This summer, we’ve seen noticeable shifts in both national and local market trends.
Nationally, active listings have surged by 23% since August 2023, reaching the highest levels since fall 2020. Additionally, price reductions on active listings have risen by 37% year-over-year, signaling heightened competition among sellers.
In Hawaii, the condo market is particularly feeling the strain from the ongoing insurance crisis, adding to existing challenges. The trend toward price reductions is evident: in May, only 15% of condo listings saw price drops, but by September, this number had more than doubled to over 37%. Despite this, the current number of active condo listings remains at 85% of what it was in October 2020.
The single-family home market is showing a similar, though less dramatic, trend. In May, 7% of single-family home listings saw price reductions, a figure that climbed to 18.6% by September. Active listings in this segment are now at 75% of October 2020 levels.
