O‘ahu’s Housing Market Remains Sluggish
Median sales prices rise slightly as sales volume dips for both single-family homes and condos
According to resale figures released today by the Honolulu Board of REALTORS®, the spring season started with little momentum. In March, single-family home sales dipped by 2.5% year-over-year and condo sales fell 22.5%. The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record setting price of $536,000.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-family home sales priced $899,999 and below experienced a modest uptick, with 70 sales, marking a 6.1% increase compared to 66 last March. Meanwhile, the largest decrease in sales volume occurred for single-family homes purchased in the $900,000 to $999,999 price range, down 28.1% or 9 sales from a year ago. Condo sales observed an uptick in the $200,000 to $399,999 range by 11.8% or 10 sales, but declined sharply in the $1,000,000 and above range, dropping to 25 from 52 last March, or 51.9%. Sales in the $400,000 to $799,999 range also fell by 28.5% year-over-year.
“Elevated mortgage rates have prompted another slowdown in market activity,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”
Both single-family homes and condos typically entered contract within one month. Median days on market for single-family homes and condos were 31 and 29 days, respectively. However, single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease.
Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for singlefamily homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales. For single-family homes, 23% of sales closed above the original asking price compared to 24% last year. Meanwhile, condo sales above asking price decreased to 18% from 21% the same time last year.
“The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics,” Gendrano added.
New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.
March concluded with a 7.4% increase in active inventory for single-family homes, driven by rises in the upper price range at $1,600,000 and above, up by 23.2%, and the $1,000,000 to $1,599,999 range, up by 9.2%. Conversely, inventory in the $999,999 and below range declined by 7.5%. In the condo market, active inventory surged by 29.6% year-over-year, with significant increases across most price points, offering buyers more options. The $300,000 to $499,999 range skyrocketed 84.9%, with 464 units available, compared to 251 a year ago.
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports.
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