October Market Report
- Single-family home sales remained unchanged from the previous year, with 261 transactions recorded.
- Condominium sales increased by 9.4%, rising to 443 units sold.
- Median prices saw modest increases across the board. The median price for single-family homes rose 5.7% to $1,162,500, while the median price for condominiums grew 1.9% to $535,000.
- Time on market increased significantly compared to last year. Single-family homes had a median of 26 days on the market (up from 16 days), and condominiums had a median of 44 days (up from 26 days).
By price point, single-family home sales in the $700,000 to $999,999 range declined 18.9%, while sales at $1.9 million and above rose 38.7%.Condominium activity also increased at both ends of the market, with sales under $299,999 up 50% and sales at $700,000 and above climbing 21%.
About 25% of single-family home sales closed above the original asking price, compared to 10% of condominium sales, both lower than a year ago.
Seller activity picked up slightly, with single-family home listings increasing 3.7% and condominium listings rising 7.4%.
“October’s numbers point to steady conditions across the island,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “Sales remained consistent as buyers and sellers continued to adjust to a market with more inventory and where properties move at a more moderate pace.”
*Info courtesy of Honolulu Board of Realtors
