Oahu's median condo resale price rose 2.8% year over year in September 2026, to $523,000. In the same month, condo sales in the $200,000 to $599,999 range fell 15.8%, pending condo sales fell 28.6%, and active condo inventory reached 2,509 listings, according to the Honolulu Board of REALTORS® September 2026 report. A median can rise while the market softens because it only reports the middle of whatever closed. In September, fewer of the closings were lower-priced units.
On this island, those lower-priced units tend to sit in older buildings. Their maintenance fees, insurance premiums and upcoming projects take a growing share of a buyer's monthly budget. Buyers who compare two Honolulu condos at similar list prices are often comparing two very different monthly costs. That cost gets priced into the unit long before the appraisal.
The Monthly Number Buyers Are Pricing
A buyer's real limit on Oahu is a monthly payment, and the maintenance fee comes out of the same budget as the mortgage. Aaron Tangonan, president of the Honolulu Board of REALTORS®, told Hawaii Business that at current mortgage rates, a $600 monthly maintenance fee can be the difference between buying a $400,000 condo and a $500,000 condo. At that scale, a fee gap between two buildings works like a price cut on one unit and a markup on the other.
Fees are rising quickly. The same Hawaii Business report cited Board sales data showing an average Oahu condo maintenance fee of $1,051 in February, in a story published in June 2026, and Tangonan said fees had risen 70% over the past decade. UHERO's Hawaii Housing Factbook 2026 measured fees another way and found a median advertised fee of $882 among Oahu listings in February 2026. The two figures don't conflict. An average is pulled upward by the most expensive buildings, and a median shows where the typical listing sits.
Tangonan described the mechanism in the Board's August 2026 report: "condo buyers are also looking at maintenance fees, insurance and reserve funding as part of the monthly cost of ownership. Those carrying costs shape what condo buyers are willing to pay."
What the Last Three Months Show
The summer data fits that pattern. Here is how Oahu condo resales moved from July through September 2026, according to Board figures:
| Month (2026) | Condo resales | Median price | Median days on market | Active inventory |
|---|---|---|---|---|
| July | 416, up 6.9% | $504,500, up 3.0% | 38 | 2,554, up 3.9% |
| August | 365, down 6.6% | $510,000, down 1.0% | 37 | 2,512, up 4.1% |
| September | 375, down 8.1% | $523,000, up 2.8% | 41 | 2,509, up 7.8% |
The median rose $18,500 over those three months while sales and inventory moved the other way. September's pending sales point to where buyers pulled back most. Contract signings in the $400,000 to $599,999 range fell 37.2% year over year, the steepest drop of any price band. Tangonan linked the slowdown to borrowing costs, saying buyers were "taking more time to weigh borrowing costs and their options." Higher rates and higher fees squeeze the same monthly budget, so the units where fees take the largest share of the payment feel each rate increase first.
Sellers also had less room on price. In August 2026, condo sellers received a median 97.1% of their original asking price, and only 10% of condo sales closed above asking. Over the same month, 33% of single-family sales closed above asking. According to Tangonan, condo sellers who priced realistically from the start and were upfront about their building's financial position generally saw stronger results.
The Bill a Buyer Can't See Yet
The monthly fee is only the part a buyer can see. A pending special assessment often matters more. At Mauna Luan, the 20-story Hawaii Kai towers built in 1975, Hawaii Business reported maintenance fees of nearly $1,500 a month for a two-bedroom and a coming special assessment for window replacements with the amount not yet set. A buyer can underwrite a known fee. An assessment with no amount attached is much harder to price.
The same article followed a five-building, 37-unit Hawaii Kai association whose 1970s buildings needed re-roofing, painting, termite tenting and drain-line work. After two fee increases, owners were paying more than $1,000 a month, plus a one-year assessment of nearly $300 a month to rebuild reserves. Its hurricane policy cost $51,555 in 2023, rose to $247,824 in 2024, and fell to $148,086 in 2025.
Building age alone doesn't predict the bill. Sue Savio of Insurance Associates Inc., which handles the majority of Hawaii's condo associations, described both ends of the range to Hawaii Business:
- An old three-story walk-up in Makiki that fixes problems before they become claims has a $5,000 deductible and has never filed a claim.
