O‘ahu Housing Market Sees Mixed Activity in February
Single-family home median price sets a new record, while condo sales and prices soften
According to figures released today by the Honolulu Board of REALTORS®, O‘ahu’s housing market experienced mixed trends in February. The median single-family home price reached a new record while overall sales volume for single-family homes and condos declined.
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 | |
|---|---|---|
| February 2025 | 167 -6.7% | $1,185,000 +10.2% |
| February 2024 | 179 | $1,075,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2025 | 293 -12.3% | $494,000 -3.6% |
| February 2024 | 334 | $512,500 |
The median price for single-family homes reached a record high of $1,185,000, a 10.2% increase from February 2024, surpassing the previous record of $1,153,500 set in May 2022. However, unlike previous record-setting periods driven by heightened buyer competition, recent activity suggests a more balanced market. The median percent of original list price received was 98.0% this February, compared to 102.2% when the previous record was set, indicating that fewer homes are selling above asking. In contrast, the condo median price declined 3.6% year-over-year to $494,000, down from $512,500 last February.
February’s record-high median for single-family homes was driven by a smaller sales sample and a shift in sales distribution. The $1.1 million to $1.39 million price range made up 27% of sales this February, up from 21% last year, while transactions in the $899,999 and below range declined to 22%, down from 30% a year ago.
“With the single-family home median price reaching a record high and condo inventory expanding across the island, market conditions are shifting, creating different opportunities for buyers and sellers,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “In this evolving landscape, understanding pricing strategies and market dynamics is critical. A REALTOR® will provide expert guidance, helping buyers navigate available options and sellers position their properties competitively to achieve the best possible outcome.”
Homes continued to move at different paces across both markets. Single-family homes remained on the market for a median of 23 days, down from 30 days a year ago, while condos took longer to sell, with the median days on market increasing to 48 from 39.
New listings followed opposite trends, with single-family home listings declining 4.7% to 281, while condo listings rose 20.3% to 641. More condos entered the market across all price points, with nearly 50% of new listings priced between $300,000 and $599,999. Active inventory remained high, with single-family home inventory rising 21.5% year-over-year and condo inventory increasing 55.6%. Compared to January, single-family home inventory dipped slightly by 1%, while condo inventory grew 3.4%.
“Condo inventory continues to increase, providing buyers with more options and rising competition for sellers. As a result, fewer condos are closing above the original asking price, emphasizing the need for sellers to carefully assess pricing strategies in a market where buyers have more negotiating power,” added Benn.
Buyer demand also varied, with pending sales down 13.4% for single-family homes and 2.3% for condos year-over-year. However, compared to January, contract signings increased, rising 11.5% month-over-month for single-family homes and 6.7% for condos, showing continued buyer interest despite shifting market conditions.