O‘ahu’s Housing Prices Dip Modestly Compared to 2023

More than a quarter of single-family homes sold in May in the $899,999 or less price range

According to resale figures released today by the Honolulu Board of REALTORS®, single-family home sales in May fell 5.0% year-over-year and month-over-month, while condo sales increased 9.1% year-over-year and 10.9% from the previous month.

Median sales prices for both single-family homes and condos saw a slight decline compared to May 2023. Single-family homes ended the month with a median price of $1,085,000, reflecting a 2.2% decrease year-over-year, while the condo median price of $495,000 marks a 2% dip year-over-year. However, year-to-date median prices for single-family homes and condos experienced a modest increase of 2.4% and 1.0%, respectively.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
May 2024 249  -5.0% $1,085,000  -2.2%
May 2023 262 $1,109,000

Condominium Resales

Number of Sales Median Sales Price
May 2024 478  +9.1% $495,000  -2.0%
May 2023 438 $505,000

When it comes to affordability, single-family home sales in the $899,999 and below range accounted for 28% of sales for the month of May. In this price range, buyers closed on properties in multiple regions, from Leeward and ‘Ewa neighborhoods to Central Oʻahu, Pearl City, Kaneohe and the Metro Honolulu area.

Meanwhile, condo sales in the $300,000 to $399,999 range surged by 43.6%, reaching 89 units and representing the largest share of sales at 18.7%. This contributed to the lower median sales price for condos this May. Additionally, another factor contributing to the decrease in median prices for condos was smaller-sized units seeing the largest increase in sales, particularly studios and one-bedroom condos.

“Strong activity in more affordable price ranges is encouraging for first-time homebuyers and homeowners moving up the housing ladder,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “In the condo market, we see that buyers are willing to start with smaller studios and one-bedroom condos to build equity and generational wealth.”

Buyers in the single-family home market acted decisively, with properties spending a median of 14 days on the market—entering contract a week quicker than last year. Conversely, condos took slightly longer to sell compared to a year ago, though they moved faster month-over-month, with a median of 25 days in May.

New listing activity continued to grow year over year, with 345 single-family home listings and 658 condo listings, an 11.7% and 13.1% uptick, respectively. Listings for single-family homes priced at $1,400,000 and above rose by 39.6% year over year, totaling 134 compared to 96 new listings. Additionally, condos in the $300,000 to $599,999 range comprised the largest share of new listings, accounting for 45% or 296 units.

“Though we continue to face a housing inventory crisis, the slight upticks in new listings, especially in the affordable condo market, are promising for buyers looking to enter the market. On the other hand, it’s good news for sellers that properties continue to move swiftly despite higher interest rates,” Gendrano added.

Active inventory for single-family homes and condos continued to rise in May, with single-family home inventory up by 3.6% and condo inventory by 4.8% from the previous month. Year-over-year, single-family home inventory increased by 17.9%, while condo inventory surged by 47.7%. By the end of May, single-family homes priced at $899,999 and below represented 24% of active listings, totaling 152—a 16% increase, mainly in the Leeward, ‘Ewa Plain, and Metro regions. Condo inventory totaled 1,651 units by the end of the month, with several regions, including Central, Diamond Head, Kailua, Kaneohe, North Shore and Pearl City, showing more than double the number of active listings compared to the same time last year.

Compared to May 2023, single-family home contract signings remained steady, while condo signings slumped 16.8%. May concluded with 260 pending sales for single-family homes and 422 for condos. Single-family homes listed in the $800,000 to $999,999 price range continued to account for a fair share of pending sales for the month, representing 27.7% or 72 contract signings in May.