‍O‘ahu Real Estate Market Snapshot - May 2026

By Kalama Kim, President, Hawaiʻi Modern Realty

Over the past three years, Oʻahu's housing market has been defined by limited single-family home inventory, strong luxury demand, and a more challenging condominium market. Many homeowners continue to hold mortgage rates below 4%, limiting the number of homes coming to market and helping keep home prices stable. Meanwhile, rising maintenance fees, insurance costs, and building repair expenses have created headwinds for the condo market, resulting in greater negotiation and softer demand compared to single-family homes.

May Market Highlights

• Single-family home sales increased 8.5% year-over-year
• Pending home sales rose 8.8%
• Median single-family home price remained stable at $1.166 million
• Homes sold in a median of just 13 days
• Condo inventory remained elevated at 2,387 active listings
• Pending condo sales increased 7.0%
• Pending luxury sales above $3 million increased 70%

May's statistics continue to reflect these trends. Single-family home sales increased 8.5% compared to a year ago, while pending sales rose 8.8%, signaling continued buyer demand. Inventory remained 10.8% below last year's levels at just 730 active listings (not much for the million-plus O’ahu population), and homes sold in a median of only 13 days. Sellers also maintained strong negotiating leverage, with 35% of homes selling above asking price and the median home selling at 100% of its original list price. Despite higher mortgage rates, the median single-family home price remained stable at $1.166 million.

The condominium market continued to move at a slower pace. Condo sales declined 9.4% year-over-year, while median days on market increased from 39 to 43 days. However, pending sales increased 7.0%, suggesting buyer activity is improving. Condo inventory remains elevated at 2,387 active listings—more than three times the inventory available in the single-family home market, and sellers received a median of 96.8% of their original asking price, illustrating the greater negotiating power buyers continue to enjoy.

Luxury properties remained a bright spot. Sales of homes priced between $2 million and $3 million increased 66.7% from a year ago, while pending sales above $3 million jumped 70%. These figures continue to demonstrate the strength of affluent buyers whose wealth has benefited from gains in financial markets and real estate since the pandemic.

For buyers, today's market presents two very different opportunities. Homebuyers continue to face limited inventory and strong competition, particularly in desirable neighborhoods and price ranges. Condo buyers, however, often have more choices, greater negotiating leverage, and the ability to secure concessions that were difficult to obtain just a few years ago.
For sellers, well-priced single-family homes continue to perform exceptionally well because supply remains constrained. Condo sellers face a more competitive environment and must pay close attention to pricing, property condition, maintenance fees, and competing inventory.

The same forces that have shaped Oʻahu's market over the past three years remain firmly in place: limited housing supply supporting home values, strong luxury demand, and a condominium market adjusting to higher ownership costs and changing buyer expectations.

This report reflects information about re-sales of existing properties only and does not include new home sales. All the MLS information is com­piled from sales reported during the cited months; this data is Known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months. This report is provided as a service to HBR members. Note: Percentage change compares data from May 2026 to May 2025.

Storm Preparedness Starts Before the Storm

Hurricane season officially begins in June and runs through the end of November, making now the time to prepare before peak season arrives. A few simple steps can help protect your home, family, and investment throughout the season ahead.

Homeowner Preparation Checklist

• Review your homeowners and flood insurance coverage  
• Clear gutters, drains, and outdoor debris  
• Trim trees and landscaping near the home  
• Secure outdoor furniture and loose items  
• Prepare emergency supplies, batteries, water, and medications  
• Store important documents in a safe, accessible place
• Know your evacuation routes and flood zone status  

In Hawai‘i, weather impacts can vary greatly by neighborhood, making local knowledge and preparation especially important.

Taking proactive steps now can help reduce stress and protect your property later.

Read More.

Condo Buyers May Have a Unique Window

For much of the past several years, buyers faced intense competition, limited inventory, and few opportunities to negotiate. Today's condominium market looks very different.

With more than 2,300 active condo listings across Oʻahu and longer market times than we've seen in recent years, buyers are gaining something that has been in short supply: options.

For first-time buyers, a condo may provide a more attainable path to homeownership. For downsizers, today's inventory offers a wider range of locations, amenities, and lifestyle choices. Current homeowners may also find opportunities to move into neighborhoods or properties that previously felt out of reach.

What Buyers Are Seeing

• More inventory and greater choice across Oʻahu
• Increased negotiating power on price and terms
• Less competition than in recent years
• More flexibility from some sellers
• Opportunities in neighborhoods that were previously difficult to access

What Buyers Should Focus On

• Review HOA reserves and building financials carefully
• Understand total monthly ownership costs  
• Watch for price reductions on longer market listings
• Stay prepared to move quickly on well-priced properties  

Read More.

Sellers Still Have Opportunity with the Right Strategy

While market headlines often focus on broad trends, real estate remains highly local. Conditions can vary significantly from one neighborhood to the next, making strategy more important than ever for today's sellers.

Across Oʻahu, well-prepared and thoughtfully priced homes continue to attract strong interest. Single-family home inventory remains limited, and many buyers are still actively searching for quality properties in desirable neighborhoods.

At the same time, buyers are approaching the market more carefully than they did during the fast-paced pandemic years. They are comparing options, evaluating monthly costs, and paying close attention to value. As a result, sellers who understand their local market and prepare accordingly are often seeing the strongest outcomes.

What’s Working for Sellers Right Now

• Strategic pricing based on current neighborhood conditions  
• Strong presentation, staging, and professional marketing  
• Preparing homes before hitting the market  
• Understanding buyer concerns around insurance, maintenance, and monthly costs  
• Working with an experienced local agent who understands hyper-local demand  

The most successful sellers aren't simply listing their homes—they're positioning them.

Understanding competing inventory, buyer expectations, and neighborhood-specific demand can make a meaningful difference in both market activity and final results.

Whether you're planning to sell this summer or simply evaluating your options, having an accurate understanding of your home's position in today's market is the first step.

Read More.

Why Local Expertise Matters in Hawaiʻi Real Estate

Hawai'i Modern Realty Broker-in-Charge Kiki King sat down with HI Now to discuss why local expertise matters in Hawaiʻi real estate. In a market that is constantly evolving, Kiki shared how hyper-local knowledge, modern technology, and strong community connections help clients make informed decisions with confidence.

From understanding neighborhood trends to building meaningful relationships, Hawaii Modern Realty believes the best guidance comes from professionals who truly live and work in the communities they serve.

Watch the full segment HERE

Flood Relief Assistance Available for Hawai‘i Residents

Following the March Kona Low storms, relief funding is now available for eligible Hawai‘i homeowners and renters impacted by flooding and storm damage.

The Hawai‘i REALTORS® Charitable Foundation is currently accepting applications for grants of up to $1,000, funded through the National Association of REALTORS® Relief Foundation. A total of $200,000 in relief funding will be distributed on a first-come, first-served basis. Applications open through July 1, 2026.

Applications, eligibility requirements, and required documentation can be found at Hawai‘i REALTORS® Disaster Relief Information.

Summer is Here! Do you know this is considered our height season?

My feature picture today is Chili with her duckie. She loves to kidnap my grandson's stuffed animals. I thought it was fitting as we are now in the summer season.

Whether a move is months away or simply a consideration, I'm here to help you evaluate your position thoughtfully.

If you’d like a personalized market snapshot or equity review, simply reply to this email or give me a call to further discuss your Real Estate goals

I'm always happy to help you think strategically and I LOVE it when you recommend me to your beloved family and friends!

Much love and aloha! Mahalo, Lila

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