Oahu Mid-Year Market Update

The market feels very different from the quick pace we experienced a few years ago, but competition hasn’t disappeared, especially for single-family homes.

Over the past few months, I’ve helped buyers secure two single-family homes in competitive multiple-offer situations. While the market has become more balanced overall, desirable single-family homes still attract significant attention. In these situations, success is often about more than price alone. Preparation, communication, understanding the seller’s priorities, and presenting a strong offer that aligns with those priorities all play an important role. Reputation, professionalism, and a proven track record of closing transactions can help create confidence on both sides of the transaction as well.

Recent market activity tells a similar story. In June, the typical Oahu single-family home spent just 13 days on the market, compared to 24 days a year ago. Roughly one out of every three single-family homes on Oahu sold above the asking price.

Buyers continue to place a premium on homes that are well-maintained and move-in ready. That was true in both of the successful multiple-offer situations I worked on. With renovation costs rising and lifestyles busier than ever, buyers are willing to pay more upfront for a home that requires less immediate work.

Condominiums tell a different story. With more inventory available, buyers generally have more choices and more time to compare properties. For some buyers, this additional inventory is creating opportunities that simply weren’t available a few years ago. The typical condo took about 40 days to sell in June, and roughly 13% sold above asking price, compared to 33% of single-family homes selling over asking.

A recent change afffecting condo financing is worth noting. New lending requirements that took effect this week will result in a deeper review of a building’s finances, insurance coverage, reserves, and overall operations when buyers apply for a conventional loan. While most owners won’t notice these changes day to day, this new change could affect financing timelines and buyer eligibility in some buildings. It’s another reminder that a condominium’s long-term value is tied not only to the actual unit itself, but also to the strength and management of the entire building.

Whether you’re actively planning your next move or simply curious about what’s happening in your neighborhood, I’m happy to connect and share what I’m seeing.