Oʻahu Residential Real Estate Brief

August 31, 2026

The consequential theme this week is still the widening gap between Oʻahu single-family homes and condominiums. Detached-home supply remains constrained and July closings were strong, while condos carry substantially more inventory and weaker pending-sales momentum. August’s official HBR/HiCentral monthly report has not yet been released, so July remains the latest completed MLS month.

Oʻahu benchmark — verified HBR/HiCentral MLS

July’s 13.9% jump in the detached-home median does not mean every Oʻahu home appreciated 13.9%. Sales between $1.3M and $2M jumped 76.9% year over year and $2M+ sales jumped 83.3%, materially shifting the sales mix upward. Pending sales, meanwhile, fell 2.1% for single-family homes and 16.3% for condos.

Kailua

The strongest new Kailua evidence is an IDX snapshot updated August 26 showing approximately 119 active listings and 51 pending listings, with 48 properties added during the preceding 30 days. Median asking price was approximately $1.69M, and median current-listing market time was 34 days. These are IDX-cache figures, not an HBR-certified monthly table.

For the HBR Kailua–Waimānalo reporting area in July, detached homes recorded 28 closed sales, a $1.782M median, 13 median DOM and 86 active properties. Condos recorded 12 sales, a $732,500 median, 35 median DOM and 35 active units.

HBR separately reported that Kailua detached-home new listings increased 29.4% year over year in July, confirming that sellers are bringing more inventory forward.

Recent public closings include 343 Dune Circle at $6.05M on August 28, 1595 Kanapuu Drive at $1.32M, and 410-A Kalama Street at $1.625M. These illustrate current activity but are individual sales, not a complete weekly MLS count.

Read: Kailua buyers are seeing more selection, but 51 pending listings against 119 active listings suggests meaningful contract activity remains.

Waikīkī

Realtor.com’s current August snapshot shows approximately 833 properties for sale, a median asking price of $488,000, a median sold price of approximately $450,000 and 95 median days on market. Inventory is about 10.1% above last year, while the median asking price is 1.8% lower.

The underlying July HBR reporting-area data are more useful for closed activity: Waikīkī recorded 82 condo sales, just 1% below July 2025, at a $450,000 median sale price, up 10% year over year. Median DOM was 40 days, sellers received 95.6% of original asking price, and active inventory totaled 714 units. Year-to-date closings were down 20%.

Week-over-week public signal: last week’s portal snapshot was roughly 836 listings and 90 DOM; the current snapshot is 833 and 95 DOM. That suggests essentially flat inventory with slightly slower marketing time, but this is portal-to-portal monitoring, not a certified MLS weekly statistic.

Read: Waikīkī continues to offer meaningful buyer leverage despite July’s firmer median sale price.

Mililani Mauka

The public portal still has not refreshed beyond June for Mililani Mauka, so its latest specific snapshot remains 60 active listings, a $544,000 median asking price, a $600,000 median sold price, and 39 median DOM. Inventory was up 28.6% from the previous month but remained 10% below a year earlier.

The broader HBR Mililani reporting area, which includes but is not limited to Mililani Mauka, provides a more current July benchmark. Detached homes recorded 21 closed sales, a $1.195M median, only 9 median DOM, and 19 active homes. Condos recorded 31 sales, a $545,000 median, 35 median DOM and 114 active units. Detached sales increased 91% year over year and condo sales 35%.

Read: The broader Mililani market remains very competitive for detached housing. The specific Mauka portal data suggest buyers gained inventory earlier in the summer, but there is not enough refreshed public data to claim a further week-over-week change.

Kakaʻako

Realtor.com’s August data now show approximately 140 active Kakaʻako listings, a $802,000 median asking price, approximately $1,034 per square foot, and 67 median DOM.

The broader Ala Moana–Kakaʻako HBR reporting area recorded 56 condo closings in July, up 40% year over year. The median sale price was $895,000, up 1%; median DOM improved from 66 to 51 days. New listings surged 62% to 136, pending sales fell 14% to 49, and active condo inventory reached 481, up 27% year over year.

That combination—more closings, sharply more listings, but fewer new contracts—is important. It suggests buyers remain active but incoming supply is currently outrunning contract formation.

