March 2018 was a big month for condos. A six percent increase in new condo listings pushed the number of available condos to nearly 1,500 units. Condo prices also hit a record high in March at $440,000, just barely edging out January’s median price of $439,000. Some good news for condo shoppers is that competition is easing up a bit, thanks to increased inventory.
Waikiki saw the greatest increase in available condo inventory. Waikiki also has the largest share of condos for sale—more than one-third of Oahu’s condos. Mililani and Pearl City-Aiea also saw large increases in inventory, almost doubling the number of available condos over last year. In terms of median price, the bulk of Oahu’s available condo inventory is in the $250,000 - $499,000 range. This price range also saw the greatest increase in condos for sale, welcome news for condo shoppers.
Oahu single-family homes saw decreases in both inventory and Days on Market, along with a 10 percent increase in bid-ups, a marker of rising competition. Months of Remaining Inventory for single-family homes is near record lows. If no new listings were to come online, Oahu would run out of single-family homes in 2.5 months. The median price for single-family homes ticked up by one percent over last year to $760,000.