March Market Report
March Market Trends: Strong Growth for O’ahu Single-Family Homes
O’ahu’s housing market showed a tale of two sectors this March. Single-family home sales spiked 26.2% year-over-year, bolstered by high demand for entry-level homes under $1 million. Conversely, condo and townhome sales saw a modest 4.9% decline. Despite the varying volume, median prices in both categories continued to climb, reaching $510,000 for condos (up 2.0%) and seeing a 3.4% lift for houses.
March Monthly Statistics Report:
Properties priced at $500,000 and below accounted for 178 sales in March and 473 year-to-date, with 1,138 active listings in that price range.
Nearly 50% of condominium sales occurred in the $300,000 to $599,999 range, with single-family home transactions at $999,999 and below rising 31.9% year-over-year.
Days on market: Homes spent slightly more time on the market, with single-family homes at a median of 21 days compared to 15 days last March, while condominiums increased from 40 to 43 days.
Active inventory: At the end of March, inventory remained limited for single-family homes, ending with 691 active listings, down 10.6% year-over-year, while condominium inventory was relatively unchanged with 2,294 condo listings, a 0.3% dip.
“We continue to see encouraging activity below the $1 million price range, which is an important indicator for local buyers and overall market accessibility,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®. “As more resources and programs become available for first-time homebuyers, we’re hopeful this will help sustain momentum, particularly among local residents.”
*info courtesy of Honolulu Board of Realtors
