Real Estate Report - February 2025

Oahu Real Estate Market Report – January 2025

The January real estate numbers are in, and the results bring good news for both buyers and sellers. Closed sales for both single-family homes and condominiums saw an increase of over 6% compared to the same time last year. This surge in activity seems to have placed upward pressure on prices, with the median sales price for homes rising by 9.7% and condos increasing by 7.4%.

With only 734 homes available for sale at the end of January, competition among buyers likely drove prices higher, as demand outpaced supply. On the other hand, the condo market tells a different story. Inventory for condominiums has continued to climb, with the number of available units soaring by 54.9%, leaving more than 2,000 condos on the market. While this gives buyers more options, it also suggests that prices may begin to face downward pressure in the coming months. In fact, last month, condo buyers paid just 97% of the asking price, a sign that sellers may need to be more flexible as inventory increases.

One of the most common questions from sellers is: How long will it take to sell my home? In January, single-family home sellers accepted offers in a median of 25 days, while condo sellers saw a median of 39 days on the market before securing a buyer.

So, what does all of this mean for you? If you’re a home seller, tight inventory could work in your favor, but pricing your property correctly remains crucial. For condo sellers, competitive pricing and strategic marketing will be key as inventory continues to grow. Buyers in the market for a home should be prepared for competition, while condo buyers may find opportunities for negotiation as more options become available.

Every real estate journey is unique, and market conditions can impact your buying or selling strategy in different ways. Want to know how this market applies to you? Ask Team Wong for expert guidance tailored to your goals.