August Market Report
O‘ahu Housing Inventory Sees August Boost
Year-over-year active inventory of single-family homes rose by 27.1% with 760 active listings and 64% in the condo market with 1,879 active listings last month. Despite more options at across nearly every region and price point, sales remain relatively unchanged.
Our August Monthly Statistics Report shows:
August sales were nearly even compared to a year ago, with single-family home sales rising 0.4% – up by one sale – and condo sales declining 5%.
Median sales prices experienced minor changes, with the single-family home market ending the month at $1,122,000, up 1.1% from a year ago, while the condo median sales price for August was $500,000, a 2.9% decline from August 2023.
Single-family homes that sold in August were on the market for a median of 14 days, while condo sales reflected a median of 28 days.
Thirty percent of single-family home sales closed above the original asking price and just 15% of condo sales closed above the original asking price last month.
More new listings came on the market compared to a year ago with 346 single-family homes, up 4.8% year-over-year, and 629 condos or 14.6% more than August 2023.
“With the growth in active inventory and new listings, buyers have more options in nearly every region and price range across O‘ahu,” said Fran Gendrano, President of the Honolulu Board of REALTORS®. “However, we continue to see little changes in median sales prices and sales volume due to sustained demand and competition.”
Active inventory for both single-family homes and condos was higher in most regions. Most single-family home inventory could be found in the Diamond Head, ‘Ewa Plain, Leeward, and Metro regions, accounting for more than 50% of active single-family home listings. Many neighborhoods offered more than twice the options in the condo market from a year ago, with the most significant change occurring in the $300,000 to $599,999 range, which more than doubled compared to last year, rising from 419 to 847 active units.
Over the last two years, condo inventory across all unit types has increased more than 50%, with the sharpest increases occurring in one- and two-bedroom units, and active inventory during this period reflected an 11% increase in average total monthly fees. While average monthly maintenance costs vary greatly by individual building, these fees have risen for most unit types as a whole.
*info courtesy of Honolulu Board of Realtors
