April Market Report
O’ahu Housing Market Sees Slower Sales and Rising Inventory in April
April brought another dip in sales activity across O’ahu’s housing market, with single-family home sales down 8.0% year over year and condo sales down 8.4%. At the same time, more new listings were added, including 366 for single-family homes and 851 for condos, giving buyers a wider selection than we’ve seen in recent months.
Our April Monthly Statistics Report shows:
The median sales price for a single-family home grew 6.4% year over year to $1,170,000, up 0.9% from March. The condo median price dipped 4.4% year over year to $505,000 but experienced a slight 1.0% uptick month-over-month.
Properties spent more time on the market compared to last April, with the median days on market reaching 29 days for single-family homes and 43 days for condos.
New single-family home listings in the $600,000 to $999,999 range rose 26.8% year over year to 123. Listings priced between $1,000,000 and $1,299,999 declined 20.9% to 72. New condo listings increased 29.7% year over year to 851, with nearly 60% priced at $599,999 and below.
Active inventory expanded in both markets, ending the month with 805 single-family homes and 2,512 condos available for sale, representing year-over-year increases of 30.3% and 59.4%, respectively.
“Higher borrowing costs and rising maintenance fees are shaping how buyers evaluate their options,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “Even as more inventory becomes available, we’re seeing a more deliberate, value-focused approach to decision-making. Fewer properties are closing above the asking price, and that’s prompting a shift in seller strategy. Strategic pricing and patience are starting to play a larger role in how homes move.”
*info courtesy of Honolulu Board of Realtors.
