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Vote for Honolulu Star-Advertiser’s Hawaii’s Best 2025
Vote for Honolulu Star-Advertiser’s Hawaii’s Best 2025!
The Honolulu Star-Advertiser’s Hawaii’s Best Award voting is back for 2025 and they’ve switched it up by accepting votes both online and with printed ballots found in their print edition.
We’ve had the honor of receiving the Hawaii’s Best Real Estate Firm Award for 14 Years and humbly as for your support. If you have a moment, please https://www.staradvertiser.com/HawaiisBest2025/ and Vote for Better Homes and Gardens for Best Real Estate Firm in the “Company” category.
Please also vote for your favorite BHGRE Realtor too!
Thank you for your support. ♥
Vote Better Homes and Garden for Hawaii’s Best Real Estate Firm 2025
Oahu Real Estate Market Report – April 2024 Home Sale Statistics
Home Sales Up Month-to-Month, Still Lag Compared to Pandemic Housing Frenzy
Single-family home buyers and sellers enter contract more quickly in April
According to resale figures released today by the Honolulu Board of REALTORS®, April witnessed an uptick in single-family home and condo sales. Single-family home sales rose by 26.0% year-over-year, totaling 262 transactions, and by 13.9% monthover-month. Similarly, condo sales saw a 2.6% rise compared to the same time last year, totaling 431 units sold and a 25.3% increase month-over-month.
Despite the momentum change, sales remained at softened levels compared to recent years. Based on a 12-month moving average of sales, April’s average was approximately 40% below the peak moving averages observed in 2021 and 2022. Compared to the pre-pandemic moving average in April 2019, this month’s sales average indicates a decline of about 26% for singlefamily homes and 18% for condos.
Month-over-month, the median price of a single-family home remained steady at $1,100,000, though this marks a 10% year-over-year increase. Compared to April 2023, single-family homes within the $1,100,000 and above range surged 50%, with 132 sales compared to 88 in April 2023.
The condo median sales price grew 5.6% year-over-year and month-over-month, reaching $528,000 compared to $500,000 in April 2023. This upswing is driven by a change in sales activity, with a 35.1% decrease in condos sold within the $300,000 to $399,999 range and a 23.1% increase for condos priced at $600,000 and above.
“Though home sales haven’t reached pre-pandemic levels or the peak activity we noticed in 2021 and 2022, we’re seeing positive recovery signs for O‘ahu’s housing market,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “The month-over-month rise in sales indicates buyers are active in the market despite higher mortgage rates.”
Buyers and sellers moved quickly on single-family homes in April, with the median days on the market decreasing to 17 from 24 in April 2023. Additionally, one in three single-family home sales, or 33%, closed above the original asking price, compared to 25% in April 2023, suggesting increased competition. In contrast, condos took longer to sell, with the median days on the market rising to 29 from 20 last April.
Additionally, only 15% of condo sales closed above the original asking price this April, down from 22% in April 2023. Pending sales remained stable, with a slight year-over-year decline of 0.7% for single-family homes and a slight 1.1% increase for condos.
New listings observed positive growth, with 349 new single-family home listings and 656 new condo listings, up 19.5% and 23.3%, respectively. However, compared to 2019, new listing volume stayed below the 12-month moving average, dipping 36% for single-family homes and 20% for condos.
Active inventory gained a modest 6.4% for single-family homes and 5.6% for condos compared to the previous month. Year-over-year, single-family home inventory grew by 15.5%, while condo inventory surged by 37.8%. Single-family homes priced $1,000,000 and above rose 21.0% from last year, comprising 68% of the active single-family home inventory. Condo inventory also skyrocketed for units priced at $300,000 to $499,999, nearly doubling by 98.0% year-over-year, totaling 497 active units by April’s end.
“Nearly 90% of homebuyers and sellers choose to work with a REALTOR®. Consumers continue to see the value in working with a local real estate professional to guide them through what is typically the most significant financial transaction one makes in life,” Gendrano added.
Single-family homes in the Leeward region experienced the most significant change in active listings, up 38.5%, and the Metro region experienced a 28.8% uptick. Hawai‘i Kai was the only region where active inventory declined for condos, dropping by 30.8% or eight units. However, the Metro region experienced the largest volume change in active inventory for condos, increasing by 27.9% or 244 units from a year ago, ending April with 1,119 active units.
