O‘ahu’s housing market saw an active start to the year, with both single-family home and condo
sales increasing year-over-year. Single-family home sales rose 6.5% to 196 transactions, while
condo sales grew 6.8% to 312 transactions compared to January 2024.
Median sales prices also increased, with single-family homes rising 9.7% to $1,120,000 and
condos up 7.4% to $539,500, highlighting strong demand across both markets.
Single-family homes recorded a median of 25 days on market, down from 29 days last year, while
condos had a median of 39 days, up from 29 days. Pending sales declined slightly year-over-year,
dipping about 5% in both markets, but contract signings experienced an uptick compared to a
month ago, rising 7.7% for single-family homes and 15.2% for condos. January ended with 209
pending single-family home sales and 357 pending condo sales.
More sellers listed their properties in January, with 336 new single-family home listings, a 17.9%
increase year-over-year, and 739 new condo listings, up 27.2%. Active inventory rose 20.9% for
single-family homes and 54.9% for condos compared to last year. Month-over-month, inventory
grew by 8.7% for single-family homes and 8.3% for condos.
The strongest growth in single-family home sales occurred in the $1,100,000 to $1,299,999 price
range, more than doubling from 18 to 39 transactions. However, the data indicates that this
increase was not driven by buyers overbidding, as 62% of those homes sold below the original list
price, with sellers receiving a median of 97.4% of their asking price.
Across all single-family home sales, 23% closed above the original asking price, nearly identical to
last year. In the condo market, the upper price range of $1,000,000 and above accounted for a
greater share of sales, rising 125% from 16 to 36 sales. Fewer condos closed above asking price,
representing 10% of transactions compared to 17% last January.
If you have any questions or want information on the current value of your home, please reach out to me.
I will be happy to help. just let me know how!
Information provided by the Honolulu Board of Realtors.
