Hawaii Real Estate Market Report

August Summary:

• August sales were nearly even compared to a year ago, with single-family home sales rising 0.4% - up by one sale - and condo sales declining 5%.
• Median sales prices experienced minor changes, with the single-family home market ending the month at $1,122,000, up1.1% from a year ago, while the condo median sales price for August was $500,000, a 2.9% decline from August 2023.
• Single-family homes that sold in August were on the market for a median of 14 days, while condo sales reflected a median of 28 days.
• Thirty percent of single-family home sales closed above the original asking price and just 15% of condo sales closed above the original asking price last month.
• More new listings came on the market compared to a year ago with 346 single-family homes, up 4.8% year over year, and 629 condos or 14.6% more than August 2023.

According to the President of the Honolulu Board of REALTORS, ..."we contiinue to see little changes in median sales prices and sales volume due to sustained demand and competition."

Active inventory for both single-family homes and condos was higher in most regions. Most single-family home inventory could be found in the Diamond Head, Ewa Plain, Leeward, and Metro regions, accounting for more than 50% of the active single-family home listings.  Many neighborhoods offered more than twice the options in the condo market from a year ago, with the most significant change occuring in the $300,000 to $599,999 range, which more than doubled compared to last year, rising from 419 to 847 active units.

Over the last two years, condo inventory across all unit types has increased more than 50%, with the sharpest increases occurring in one and two bedroom units, and active inventory during this period reflected an 11% increase in average total monthly fees.  While average monthly maintenance costs vary greatly by individual building, these fees have risen for most unit types as a whole.