02/11/2025
🏡Oahu Housing Market Gains Momentum in 2025🏡
📈Oahu’s real estate market started the year 💪, with both single-family home and condo sales increasing compared to last year. A surge in new listings has expanded inventory, giving buyers more options across various price points. In January, new single-family home listings climbed 17.9% to 336, while condo listings saw a 27.2% jump to 739. Active inventory also grew significantly, up 20.9% for single-family homes and 54.9% for condos.
Key Takeaways from the January Market Report:
Sales Growth: Single-family home sales rose 6.5% to 196 transactions, while condo sales increased 6.8% to 312.
Price Trends: The median sales price for single-family homes climbed 9.7% to $1,120,000, and condos saw a 7.4% rise to $539,500.
Market Activity: Single-family homes sold faster, with a median of 25 days on the market, down from 29 last year. In contrast, condos took longer to sell, with a median of 39 days compared to 29 days in 2024.
High-End Market Growth: Sales in the $1,100,000 to $1,299,999 range for single-family homes more than doubled, increasing from 18 to 39 transactions. Notably, 62% of these sales closed below the original asking price.
Luxury Condo Sales Surge: Condos priced at $1,000,000 and above accounted for 11.5% of all condo transactions, nearly doubling from 16 to 36 sales year-over-year.
The rise in new listings this January has expanded options for buyers across various price points and neighborhoods. While demand remains steady, buyers now have more leverage in negotiations, emphasizing the importance of strategic pricing and market awareness for sellers. As inventory continues to grow, both buyers and sellers must stay informed about market trends to make well-informed real estate decisions.
