June Market Report
The Oahu real estate market showed contrasting trends between property types in June, according to the latest report from the Honolulu Board of REALTORS® (HBR).
Single-Family Homes:
In contrast, single-family home sales pulled back, experiencing a 6.6% year-over-year decline. Despite fewer transactions, intense competition pushed the median sales price up sharply by 10.4%, hitting a premium of $1,242,500. This competitive pressure forced buyers to act quickly; homes spent a median of just 13 days on the market, which is 11 days faster than the previous June. This rapid pace was fueled by a shrinking supply, as active inventory fell 9.3% to leave only 781 single-family homes available.
Condominiums and Townhomes:
The condominium and townhome market experienced a significant surge in activity, with total sales rising 10.9% compared to the same time last year. Along with increased demand, the median sales price for a condo grew by 3.5%, reaching $528,000. Properties in this category moved at a steady pace, matching last year’s timeline with a median of 40 days on the market. Available inventory remained relatively stable, ending the month with ,2525 active listings—a minor 0.7% dip from last June.
Affordable Market Segment:
Affordability remained a major focal point for buyers. In June alone, buyers successfully closed on 180 properties priced at or below $500,000, pushing the year-to-date total for this price bracket to 1,003 sales. Demand is expected to continue absorbing options here, with 1,224 active listings remaining available in this segment at the end of the month. Looking at the broader picture for the first half of the year, properties under specific benchmarks made up a massive portion of the market: 47% of all condo sales closed under $500,000, and 35% of all single-family home sales closed below the $1 million mark.
“Even with fewer single-family home sales in June, several indicators pointed to persistent demand. Single-family homes continued to move quickly, sellers received a median full asking price and a larger share of homes sold above the original asking price than a year ago, suggesting a small uptick in buyer competition. Headline market statistics are an important starting point, but they don’t define every buyer’s opportunities. Working with a REALTOR can help prospective homebuyers better understand what’s available in their price range, explore financing options and identify homeownership programs that align with their goals,” said Aaron Tangonan, president of the Honolulu Board of REALTORS.