For the full market report, visit:
source: Honolulu Board of Realtors
Oahu Real Estate Market Report – March 2024 Home Sale Statistics
Oahu’s Housing Market Remains Sluggish
Median sales prices rise slightly as sales volume dips for both single-family homes and condos
According to resale figures released by the Honolulu Board of REALTORS®, the spring season started with little momentum. In March, single-family home sales dipped by 2.5% year-over-year and condo sales fell 22.5%. The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record-setting price of $536,000.
Single-family home sales priced $899,999 and below experienced a modest uptick, with 70 sales, marking a 6.1% increase compared to 66 last March. Meanwhile, the largest decrease in sales volume occurred for single-family homes purchased in the $900,000 to $999,999 price range, down 28.1% or 9 sales from a year ago. Condo sales observed an uptick in the $200,000 to $399,999 range by 11.8% or 10 sales, but declined sharply in the $1,000,000 and above range, dropping to 25 from 52 last March, or 51.9%. Sales in the $400,000 to $799,999 range also fell by 28.5% year-over-year.
“Elevated mortgage rates have prompted another slowdown in market activity,” said the President of the Honolulu Board of REALTORS®. “However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”
Both single-family homes and condos typically entered contract within one month. Median days on market for single-family homes and condos were 31 and 29 days, respectively. However, single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease.
Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for singlefamily homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales. For single-family homes, 23% of sales closed above the original asking price compared to 24% last year. Meanwhile, condo sales above asking price decreased to 18% from 21% the same time last year.
“The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics,” the HBR President added.
New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.
March concluded with a 7.4% increase in active inventory for single-family homes, driven by rises in the upper price range at $1,600,000 and above, up by 23.2%, and the $1,000,000 to $1,599,999 range, up by 9.2%. Conversely, inventory in the $999,999 and below range declined by 7.5%. In the condo market, active inventory surged by 29.6% year-over-year, with significant increases across most price points, offering buyers more options. The $300,000 to $499,999 range skyrocketed 84.9%, with 464 units available, compared to 251 a year ago.
First Quarter
Despite these challenges, first-quarter sales grew 6.1% for single-family homes but fell by 7.1% for condos.
Year-to-date (Q1) median prices reached $1,070,000 for single-family homes and $505,000 for condos, a 4.4% and 1.0% year-over-year increase, respectively.
Through the first quarter of 2024, single-family home sales in the $1,000,000 and above range increased to 340 from 292 in Q1 2023, rising 16.4%. However, single-family homes priced at $999,999 and below decreased by 5.2%, with 253 sales compared to 267 in the same period last year. For condos, sales in the $400,000 to $499,999 range slumped 19.6%, with 164 sales compared to 204 in Q1 2023. Sales volume for condos priced at $1,000,000 and above also dipped, with 71 sales compared to 102 during the same period last year, a 30.4% drop.
View the full report at https://issuu.com/advantagerealtyhi/docs/march_2024_oahu_real_estate_report
Oahu Real Estate Market Report – January 2024 Home Sale Statistics
New Year Sees Oahu Home Sales Rise
Properties stay on market a bit longer, but continue to move into escrow in under 30 days
According to resale figures released today by the Honolulu Board of REALTORS®, single-family home sales rose 22.7%, while condo sales ticked up 6.2% compared to this time last year. Month-to-month, the new year started much like 2023 ended, with minimal upticks in sales of single-family homes at 1.1% and condos at 7.4%.
Median sales prices in January 2024 closely resembled year-end figures in late 2023. Single-family home prices reached $1,021,016, up 2.5% month-to-month but down 2.8% from the year-end median of $1,050,000. In January, the median condo price was $502,500, a 1.5% dip month-over-month and a 1.2% drop from the year-end median of $508,500. Year-over-year, single-family home prices grew by 5.3%, while condo prices saw a modest 1.5% increase.
Properties stayed on the market slightly longer than they did a year ago but still moved into escrow in less than a month. Both markets marked median days on market of 29 days, compared to 24 days in January 2023.
