Waikiki Condo Market Analysis

Waikiki’s condo market continued to shift in buyers’ favor in September 2026. Months of inventory increased, properties took longer to sell, the sold-to-list price ratio declined, and the median sold price moved lower. Taken together, these indicators suggest softer demand and greater buyer leverage, although individual results can vary considerably by building, unit condition, view, maintenance fees, and rental eligibility.

Months of inventory reached 11.72, up 7.52% from the previous period. Because six months is generally considered a balanced market, the current level points to a substantial supply of condos relative to the pace of sales. Buyers may benefit from more choices, less pressure to make immediate decisions, and stronger negotiating opportunities. Sellers, meanwhile, face greater competition and may need to price carefully, present their units well, and remain patient as buyers compare available options.

The sold-to-list price ratio fell 1.1% to 95.9%. This indicates that closed properties generally sold for about 4.1% below their final asking prices. While the ratio remains above the 95% level commonly associated with more pronounced buyer leverage, its decline suggests that buyers are gaining negotiating room. Buyers may be able to seek price reductions or favorable terms, while sellers should expect closer scrutiny of pricing and may want to build a realistic negotiation range into their strategy.

Median days on market rose sharply to 85 days, an increase of 57.41% from the prior period. Longer marketing times typically indicate slower demand and reinforce the buyer-leaning conditions shown by the inventory figures. Buyers have more time to evaluate properties and complete due diligence, but well-priced or distinctive units can still move faster. For sellers, the extended timeline makes accurate initial pricing especially important, since an overpriced listing may lose momentum and require later adjustments.

The median sold price was $434,500, down 3.44% from the previous period. This decrease may provide buyers with improved affordability or access to units that were previously out of reach. For sellers, it is a reminder to base expectations on recent comparable sales rather than earlier market highs. However, a change in the median does not necessarily mean every condo declined by the same amount; shifts in the mix of units sold can influence the figure, particularly in a diverse market such as Waikiki.

Overall, September’s data describes a market with ample inventory, slower sales, more negotiation, and modest downward pressure on prices. Buyers may find opportunities, but should still assess building finances, maintenance fees, insurance, leasehold considerations, and rental rules. Sellers can still achieve successful outcomes with realistic pricing and strong preparation. Market conditions can change due to interest rates, insurance costs, economic developments, regulatory changes, and other unforeseen factors. For personalized guidance on how these trends may affect a specific Waikiki property or purchase, Christopher Breen can serve as a resource for evaluating current conditions and available options.