May Market Report
Oahu Housing Market Update: Oahu’s real estate market delivered mixed results this past May, according to the latest data from the Honolulu Board of REALTORS® (HBR). While single-family homes experienced a surge in buyer demand, the condominium segment saw a slowdown in closing activity. Despite these shifting dynamics, median sales prices across both markets remained remarkably steady. Whether you are looking to buy your first home or list your current property, here is a breakdown of what happened in May and what it means for you.
Oahu Real Estate Market Update: May Insights
Single-Family Homes:
- Sales Volume: Rose 8.5% year-over-year to 255 transactions.
- Median Sales Price: Eased slightly by 0.8% to $1,166,000.
- Days on Market: Dropped to a swift median of 13 days (8 days fewer than last May).
- Active Inventory: Contracted by 10.8%, ending the month with 730 active listings.
Condominiums & Townhomes:
- Sales Volume: Declined 9.4% year-over-year to 339 closings.
- Median Sales Price: Appreciated 4.0% to a median of $520,000.
- Days on Market: Extended to a median of 43 days (4 days longer than last May).
- Active Inventory: Decreased by 6.6% to 2,387 active listings.
Affordable Housing Segment Insights:
The market priced at $500,000 and below remains a crucial focal point for inventory and transaction volume:
- Monthly Volume: Accounted for 157 transactions in May.
- Year-to-Date Progress: Totaled 823 sales so far this year.
- Available Options: Features 1,193 active listings currently on the market.
“We’re seeing encouraging activity from buyers across price ranges as we head into the summer season. While affordability remains a challenge, buyers today have more options, more inventory, and more resources available to help them navigate the market than they did just a few years ago. Financing tools and homeownership programs can influence affordability and create opportunities for buyers who may have otherwise remained on the sidelines,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®.
