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.