The Oʻahu real estate market experienced a slowdown in April as sales activity softened amidst an increase in available listings and active inventory. According to data released by the Honolulu Board of REALTORS®, both single-family home and condominium sales declined year-over-year.

Single-family home sales saw an 8.0% decrease, with 241 closed sales in April. Condo transactions also dropped by 8.4%, totaling 395 sales. Year-to-date figures show a continued decline from 2024 levels, with single-family home sales down 5.3% and condo sales down 2.3%.


Key Market Statistics (April 2025 vs. April 2024):

Single-Family Home Resales

Condominium Resales

Source: HiCentral

The median sales price for single-family homes rose 6.4% year-over-year to $1,170,000, also showing a 0.9% increase from March. Conversely, the median price for condos dipped 4.4% year-over-year to $505,000, though it saw a 1.0% month-over-month uptick. Properties are also spending more time on the market; the median days on market for single-family homes increased to 29 days (from 17 a year ago), and for condos, it rose to 43 days (from 29).

Sales declines were observed across most price points in the single-family market, with the $700,000 to $999,999 range experiencing the most significant drop (28.1%). For condos, the largest decrease was in the $400,000 to $499,999 range (33.3% down), while the $200,000 to $399,999 condo range saw an increase of 31.0%.

Affordability remains a key concern for many condo buyers, influenced by financing costs and rising monthly maintenance fees. The 30-year fixed-rate mortgage averaged 6.76% as of May 1, with the first-quarter average at 6.83%, according to Freddie Mac.

Buyers benefited from an expanding selection of listings in April. New single-family home listings increased by 4.9% year-over-year to 366. New condo listings rose significantly by 29.7% year-over-year to 851 units, with nearly 60% of these priced at $599,999 and below.

Active inventory also grew across both markets. The month ended with 805 single-family homes available for sale (up 30.3% from April 2024) and 2,512 condos (up 59.4%).

A notable shift in market dynamics is the decrease in properties closing above the original asking price. For single-family homes, 27% closed above asking, down from 33% in April 2024. In the condo market, only 9% of transactions sold above the original asking price, a decrease from 15% a year ago.