REALTORS® also noted that rising condo insurance and maintenance costs may be influencing the market.

Despite the recent trends, the housing market in O‘ahu remains a dynamic and resilient one. With continued economic growth and a strong demand for housing, there are always opportunities for buyers and sellers.

For more information or to connect with a real estate professional, please contact Sachi Hawaii.
(808) 596-8801 | info@sachihawaii.com