July Market Report
According to the latest report from HBR, July saw a strong performance in Oahu’s condo and townhome sector, with sales rising 6.9% year-over-year. The median sales price grew 3% to $504,500, while the median time spent on the market dropped significantly from 50 days last July to 38 days this year. Buyers had slightly more choices at the end of the month, as active inventory climbed 3.9% annually to reach 2,554 listings.
The single-family home market experienced even more explosive growth, with overall sales jumping 20.5% year-over-year. This surge drove the median sales price up by 13.9%, fueled heavily by high-end buyers. Specifically, mid-luxury transactions between $1.3 million and $1.99 million spiked 76.9% from 52 to 92 sales, while luxury deals at $2 million and above soared 83.3% from 24 to 44 sales. Homes moved rapidly, selling in a median of just 14 days, which is six days faster than a year ago. This high demand pulled down active inventory by 5.9%, leaving only 802 single-family listings by the close of the month.
Affordability remained a key driver in the market, with more than 1,200 Oahu properties priced under $500,000 selling so far this year. Buyers snapped up 211 properties in this lower tier during July alone, and roughly 1,200 similar properties remain on the market. Looking at the first seven months of the year, entry-level options made up a significant portion of the total activity. This is highlighted by the fact that 47% of all condo sales closed below $500,000, while 34% of all single-family home sales closed below the $1 million mark.
“A monthly median is the midpoint of what sold—it isn’t a price tag on anyone’s home. The median rose 13.9% in July because sales above $1.3 million nearly doubled. In the same month, a third of single-family home sales closed under $1 million and 211 properties sold at or below $500,000. Behind those numbers are first-time buyers, families moving up, and longtime owners moving into something that fits them now. If homeownership is your goal, start by finding out what you qualify for and work with a trusted team of professionals to understand the resources available to you,” said Aaron Tangonan, president of the Honolulu Board of REALTORS.
*info courtesy of Honolulu Board of Realtors
