Oahu Housing Market Slows in April as Inventory Rises and Buyers Gain Leverage

Properties on Oahu spent more time on the market in April, according to the Honolulu Board of Realtors report this week. In April, single-family homes were listed for 29 days before a contract was accepted, compared to 17 days in April 2024 — a 70.6% increase. Condos sold in 43 days, compared to 29 days in April last year — a 48.3% increase.

Accordingly, Oahu’s single-family home and condo inventory shot up last month, as well — 30.3% and 59.4%, respectively — totaling of 805 homes and 2,512 condos currently for sale. New single-family listings in April grew to 366, up 4.9% from this time last year. Of these, homes priced between $600,000 and $999,999 increased by the highest rate — up 26.8% — to 123 new homes on the market. New condo listings in April jumped to 851 new units, compared to April 2024 — a 29.7% increase. Nearly 60% of those condo listings were priced at $599,999 or less.

“Of course, for buyers, much of this is good news,” says Mike James, president of Coldwell Banker Realty. “More inventory — especially in the under $1million price range — and the increase in days-on-the-market means more choices and more time to shop, and in general, may all add up to better negotiating power with sellers.”

Affordability remains the top concern for most condo buyers, who continue to weigh monthly mortgage payments and rising maintenance fees with listing prices. The 30-year fixed-rate mortgage averaged 6.76% as of May 1, while the first-quarter average stood at 6.83%, according to Freddie Mac.

Sales activity slowed in April in both market segments. The number of single-family homes closed sales were down 8%, and condo sales also fell 8.4%, compared to April 2024.

Sales of Single-Family Homes and Condos | April 2025
Source: Honolulu Board of REALTORS^®, compiled from MLS data

Sales volume dipped, island wide, in April. The number of single-family homes reported to have closed last month was 241, compared to 262 in April 2024 — an 8% decrease. Condo volume also decreased 8.4% as well — down from 431 closings a year ago to 395 last month.

And while sales volume was down island wide and most price points, the homes with the sharpest drop were single-family homes priced between $700,000 and $999,999. Sales in that segment were off 28%, from 96 homes closed in April 2024 to 69 in that price range last month.

Surprisingly, condos priced between $200,000 and $399,999 were one of the few segments to see an increase in transactions closed.

Median Sales Price of Single-Family Homes and Condos | April 2025
Source: Honolulu Board of REALTORS^®, compiled from MLS data

Despite rising inventory and slowing sales, single-family homes MSP was up 6.4%, from $1,100,000 in April 2024 to $1,170,000 last month.

Condo MSP was fell a bit from a year ago, from $528,000 to $505,000.

Also noteworthy is that fewer properties closed above the original asking price in April, reflecting a shifting trend for buyer and seller dynamics. Twenty-seven percent of single-family home transactions closed above asking last month, compared to 33% a year ago. For condos, only 9% of the units sold last month closed above asking price, compared to 15% in April 2024.

MARKET SPOTLIGHT

This month, we spotlight the most affordable Oahu neighborhoods. If you’re wondering where single-family homes are selling for under $1 million, and condos are selling for under $500,000, here’s the scoop. Happy hunting.

For an up-to-date market analysis of your property, contact Coldwell Banker Realty today. We are happy to provide you with a current valuation on your home.

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.