Oahu Home Sales Surge as Market Tightens in November
Oahu’s real estate market delivered a strong performance in November, led by a significant jump in single-family home sales. According to the latest data, home sales rose 18.7% compared to last year, moving from 203 to 241 closed transactions. Despite the increase in activity, the median home price dipped slightly by 1.3%, shifting from $1,115,000 to $1.1 million.
Homes are also taking a little longer to sell, with median days on market increasing from 24 to 27 days. Even so, inventory remains tight, down 3.3% year-over-year. With just 724 homes available compared to 749 last year, Oahu continues to favor sellers in the single-family segment.
Condo Market Tells a Very Different Story
While the home market strengthened, the condo market showed noticeable cooling. Condo sales dropped 7.3%, falling from 341 to 316 units. Median prices also declined by 8%, landing at $487,450 compared to $530,000 last year.
Condos are sitting longer on the market as well, climbing from 32 to 40 days. Inventory has grown significantly, now up 11.5%, with more than 2,200 condos listed for sale across the island.
Perhaps the most telling indicator is months of remaining inventory. Condos now sit at 6.3 months, a benchmark that officially categorizes the condo segment as a buyer’s market. In contrast, single-family homes sit at just 3.1 months, firmly keeping sellers in control.
Two Markets, One Island
This dual-market dynamic highlights the importance of understanding micro-trends within specific neighborhoods and buildings. Buyers may find strong opportunities in the condo sector, while sellers remain well-positioned in the single-family home space.
For personalized guidance on Oahu’s neighborhoods or condo complexes, David Buck of Harcourts Island Real Estate is available at 808-371-3509.