Oahu active listings continued to build last month, giving homebuyers more choices even as the island’s median single-family price pushed to a new high above $800,000.
According to the Honolulu Board of Realtors, there were 1,403 single-family active listings in August, up 14.1 percent from 1,230 a year earlier and the highest tally since November 2011, when there were 1,406. August marked the seventh consecutive monthly increase since January, when just 1,003 single-family homes were available islandwide.
Condominium inventory also expanded. Active condo listings reached 2,071 in August, an 8 percent gain from 1,918 a year earlier. It was the third straight month with more than 2,000 active condo listings, and the fourth time in the past five months. Before this stretch, Oahu had not topped 2,000 active condo listings in a month since July 2016, when 2,040 were on the market.
Market watchers say inventory remains historically tight and properties are still moving quickly. However, the increase in Oahu active listings is a welcome shift for buyers who have faced intense competition in recent years, and it may point to a market that is stabilizing after an extended seller-dominated cycle.
The board reported Oahu’s median single-family sale price rose 3 percent in August to a record $810,000, surpassing the previous peak of $795,000 set in June 2017. For the first eight months of the year, the median was $785,000 for single-family homes and $425,000 for condos, up 3.7 percent and 6 percent, respectively.
Oahu active listings and homeowner tax exemptions
Property owners who live in their Oahu homes have until Sept. 30 to file for a homeowner exemption, which can significantly reduce property tax bills by lowering the net taxable assessed value.
The standard exemption is $80,000, and it increases to $120,000 for homeowners age 65 and older. For properties assessed at $1 million or more, qualifying for the exemption can move the property out of the city’s Residential A classification, which carries a higher tax rate.
Homeowners typically only need to file once. To be eligible, the property must be your principal residence, not a second home or an investment, and you must have owned it on or before Sept. 30 preceding the tax year for which you claim the exemption.
Officials recommend filing online at realpropertyhonolulu.com. You will need your parcel ID, also known as the tax map key, which is available on your assessment notice or through the site.
The standard exemption is $80,000, and it increases to $120,000 for homeowners age 65 and older. For properties assessed at $1 million or more, qualifying for the exemption can move the property out of the city’s Residential A classification, which carries a higher tax rate.
The board reported Oahu’s median single-family sale price rose 3 percent in August to a record $810,000, surpassing the previous peak of $795,000 set in June 2017. For the first eight months of the year, the median was $785,000 for single-family homes and $425,000 for condos, up 3.7 percent and 6 percent, respectively.
For a broader look at state revenues and how real estate trends feed into the tax base, see Hawaii tax collections get short-term lift amid war fallout.
