Spring Season Shows Signs of Stabilization in Hawaii Real Estate Market
The Honolulu Board of REALTORS® reports a mixed start to the Hawaii housing market this spring. While single-family home sales dipped slightly year-over-year in March, their median sale price continued to climb, reaching $1.1 million. Condo sales, on the other hand, saw a steeper decline in both volume and median price compared to last year.
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| March 2024 | 230 -2.5% | $1,100,000 +1.5% |
| March 2023 | 236 | $1,083,750 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| March 2024 | 344 -22.5% | $500,000 -6.7% |
| March 2023 | 444 | $536,000 |
Data Source: HiCentral
Data Source: Title Guaranty Hawaii
Experts attribute the slowdown in market activity to rising mortgage rates. However, there are positive signs. Single-family home sales for the first quarter are up overall, with strong demand in affordable price ranges. Additionally, pending sales figures suggest a potential rebound on the horizon.
Looking deeper into the data, we see a shift in buyer preferences. Sales of single-family homes priced above $1 million are on the rise, while those under $1 million are down slightly. This trend is mirrored in the condo market, where sales in both the mid-range and luxury tiers have dipped compared to last year.