Week-over-week public signal: compared with last week’s roughly 129-listing/79-DOM public snapshot, the current portal shows about 140 listings and 67 DOM. Treat that as directional only because portal refresh timing can distort one-week comparisons.

New escrows / pending sales

This remains the most important data limitation.

There is no fully reliable public Monday-to-Monday HBR feed for new escrows across all four requested neighborhoods. Available July reporting shows:

• Kailua current IDX: 51 pending listings as of August 26.
• Ala Moana–Kakaʻako July: 49 condo pending sales, down 14% YoY.
• Islandwide July: SFH pending sales −2.1% YoY; condo pending sales −16.3% YoY.

A true weekly escrow comparison for every neighborhood still requires a current HiCentral Matrix/RPR hot-sheet pull.

Average DOM note

The primary public HBR releases consistently publish median DOM, not average DOM. I am therefore reporting the verified median rather than incorrectly labeling it an average. Any exact neighborhood average DOM should be calculated from the underlying MLS records.

Hawaiʻi economic context

There were two consequential economic updates this week.

Hawaiʻi’s seasonally adjusted unemployment rate increased to 2.7% in July, from 2.6% in June. Employment remains very strong relative to the nation, although the slight rise bears watching; nonfarm jobs were only 1,200 higher than a year earlier, or approximately 0.2%.

Tourism delivered another mixed but generally supportive signal. Oʻahu welcomed 499,197 visitors in July, 3.7% fewer than last year, but visitor spending increased 2.8% to $885.3M. Through July, Oʻahu visitor spending reached $6.04B, up 5.9% year over year, despite slightly fewer visitors.

DBEDT continues to forecast approximately 1.6% real GDP growth for Hawaiʻi in 2026, indicating expansion but at a moderate pace.

Financing conditions remain a major affordability constraint. HBR’s August 26 local mortgage survey showed many 30-year fixed offerings around 6.0%–6.25%, although points were generally required and APRs varied substantially.

Consequential changes to watch

Versus last week: Waikīkī inventory is essentially flat while DOM edged higher; Kakaʻako public inventory increased while market time improved. Kailua shows 119 active versus 51 pending in the newest IDX snapshot, suggesting healthy contract absorption. Exact apples-to-apples weekly MLS comparisons remain unavailable publicly.

Versus last month: Islandwide July closings increased 11.1% for single-family homes and 4.8% for condos from June. Detached pricing eased slightly from June, while condo pricing fell 4.5%. Inventory increased modestly in both classes.

Versus last year: detached-home activity remains considerably stronger—sales +20.5%, median +13.9% and faster DOM—while condo inventory is higher and pending contract activity notably weaker.

Client-ready buyer talking points

• “Oʻahu is still two markets.” Detached homes can require fast decisions, while many condos offer considerably more time and negotiating leverage.
• “Kailua inventory is improving, but contract activity remains healthy.” Buyers should be prepared when a properly priced home appears.
• “Waikīkī remains a negotiation market.” Use longer market times to pursue price, credits, furnishings, repairs or rate buydowns.
• “Kakaʻako supply deserves attention.” New listings surged while pending sales declined in July, strengthening the case for careful negotiation.
• “Underwrite the building, not only the unit.” Insurance, reserves, special assessments and HOA increases can outweigh a modest price discount.

Client-ready seller talking points

• “Detached-home demand remains strong, but don’t overread the headline median.” July’s price jump was heavily influenced by increased luxury activity.
• “Kailua sellers are facing more new competition.” Pricing and presentation matter even in a strong market.
• “Condo sellers need to differentiate.” Kakaʻako and Waikīkī buyers have substantial choice.
• “Remove uncertainty before listing.” Have master insurance, reserve information, HOA documents and known assessment information ready.
• “Price against the immediate competition.” In Kakaʻako especially, tower, floor, view and building age matter far more than a neighborhoodwide median.

Reliability key: HBR/HiCentral and DBEDT statistics = verified primary-source data. Current Realtor.com, Zillow and IDX figures = public-market snapshots/estimates. Mililani Mauka’s specific public dataset remains stale. Exact current weekly new-escrow counts and neighborhood average DOM remain incomplete without member-level HiCentral Matrix or RPR access.