May Market Report
O‘ahu Housing Prices Dip Modestly Compared to 2023
More than a quarter of single-family homes sold in May in the $899,999 or less price range
Single-family home sales in May fell 5.0% year-over-year and month-over-month, while condo sales increased 9.1% year-over-year and 10.9% from the previous month. Median sales prices for both single-family homes and condos saw a slight decline compared to May 2023. Single-family homes ended the month with a median price of $1,085,000, reflecting a 2.2% decrease year-over-year, while the condo median price of $495,000 marks a 2% dip year-over-year. However, year-to-date median prices for single-family homes and condos experienced a modest increase of 2.4% and 1.0%, respectively.
When it comes to affordability, single-family home sales in the $899,999 and below range accounted for 28% of sales for the month of May. In this price range, buyers closed on properties in multiple regions, from Leeward and ‘Ewa neighborhoods to Central O’ahu, Pearl City, Kaneohe and the Metro Honolulu area.
Meanwhile, condo sales in the $300,000 to $399,999 range surged by 43.6%, reaching 89 units and representing the largest share of sales at 18.7%. This contributed to the lower median sales price for condos this May. Additionally, another factor contributing to the decrease in median prices for condos was smaller-sized units seeing the largest increase in sales, particularly studios and one-bedroom condos.
“Strong activity in more affordable price ranges is encouraging for first-time homebuyers and homeowners moving up the housing ladder. In the condo market, we see that buyers are willing to start with smaller studios and one-bedroom condos to build equity and generational wealth,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Though we continue to face a housing inventory crisis, the slight upticks in new listings, especially in the affordable condo market, are promising for buyers looking to enter the market. On the other hand, it’s good news for sellers that properties continue to move swiftly despite higher interest rates.”
New listing activity continued to grow year over year, with 345 single-family home listings and 658 condo listings, an 11.7% and 13.1% uptick, respectively. Listings for single-family homes priced at $1,400,000 and above rose by 39.6% year over year, totaling 134 compared to 96 new listings. Additionally, condos in the $300,000 to $599,999 range comprised the largest share of new listings, accounting for 45% or 296 units.
*Info courtesy of Honolulu Board of Realtors
