After a slow start to the year, there are signs that the Oahu real estate market is returning to typical seasonal patterns this spring.

The Oahu real estate market notably softened in February, as homes sat on the market longer and instances of multiple offers continued to decrease. However, pending sales are trending up—an indication that there is still demand in the marketplace.

After 12 months of declining sales, the slowing market is now affecting median home prices. For the first time since the summer of 2021, the single-family home median price dipped below $1M—a sign of reduced buyer competition.

The Oahu single-family home median price dropped by one percent from December 2021 to $1,042,500 the first decline in 30 months. The condo median price increased by three percent from last year to $500,000. Single-family home sales fell by 42 percent from December 2021, while condo sales declined by 40 percent. Month-to-month, sales were up in December, following typical seasonal trends.