April Market Report
Single-family home sales totaled 230 transactions, down 4.6% from a year ago. The median sales price ticked down 1.7% to $1,150,000. Homes spent a median of 24 days on market, five days less than the same time last year. Active inventory fell 5.4% ending the month with 707 active SFH listings.
Condo/townhome sales fell 4.3.% year over year to 378, and the median condo price declined 1.0% to $500,000. Condos were on the market for a median of 38 days, compared to 43 days last April. Condo inventory dropped 6.3% with 2,353 active condo listings.
Properties priced at $500,000 and below accounted for 193 sales in April (and 666 year-to-date), with 1,168 active listings available in that price range at the end of the month.
“Broader economic factors, including mortgage rates, condo insurance, and overall affordability, are influencing how buyers approach the market. As a result, we’re seeing more selective activity, with demand increasingly dependent on pricing and how well a property aligns with current buyer expectations. Increased contract signings in both markets are encouraging and indicate buyers remain engaged and continue to move forward with the right opportunities,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®.
*info courtesy of Honolulu Board of Realtors
