Million-dollar homes on Oahu are getting smaller, but home size has been shrinking faster in some local markets than others.

Maui single-family home and condo prices continued to rise in Q3 2019. The median single-family home price was $744,373, up 7 percent from last year and the median condo price was $515,000, up 6 percent from last year.

As anticipated, competitive market conditions have returned to the Oahu real estate market. October was a particularly strong month, as low mortgage interest rates, along with years of pent-up demand, pushed up sales. While active listings are still up island-wide, in more than half of Oahu market areas there are fewer homes for sale than a year ago.

The single-family home market is gaining strength. Inventory is beginning to decrease as Days on Market return to previous record-low levels. These market conditions give way for potential price increases in single-family homes in the coming months. For condos​, inventory is rising but is being quickly absorbed.