Both markets experienced an uptick in new listings. Single-family home listings grew 6.3% year-over-year, with 285 new properties for sale. Sellers added 581 new condo listings to the market, an 11.1% year-over-year increase. By January’s end, active inventory levels for single-family homes rose 10.2%, and condos increased 12.7% year-over-year. However, compared to January 2020, just before the pandemic, active inventory levels remained down 25%.
“New listings mean new opportunities for buyers at all price points,” said the President of the Honolulu Board of REALTORS®. “However, Oahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”
Sales volume for single-family homes increased across all price points, with the most substantial surge observed in homes priced at $1,300,000 or higher where sales more than doubled. In January 2024, sales in this range skyrocketed by 113.3%, with more than 70% of sales in this category coming from the Kailua, Diamond Head, Metro, and Hawai‘i Kai regions. Condos in the more affordable price range of $300,000 to $499,999 recorded the highest sales volume, while sales in the outer price bands of $199,999 and below and $900,000 and above significantly declined, at 52.4% and 33.3%, respectively.
“As evidenced by the market activity, everyone’s journey to homeownership is different. There are so many personal factors to consider when buying a home, and the best thing you can do is work with a REALTOR® who can bring the market knowledge, negotiation skills and experience to help you achieve your real estate goals,” the HBR President added.
Contract signings for single-family homes dropped most in the $800,000 to $999,999 range, with only 56 pending sales compared to 84 last year, down 33.3%. In the upper price range of $1,200,000 and above, there were 92 pending sales, a 16.4% drop. Condos in the $200,000 to $399,999 range saw a 14.7% year-over-year decrease in contract signings, while the $400,000 to $599,999 range experienced a moderate 8.4% increase in contract signings.
Year-over-year, transactions closing above the original asking price remained consistent for single-family homes but decreased for condos. In January 2024, 23% of single-family sales closed above asking, compared to 25% of sales in January 2023. Roughly 17% of condo sales closed above asking, compared to 21% of sales this past year.
View Full report at: https://issuu.com/advantagerealtyhi/docs/january_2024_oahu_real_estate_report
2023 Annual Oahu Real Estate Market Report + December 2023 Home Sale Statistics
According to resale figures released by the Honolulu Board of REALTORS®, Oahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0%. Median sales prices for properties dipped modestly, though the median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline. Meanwhile, the median sales price for a condo was $508,500, a marginal 0.3% decrease.
“In 2023, Oahu’s housing market felt the acute impact of rising mortgage rates and limited inventory,” said the President of the Honolulu Board of REALTORS®. “The cooling market activity we first experienced in 2022 carried over in 2023, as sales volume continued to mellow out compared to the frenzy we saw during the COVID-19 pandemic.”
Overview of 2023 Year-End Statistics Compared to 2022, in 2023:
- Properties spent longer on the market compared to last year’s 12-day median.
- Single-family homes marked a median of 22 days on market, an 83% increase, and condos marked a median of 21 days on market, up 75%.
- Slightly fewer sellers received the original list price for their properties, according to the overall sales price to original list price ratio.
- This ratio evaluates the percentage of the original list price received compared to the final sales price. This year, the overall sales price to original list price ratio declined, with median ratios of 98.3% for single-family homes and 98.6% for condos, despite continued competition in some pockets of the market due to low inventory.
- New listings fell by double digits in both markets.
- Single-family home listings fell by 20.2% to 3,324 in 2023, while condo market new listings decreased by 18.0% to 6,123.
- Pending sales dropped due to higher borrowing costs, dampening buying activity.
- Single-family home contract signings dropped 18.7% to 2,796, while condo contract signings declined 22.1% to 4,721.
Throughout 2023, single-family home sales declined at most price points. Properties priced at $699,999 and below were the exception, with a 10.7% increase in sales. The majority of these sales in this price range occurred in the Leeward region, accounting for 62%, or a total of 135 sales. Conversely, properties within the $900,000 to $1,399,999 price range slumped by 34.0%, with 543 fewer sales.
In the condo market, all price points experienced a double-digit decline in sales. Kailua was the exception, with minimal change and only two fewer sales than the previous year, while all other regions witnessed sales declines of 24% or more.
Furthermore, in 2023, fewer sales closed above the original asking price for both single-family homes and condos. Only 29% of single-family homes received more than the original asking price compared to 50% in 2022. In the condo market, 21% of condos sold above the original asking price in 2023, as opposed to 37% in 2022.
