Positive Start for O‘ahu Real Estate in Fourth Quarter
Single-family homes and condos report year-over-year gains, median prices remain stable
As we enter the fourth quarter, the O‘ahu housing market shows promising signs of recovery. Single-family home sales grew 22.5% year-over-year, from 213 to 261 sales, while condo sales observed a modest 1.5% increase, rising from 399 to 405 sales. Month-over-month activity also improved, with single-family homes up 20.3% and condos increasing by 10.7%.
Our October Monthly Statistics Report shows
- Median prices for single-family homes remained unchanged from last October at $1,100,000, while condo median prices experienced a modest 1.9% increase, reaching $525,000.
- Single-family homes and condos recorded a median days on market of under one month, at 16 and 26 days, respectively.
- Both markets saw an increase in new listings in October, with 298 for single-family homes, a 9.6% year-over-year uptick, and 597 for condos, up 5.5%.
- Active inventory remained elevated year-over-year, with single-family homes up 18.4% to 741 listings and condos up 49.8% to 1,957 listings; month-over-month, single-family homes dipped 1.9%, while condos rose 3.7%.
"With an uptick in sales across both single-family homes and condos, coupled with stable median prices, O‘ahu's housing market shows resilience entering the fourth quarter," said President of the Honolulu Board of Realtors. "With increased inventory and new listings, prospective buyers have more flexibility to find the home that best fits their needs."
source: Honolulu Board of Realtors
