March Market Report
O‘ahu’s Housing Market Remains Sluggish
Median sales prices rise slightly as sales volume dips for both single-family homes and condos
The spring season started with little momentum. Though real estate activity remains sluggish, we continue to see properties in more affordable price ranges sell. Single-family homes priced $899,999 and below experienced a 6.1% increase for a total of 70 sales, and condos within the $200,000 to $399,999 range marked an 11.8% uptick, for a total of 95 sales.
HBR’s latest Monthly Statistics Report shows:
The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record-setting price of $536,000.
Single-family home sales declined by 2.5% year-over-year, while condo sales slumped 22.5%.
Both single-family homes and condos typically enter a contract within a month, with median days on the market at 31 and 29 days, respectively.
Single-family home sales recorded 23% closing above the original asking price compared to 24% last March, while the percentage of condos sold above the asking price dipped slightly to 18% from 21% over the same period.
For the first quarter
First-quarter sales grew 6.1% for single-family homes but fell by 7.1% for condos.
Year-to-date median prices reached $1,070,000 for single-family homes and $505,000 for condos, a 4.4% and 1.0% year-over-year increase, respectively.
“Elevated mortgage rates have prompted another slowdown in market activity,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”
Single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease. Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for single-family homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales.
“The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics,” Gendrano added.
New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.
