Quick Take: What Happened This Month
In November, the Oʻahu housing market showed a clear split between single-family homes and condos, with strength on the home side and softer conditions for condos. Single-family home sales increased nearly 19% even as the median price dipped slightly to $1.1 million, signaling steady demand despite shifting buyer behavior. Condo sales fell 7%, and the median price dropped to $487,450 as more activity moved to lower price points. Competition remained much stronger for homes, with 27% selling above asking compared to just 9% of condos, while inventory trends continued to favor sellers in the single-family market and buyers in the condo segment.
Big Picture Overview
November reinforced what many buyers and sellers across Oʻahu are already feeling: this is no longer a single, uniform market. Different property types are responding to demand, affordability pressures, and inventory in very different ways. While overall activity continues at a measured pace, buyer psychology is clearly segment-driven.
Single-family homes continue to benefit from limited supply and consistent demand, especially in the most popular price ranges. Condos, on the other hand, are facing growing inventory and increasing ownership costs, which has tempered urgency and shifted negotiating power. These opposing forces are shaping both pricing behavior and how long properties remain on the market.
Single-Family Homes: Key Trends
Single-family homes showed renewed strength in November, with sales increasing nearly 19% even as the median price edged slightly lower to $1.1 million. This combination points to a market where buyers are active and motivated, but more price-conscious than in peak periods. The fact that 27% of homes still sold above asking reflects continued competition, particularly in well-located, move-in-ready properties.
Inventory for single-family homes dipped slightly, especially in the popular $800,000 to $1.1 million range, keeping supply tight and reinforcing pricing stability. Homes spent a median of 27 days on market, indicating that while the pace has slowed from last year, desirable properties are still moving in a reasonable timeframe when priced correctly.
Condos & Townhomes: Key Trends
The condo market softened further in November, with sales falling 7% and the median price dropping to $487,450 as activity shifted toward lower-priced units. A key challenge continues to be affordability, particularly as maintenance fees and special assessments rise, directly impacting monthly carrying costs.
Condo inventory climbed more than 11%, giving buyers significantly more choice and reducing the sense of urgency seen earlier in the year. This shift is reflected in competition levels, with only 9% of condos selling above asking, and a median of 40 days on market. These conditions signal a market that is becoming increasingly buyer-friendly in the condo segment.
What This Means for Buyers
For buyers, November’s data highlights the importance of knowing which segment you are in before making strategic decisions. Single-family buyers should continue to expect competition, particularly in popular price ranges, and should be prepared for multiple-offer situations when strong homes hit the market.
Condo buyers, however, are operating in a very different environment. Increased inventory and longer days on market are creating more room for negotiation and better opportunities to be selective. Buyers who are flexible on timing or open to different buildings may find improving leverage as the condo market continues to adjust.
What This Means for Sellers
Single-family home sellers remain in a relatively strong position due to limited supply and steady demand. Homes that are well-prepared, accurately priced, and properly marketed are still attracting meaningful buyer interest and, in some cases, competitive offers.
Condo sellers face a more challenging environment. With inventory rising and buyer urgency lower, correct pricing and strong presentation are essential. Sellers who overprice or underprepare may experience longer marketing times and increased pressure to adjust.
Looking Ahead
As the market moves into the next phase of the season, buyer and seller behavior will likely continue to reflect the same split seen in November. Single-family homes should remain supported by limited supply, while condos may see continued pricing sensitivity as inventory remains elevated.
Short-term decisions will likely be guided by affordability, confidence in monthly ownership costs, and realistic expectations about negotiation. The market remains active, but success on either side will increasingly depend on strategy rather than momentum alone.
Common Questions We’re Getting Right Now
Is the Oʻahu market slowing down overall?
The market is not uniformly slowing; it is becoming more segmented. Single-family home sales increased nearly 19% in November, while condo sales declined 7%. This reflects shifting demand rather than a broad market pullback.
Why are condos taking longer to sell right now?
Condo inventory climbed more than 11% and affordability pressures tied to maintenance fees and special assessments are influencing buyer behavior. With more options available, buyers can take more time and negotiate more assertively, which extends days on market.
Are homes still selling above asking?
Yes, especially in the single-family segment. In November, 27% of homes sold above asking, compared to just 9% of condos. This highlights the continued demand imbalance between the two property types.
Is now a better time to buy a condo than a house?
From a negotiating standpoint, condo buyers currently have more leverage due to higher inventory and longer marketing times. Single-family buyers should still expect competition, particularly in the most sought-after price ranges.
