Oahu Real Estate Market Report – May 2025

O‘ahu’s housing market recorded a slowdown in overall sales activity in May, particularly in the condominium segment. Single-family home sales dipped 5.6% year-over-year to 235 closed sales, while condominium sales dropped 21.8% to 374 transactions. Year-to-date, sales remained below 2024 levels, down 5.3% for single-family homes and 7.2% for condominiums.

Median Sales Prices

The median price of a single-family home rose 8.3% year-over-year to $1,175,000, while the condominium median price saw a modest 1.0% increase to $500,000. Compared to April, the median single-family price rose 0.4%, while the median condominium price declined by 1.0%.

Median Days on Market

Properties took longer to sell in May, reflecting more deliberation among buyers. Median days on market for single-family homes rose to 21 days, up from 14 just a year ago, and condominiums rose to 39 days, up from 25.

As of early June, the 30-year fixed-rate averaged 6.85%, according to Freddie Mac. Higher borrowing costs and rising fees are prompting more cautious decision-making, especially among condominium buyers who continue to prioritize affordability.

Sales Volume

In May, single-family home sales declined 5.6% year-over-year, with the sharpest drop in the $800,000 to $1,099,999 range, down 30.2% from 96 to 67 sales. ‘Ewa Plain and Pearl City saw the largest regional declines, down 25% and 48% respectively, while Kailua experienced a 58.8% increase in closed sales.

In addition, condominium sales dropped 21.8% year-over-year to 374. Sales at $1 million and above declined only slightly from 42 to 39. The steepest regional slowdowns occurred in Metro, ‘Ewa Plain, and Leeward regions.

Pending Sales

Buyer activity was mixed across single-family and condo markets, but picked up in several neighborhoods. Pending sales for single-family homes rose 13.1% overall, with strong gains in ‘Ewa Plain (41.5%) and Diamond Head (46.4%). Pending condominium sales fell 8.3% overall but rose 33.3% in both Central Oʻahu and Pearl City.

New Listings and Active Inventory

In May, new single-family home listings increased 13.6% to 392, including a 44% rise in the $800,000 to $999,999 range, led by ‘Ewa Plain, which accounted for 36% of those listings. Active inventory inched up slightly from a month ago, up 1.6% for single-family homes with 818 active single-family homes, a year-over-year change of 27.8%. Approximately 33% of those listings had undergone a price decrease at some point since it was first listed, compared to approximately 35% of active listings in May 2024.

In the condo market, new listings increased 4.6% to 688, with nearly half (48%) priced between $300,000 and $599,999, the range that saw the most year-over-year growth (12.2%). Active condominium inventory was 1.8% higher than one month ago and jumped 54.8% year-over-year to 2,556 units. Sellers appeared more responsive to market shifts, with 40% of condominium listings having experienced a price reduction, up from 35% a year ago.

Courtesy of the Honolulu Board of Realtors

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