February Market Report
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. 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.
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%.
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.
