Honolulu Board of Realtors® statistics released this week for January report more homes and condos sold last month, and at higher prices, than a year ago, bucking the usual winter sales slowdown.
Single-family sales volume increased by 6.5%, while condo volume was up 6.8%. Median sales prices increased 9.7% and 7.4%, respectively. And while rising prices are not especially good news for buyers, double-digit increases in active inventory make for a much broader selection for home shoppers. With 336 new single-family home listings in January (a 17.9% increase, year-over-year) and 739 new condo listings, (a 27.2% increase), buyers will find a significantly expanded selection of properties. Total active single-family inventory is up 20.9% to 734 listings island wide. Condo inventory shot up 54.9% to 2,088 last month, compared to a year ago.
Single-family sales volume in the $1,100,000 to $1,299,999 price range more than doubled, from 18 transactions in January 2024 to 39 last month. However, the data indicates that this increase was not driven by buyers overbidding, as 62% of those sales were below the original list price, with sellers receiving a median of 97.4% of their asking price. The bottom line: Buyers are in a good position to negotiate.
Despite the readily available inventory of homes on the market, buyers may find the overall affordability of homeownership challenging. This issue is not limited to Hawaii; homebuyers nationwide are facing rising expenses associated with buying and owning a home. A recent Bankrate.com article explains: ‘A confluence of factors is keeping homeownership out of the reach of middle-income families: inventory challenges, weak wage growth, high mortgage rates, and increased maintenance costs, just to name major ones.’
Yet, despite looming affordability challenges, Oahu sales volume remains robust. Mike James, president of Coldwell Banker Realty, highlights the importance of understanding homeownership costs: ‘With the help of a Realtor®, buyers can flush out those homeownership costs beyond principal and interest loan payments, such as related insurance rates, condo maintenance fees, and the cost of upcoming repairs or assessments. Home inspection services can ensure that a prospective home’s structure and its components are in good condition.
Sales of Single-Family Homes and Condos | January 2025
Source: Honolulu Board of REALTORS®, compiled from MLS data
January single-family home sales volume on Oahu increased from 184 homes sold in January 2024 to 196 last month, a 6.5% rise. Condo sales volume was up 6.8%, from 292 a year ago, to 312 last month.
While sales activity typically slows during winter months, January’s strong demand indicates that motivated buyers are navigating a way to homeownership, despite affordability challenges.
Single-family homes sales recorded a median of 25 days on the market, down from 29 days last year, and for condos, a median of 39 days, up from 29 days last year.
Median Sales Price of Single-Family Homes and Condos | January 2025
Source: Honolulu Board of REALTORS®, compiled from MLS data
Rising prices, approaching record-highs, reflects the continued strength in the local housing market.
Single-family home MSP gained 9.7% — up from $1,021,016 in January 2024 to $1,120,000 last month. Condo prices are up during the same period from $502,500 to $539,500, just shy of the record-high monthly MSP of $540,000 set in December.
Across all single-family home sales, 23% closed above the original asking price, nearly identical to last year. In the condo segment, the $1 million-and-up price range accounted for a greater share of the sales, up 125% from 16 sales a year ago, to 36 sales last month. Ten percent of condo transactions closed above asking price, compared to 17% in January 2024.
MARKET SPOTLIGHT
This month’s spotlight is on Oahu’s more affordable neighborhoods. Specifically, where homes and condos remain near or below Oahu’s median sales prices. Check it out.
| Median Sales Price | ||
| Single Family | Year-To-Date | Year-To-Date |
| 2024 | 2023 | |
| Ewa Plain | $893,500 | $885,000 |
| Kalihi – Palama | $937,500 | $887,500 |
| Makaha – Nanakuli | $665,650 | $670,000 |
| Wahiawa | $825,000 | $840,000 |
| Waipahu | $950,000 | $920,000 |
| Median Sales Price | ||
| Condos | Year-To-Date | Year-To-Date |
| 2024 | 2023 | |
| Kalihi – Palama | $402,000 | $410,000 |
| Makaha – Nanakuli | $242,500 | $250,000 |
| Makiki – Moiliili | $405,000 | $408,000 |
| Moanalua – Salt Lake | $425,000 | $442,500 |
| Pearl City – Aiea | $469,000 | $465,000 |
| Wahiawa | $328,000 | $319,500 |
| Waikiki | $450,000 | $425,000 |
| Windward Coast | $340,000 | $200,000 |
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.