- A Waikiki building with recurring water leaks saw its premium rise from $235,000 to $1.2 million a year, and its deductible rise from $25,000 to $100,000.
Savio said maintenance accounts for about 60% of insurance costs, with hurricane coverage making up the rest. So a building's maintenance record affects its insurance premium, and through the premium, the price of every unit in it.
Insurance Has Eased for Some Buildings
Hurricane coverage, the part of the premium that rose fastest, has moved down for some associations since the state reopened the Hawaii Hurricane Relief Fund on June 24, 2025. The fund serves associations turned down by at least two Hawaii-licensed insurers. It covers secondary hurricane insurance up to $140 million, above a first $10 million that must be insured privately. Insurance Commissioner Scott Saiki told Hawaii Business that one 44-story urban Honolulu condo saw its hurricane premium drop from $266,000 to $143,000.
According to minutes from the fund's September 18, 2026 board meeting, as of August 31, 2026 the fund had received 399 applications, issued 372 quotes and bound 131 policies. Two of those policies were at the $140 million maximum. Staff reported that surplus-lines competition was increasing and rates were dropping, although recent Pacific storm activity had slowed those reductions. The Honolulu Star-Advertiser reported in April that officials credited the fund with more than $12 million in savings. Nearly $7 million of that came from private-market premium reductions attributed to fund quotes.
Lower premiums can mean lower fees, but savings don't always reach the fee line. Hawaii Business reported that the stabilized premiums have helped associations put money toward deferred maintenance. When a building has a backlog, the insurance savings may go to repairs first.
A Fire-Safety Deadline Already on the Calendar
Some obligations are already written into law. After the 2017 Marco Polo fire, which killed four people, Honolulu required older residential high-rises to install sprinklers or pass a fire and life safety evaluation. The current dates come from Bill 55 (2024), which became Ordinance 25-4 when the Mayor approved it on January 3, 2025, and are written into the City and County of Honolulu Fire Code:
- May 3, 2030. Owners must meet with unit owners or tenants about the design plan, financing and timeline, and file the required plan with the authority having jurisdiction. Sprinkler projects must also file financial and design plans.
- May 3, 2038. Buildings must have an acceptable life safety evaluation score or approved sprinklers or alternative systems, and common areas must comply.
- May 3, 2048. This is the latest extension the authority may grant for common areas, and it applies only where sprinklers are installed in common areas along the egress path.
The code also pauses deadlines for any time beyond 90 days that a complete, timely permit application for qualifying work waits on agency review.
The costs are large. Civil Beat reported in December 2024 that Marco Polo's 2021 sprinkler work cost $6 million, about $10,500 per unit. Work at Kahala Towers was estimated at $4 million to $5 million, about $17,000 to $21,500 per unit. At that time, a little more than 20 of over 300 high-rises had passed the evaluation. The Honolulu Fire Department's existing high-rise residential inventory, last updated April 24, 2026, lists each building with its year built, floors, unit count and whether a life safety evaluation has been submitted. For a buyer looking at a 1960s or 1970s tower, the 2030 planning date falls within a normal ownership period.
Questions Buyers Raise
Does a higher maintenance fee always mean a worse building? No. Fees can be high because a board is funding reserves and repairs on schedule, which is what the Hawaii Kai association above was doing. The Makiki walk-up shows that steady upkeep can keep insurance costs down over time.
Did September's higher median mean condo values rose across the board? The data doesn't support that reading. Sales in the $200,000 to $599,999 range fell 15.8%, and pending sales in the $400,000 to $599,999 band fell 37.2%. Fewer lower-priced units closing pushes the median up even if individual units haven't gained value.
Where can the fire-safety status of a specific tower be checked? The Honolulu Fire Department's published inventory lists Oahu's existing residential high-rises and whether each has submitted a life safety evaluation. The deadlines themselves are in the Honolulu Fire Code.
This post is general information, not legal, insurance or financial advice. Confirm how any rule, policy or association obligation applies to a specific unit with the appropriate professional.
Tracy Allen reviews a building's budget, insurance history and fire-safety plan with buyers and prepares sellers to present them clearly at listing. Book an appointment to go through a specific building before you make an offer.