In December 2023, both markets continued their year-over-year decline in sales volume, marking 23 consecutive months of dropping sales for single-family homes and 19 straight months for condos.
The median price for a single-family home dipped below $1 million, finishing the month at $996,500, a 5.1% decline from December 2022 at $1,049,500. Conversely, condos experienced a slight increase in median sales prices, rising by 1.5% to $510,000 compared to the same time last year.
Single-family homes marked median days on the market of 18 days, one week faster than December 2022. However, the condo market recorded a median days on the market of 26 days, five days longer than the previous year.
“Average mortgage rates peaked early in the fourth quarter of 2023 and dipped in November and December. Though the rates are still higher than this time last year, we saw slight increases in contract signings for both markets, which tells us that buyers are still optimistic and active in their pursuit of a new home,” the HBR President added.
| 2023 Annual Single-Family Home Resales | |||||
| Number of Sales | Median Sales Price | ||||
| December 2023 | 2,560 | -26.3% | $1,050,000 | -5.0% | |
| December 2022 | 3,474 | $1,049,500 | |||
| 2023 Annual Condominium Resales | |||||
| Number of Sales | Median Sales Price | ||||
| December 2023 | 4,573 | -28.0% | $508,500 | -0.3% | |
| December 2022 | 6,353 | $510,000 | |||
December saw an 8.3% increase in contract signings for single-family homes and stable numbers for condos, up 0.3% year-over-year. Additionally, the single-family home and condo markets closed the month with year-over-year increases for total inventory in escrow, rising by 9.7% and 8.8%, respectively.
Single-family homes priced at $1 million and above saw a 21.1% decline, with 90 sales compared to 114 in December 2022. However, single-family home sales below $1 million remained relatively stable, with a modest 4.5% uptick. In the condo market, higher-priced units for sale at $700,000 and above exhibited a minimal dip in sales, recording 74 sales or two less than the previous year. In contrast, condos priced below $699,999 experienced a significant 30.3% decline in sales compared to last year, dropping to 198 sales.
New listings increased by 9.8% year-over-year in the single-family home market, while condo listings decreased by 5.9% compared to December 2022. However, active inventory showed minimal growth from a year ago, indicating buyers will continue to see limited housing inventory in 2024. At the end of December 2023, there were 600 active single-family homes, a modest 0.5% increase from the previous year, and 1,234 active condos, reflecting a 5.5% increase.
source: Honolulu Board of Realtors
Welcoming BHGRE’s New President, Ginger Wilcox
BHGRE President Ginger Wilcox visits Hawaii
Welcoming Agent, Kai Mortel!
Please join us in welcoming Kai Mortel to our BHGRE Advantage Realty `ohana!
Kai was born in Maui, raised on Oahu and attended Roosevelt High School. Kai’s interest in sales and service led him to begin his professional career at 24 Hour Fitness as a customer service sales representative where he demonstrated strong interpersonal skills and a passion for connecting with people and understanding their needs.
Building on his experience and strengths, Kai went on to join Servco as a Sales Representative for the past seven years. Kai thrived in a fast-paced environment, cultivating expertise in sales and fostering lasting relationships with clients. It was during this time that Kai discovered his entrepreneurial spirit and the unlimited potential to create wealth through real estate, as well as the desire to help others to pursue their dreams of home ownership.
Kai currently resides in Kapolei with his girlfriend, Ashley, and their 2 fur babies, Bruiser and Tigger. In his free time, Kai enjoys working out, hanging out with friends, playing video games, and trying new foods.
Kai will be joining our Kapolei office.
Welcome to the BHGRE Advantage Realty family, Kai!
Click here to connect with Kai: https://betterhawaii.com/directory/agents/kai-mortel
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Welcoming Agent, Suzuna Maudlin
Please join us in welcoming Suzuna Maudlin to our BHGRE Advantage Realty `ohana!
Suzuna was born and raised in Kanagawa, Japan. She moved to Hawaii in 2015 and earned her degree in Hospitality and Tourism at Kapiolani Community College where she gained valuable skills in customer service and communication. Suzuna also has experience working at Louis Vuitton Waikiki as a sales representative where she honed her skills and provided top-notch service to clients.
