Oahu Market Report: November 2024

Oahu Real Estate Market: November Sales and Price Trends

November saw continued growth in Oahu’s real estate market, with year-over-year increases in both single-family home and condo sales. Single-family home transactions rose 12.8%, with 203 closings compared to November 2023, while condo sales increased by 10% to 341 closings.

Price Trends and Days on Market

Median prices in November reflected modest year-over-year growth. The median sales price for single-family homes rose 1.4% to $1,115,000, while condos saw a 2.7% increase, reaching $530,000.

Homes sold slightly faster than the previous year, with the median days on market for single-family homes at 24 days, down from 29 in November 2023. Condos, however, took longer to sell, with a median of 32 days compared to 23 days a year ago.

Regional Performance Across Price Points

The $900,000 to $1,199,999 range dominated the single-family home market in November, accounting for roughly one-third of all sales. This segment experienced a significant 66.7% increase in sales volume, with 70 homes sold compared to 42 in November 2023.

In the condo market, over 50% of sales were in the $300,000 to $599,999 price range, with 182 closings representing a 25.5% increase from the 145 sales in the same range last year.

Above-Listing Price Sales

A greater share of single-family homes sold above the original asking price in November, rising to 26% from 21% in November 2023. In contrast, fewer condos sold above asking price, with only 12% closing above the list price, down from 19% a year earlier.

Inventory Growth and New Listings

Active inventory for both single-family homes and condos increased in November compared to one month and one year ago. Single-family homes saw a 1.1% month-over-month increase in active listings, ending November with 749 available homes, up 11.5% year-over-year. Condo inventory rose 4.7% from the previous month, closing November with 2,049 active listings—a 53.3% jump from the same period last year.

New listings surged year-over-year, with 297 single-family homes entering the market, an 11.2% increase. The condo market saw even stronger growth, with new listings up 30.9% to 598. Notably, condos priced at $1,000,000 and above saw a dramatic 93.8% increase, with 124 new listings compared to 64 in November 2023.

Outlook

November’s robust sales and inventory growth signal a healthy and competitive market as the year comes to a close. With increased activity across key price points and expanded inventory options, buyers and sellers remain active, positioning Oahu’s real estate market for a strong finish to 2024.

Source: Honolulu Board of REALTORS®, compiled from MLS data