Sales of existing condos were much higher last month than in a typical January, particularly in Waikiki and Ala Moana-Kaka'ako, where sales were more than double from a year ago.
As single-family home inventory declined steadily over the past two years, the scarcity of homes and rising prices led more buyers to purchase condos or townhomes—which are more plentiful than single-family homes and often more affordable. Although the market continues to challenge homebuyers, there are some encouraging signs; the pace of sales is returning to seasonal norms and the decline in active listings appears to be leveling off—though listings remain very low.
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