In August, O‘ahu’s real estate market saw a notable increase in housing inventory, with single-family home listings rising by 27.1% year-over-year to 760 active properties, and condo listings up by 64% to 1,879. Despite these gains in inventory, sales were relatively stable compared to the previous year. Single-family home sales saw a slight increase of 0.4%, while condo sales experienced a 5% decline. Median sales prices showed modest changes, with single-family homes ending the month at $1,122,000—up 1.1% from the previous year—and condos at $500,000, marking a 2.9% decrease from August 2023.

Single-Family Home Resales

Condominium Resales

Source: HiCentral.com

The pace of sales remained consistent, with single-family homes spending a median of 14 days on the market, which is four days quicker than a year ago. Condos, on the other hand, had a median of 28 days on the market, an increase of 10 days from the previous year. In terms of sale prices, 30% of single-family homes sold above their original asking price in August, a slight decrease from 33% last year. For condos, only 15% sold above asking price, down from 26% in August 2023.

Inventory levels varied significantly across different regions. Single-family homes were predominantly listed in Diamond Head, ‘Ewa Plain, Leeward, and Metro areas, making up over half of the total active listings. Condo inventory more than doubled in several neighborhoods, particularly in the $300,000 to $599,999 price range. Overall, condo inventory has increased by over 50% in the past two years, with one- and two-bedroom units seeing the most significant rise. New listings also saw an uptick, with single-family home listings up 4.8% and condo listings up 14.6% compared to August 2023, offering buyers a broader selection across the island.

In a decisive move to tackle the ongoing housing crisis, Honolulu Mayor Rick Blangiardi has signed Bill 3 (2024) into law, enhancing incentives for developers to construct much-needed rental housing projects across the city. This new legislation aims to address the persistent challenges faced by the housing market, including high construction costs and supply chain disruptions.

Bill 3, which was unanimously approved by the Honolulu City Council on August 7, significantly increases post-construction grant amounts for privately financed rental housing projects. The updated incentives are designed to make these projects more financially viable amidst a complex construction environment characterized by elevated interest rates and escalating construction expenses.

Under the new law, developers will receive increased financial support as follows:

Mayor Blangiardi highlighted the importance of this legislative action in a social media post, stating, “Today, we signed into law Bill 3 (2024), which greatly enhances incentives to developers to help generate rental housing projects amid an ongoing housing crisis that is impacting cities nationwide. This bill will create rental properties on the market that are actually affordable for hard-working people who want their own place to live and the dignity that comes with that.”

The Mayor emphasized that this new bill builds upon the framework established by Bill 1 (2021), the first piece of legislation from his administration aimed at addressing housing affordability. “Bill 3 increases the incentives initially provided under our administration’s very first piece of legislation, Bill 1 (2021),” Mayor Blangiardi noted. He also expressed gratitude to the Honolulu City Council for their role in crafting this innovative solution, stating, “I am proud of our leadership team and deeply grateful to our partners at the Honolulu City Council for developing creative solutions to a challenging issue that impacts all of us.”

The ordinance is effective immediately, marking a significant step forward in Honolulu’s efforts to alleviate the pressures of the housing crisis and provide more affordable living options for its residents.

In a stunning addition to Hawaii’s luxury real estate market, 4498 Pahoa Avenue has been officially listed by Sachi Hawaii, offering a rare opportunity to own a piece of architectural excellence. This remarkable property has earned acclaim as an AIA Hawaii Award-winner, setting a new standard for classical-contemporary design that harmoniously blends with the natural beauty of Hawaii.

The residence stands as an example of Frank Lloyd Wright-influenced design principles, masterfully combining urban sophistication with the serenity of island living. Upon entering, guests are immediately struck by the vaulted ceilings that elevate the grand living area, creating an expansive and inviting atmosphere. This openness seamlessly transitions into a chef’s gourmet kitchen, designed for both effortless entertaining and intimate gatherings.

One of the most captivating features of this home is its exceptional indoor-outdoor integration. The design promotes a fluid transition between the interior spaces and the lush exterior, allowing residents to enjoy Hawaii’s year-round pleasant climate with ease. This seamless connectivity is complemented by a step-free layout, ensuring accessibility and comfort throughout the property.

The home’s flexible three-bedroom floor plan includes a luxurious primary bedroom suite reminiscent of a resort getaway, offering a private retreat for relaxation. Two additional bedrooms provide ample space for family or guests. Privacy and security are paramount, with secluded areas that enhance the intimate feel of the residence while maintaining a sense of openness.

Located in the prestigious Kahala neighborhood, this home is perfectly situated to enjoy the best of the area. Residents will appreciate the proximity to Kahala Beach, The Kahala Hotel, and Waialae Country Club. Essential amenities such as banks, the post office, Kahala Mall, department stores, premier dining, and Whole Foods Market are all conveniently nearby, ensuring a lifestyle of unparalleled luxury and convenience.

This extraordinary property at 4498 Pahoa Avenue presents a unique opportunity to experience the pinnacle of luxury living in one of Hawaii’s most sought-after locations. For more information or to schedule a private viewing, please contact Sachi Hawaii today. Don’t miss your chance to own this award-winning retreat and embrace a lifestyle of elegance and sophistication.

Contact Sachi Hawaii for inquiries and to learn more about this exceptional property.
(808) 596-8801 | info@sachihawaii.com