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