| O’ahu Real Estate Market ReportO’ahu’s housing market saw shifting dynamics in February, with rising inventory and softer demand affecting prices and sales pace. Single-family home sales dropped 6.7% to 167 transactions, while condos declined 12.3% to 293 sales. Pending sales, a key demand indicator, also fell, down 13.4% for single-family homes and 2.3% for condos year-over-year, though both saw a modest month-over-month increase. Supply continued to grow, with single-family home inventory rising 21.5% and condos surging 55.6%. New listings declined 4.7% for single-family homes but increased 20.3% for condos, reflecting more choices for buyers. As a result, price trends diverged—single-family home prices hit a record $1,185,000 (+10.2%), while condo prices dropped to $494,000 (-3.6%). Homes also moved at different speeds. Single-family homes sold faster, with median days on market down to 23 days (-23.3%), while condos took longer at 48 days (+23.1%). The months supply of active inventory grew to 3.1 months for single-family homes (+10.7%) and 5.8 months for condos (+61.1%), signaling a shift toward a more balanced market. It remains uncertain whether this slight shift is driven by interest rate volatility or concerns over how fiscal policy will shape the economy in 2025. That said, Sellers, especially in the condo market, should price competitively as inventory builds. Buyers, on the other hand, have more options and negotiation power, particularly in the condo segment, while single-family home prices remain strong. |
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