Suzuna currently resides in town with her husband, Robert. In her free time, Suzuna enjoys Surfing, hiking, and trying new foods.
Suzuna will be joining our Kahala office.
Welcome to the BHGRE Advantage Realty family, Suzuna!
Click here to connect with Suzuna: https://betterhawaii.com/directory/agents/suzuna-maudlin-ra
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Oahu Real Estate Market Report – May 2023 Home Sale Statistics
Sales Volume of Oahu Homes Picks Up Month-to-Month, Still Down Compared to 2022
Properties in both markets spend longer on the market, approximately three weeks
According to resales figures released by the Honolulu Board of REALTORS®, the sales volume of Oahu homes improved month-over-month, rising 26.0% for single-family homes and 4.3% for condos in May. However, closed sales declined 23.8% for single-family homes and 36.3% for condos compared to the same time last year.
The median sales price for a single-family home ($1,109,000) was 3.9% below the current record set in May 2022 ($1,153,500). Similarly, on the condo side, the median sales price dipped modestly by about 2.2% from $516,500 in May 2022 to $505,000 in May 2023.
“Despite lower sales volume, the median prices for Oahu properties haven’t changed much over the past year,” said the President of the Honolulu Board of REALTORS®. “Lack of inventory continues to drive demand as more kamaʻāina strive to become homeowners.”
Single-family homes and condos spent two times longer on the market than last year at 21 and 20 days, respectively, compared to 10 days in 2022. More single-family home sales closed at the full asking price or more than in the past seven months. However, this figure changes year-over-year, as approximately 45% of these sales in May received the full asking price or more, compared to about 75% of sales in May 2022. The same is true for condos, as roughly 45% of condo sales closed for the full asking price or more compared to 65% of sales in May 2022.
“Competition among buyers appears to be waning compared to 2022. However, more than a third of sellers continue to receive their full asking price or more in these market conditions,” added the HBR President.
Single-family homes in the $700,000 to $1,299,999 price range accounted for the majority of closed sales in May, at 67%. The ‘Ewa Plain recorded the largest share of single-family home sales at 25.6% (or 67 sales), representing the area’s most significant sales volume so far in 2023. Active inventory in the $700,000 to $899,999 price range experienced the largest increase in May. While active inventory increased in most neighborhoods, the Leeward region marked the most significant uptick, rising 55.6% to 70 active listings.
Meanwhile, condos in the $700,000 and up price range experienced a 48.5% drop in sales year-over-year. The Kailua region was the only area to see an increase in condo sales volume, with 18 sales this May compared to 13 sales in May 2022. Most price points for condos recorded an increase in active inventory, with a 39% uptick in the more affordable $400,000 to $699,999 price range.
{source: Honolulu Board of Realtors 2023}
Welcoming Agent, Sal Gonzalez
Born and raised in Orange County California, Sal’s ability to speak both English and Spanish fluently has enabled him to begin his sales career 27 years ago selling 3M industrial products in five cities for six years. The experience he gained with customer service, product knowledge, marketing, and excellent communication skills allowed him to continue his growth in the sales industry and opened doors to new opportunities when he relocated to Oahu in 2001. In 2001, Sal began his career in fine jewelry and watch sales. With nearly 20 years of sales experience in Hawaii, his connections and work relationships have demonstrated time and time again that Sal has a very reliable and trustworthy reputation with clients and jewelry manufacturers located both locally and nationally. His outstanding work ethic and commitment to his customers’ needs have always been a top priority of his. Sal prides himself on the relationships he has built with his clients that have developed over the years into great friendships. Sal is dependable, honest and even a jokester at times. When you meet Sal you will instantly find yourself at ease with his easygoing personality however he is always very professional and treats everyone with the utmost respect.Sal resides in Kailua with his wife Vickie, two children, Anthony (17) and his daughter Alexandria (13) and three dogs. Sal enjoys cycling, hiking, golfing and has a passion for running. He has completed three marathons and various competitive obstacle races.
Sal will be joining our Kahala office as a team with his business partner, Renato Besabe. Welcome to the BHGRE Advantage Realty Family, Sal!
Click here to connect with Sal: https://betterhawaii.com/directory/agents/sal-gonzalez
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