Oahu Market Report: October 2024

Oahu Real Estate Market: October Sales and Price Trends

October continued Oahu’s positive momentum in real estate, with both single-family homes and condo sales experiencing year-over-year growth as we entered the fourth quarter. Single-family home sales jumped by 22.5%, increasing from 213 to 261 transactions, while condo sales grew more modestly, up 1.5% from 399 to 405 sales. Month-over-month, single-family home sales surged 20.3%, and condo sales followed with a 10.7% increase.

Price Stability and Days on Market

Median prices displayed stability in October. The median single-family home price held steady at $1,100,000 compared to the same month last year, while condos experienced a slight increase of 1.9%, reaching $525,000. Median days on market showed little change, with single-family homes moving slightly faster at 16 days (down from 18) and condos taking a bit longer at 26 days (up from 21).

Regional Performance Across Price Points

Single-family home sales saw gains across most price points, notably in the ‘Ewa Plain and Pearl City regions, which posted impressive increases of 42.4% and 76.5%, respectively. Condo sales in the $400,000 to $699,999 range climbed 14.9%, rising from 168 to 193 transactions. Sales at the lower end ($399,999 and below) and higher end ($700,000 and above) experienced slight declines. Condo sales held steady overall, with the Metro area seeing a 14.1% dip, balanced by gains in the Central and Pearl City regions, which increased 37% and 64.7%, respectively.

Rising Inventory Levels

Active inventory surged year-over-year, with single-family home listings up 18.4% to 741 and condo listings growing significantly by 49.8% to 1,957. Single-family homes priced at $1,300,000 and above saw a notable increase of 34% to 402 units, while condos in the $300,000 to $599,999 range skyrocketed by 76.5%, totaling 865 listings. The largest increases in single-family home inventory were seen in Central, Diamond Head, Kailua, Kaneohe, Leeward, and North Shore. Condo inventory also more than doubled in Diamond Head, Hawai‘i Kai, and North Shore.

Increase in Contract Signings and New Listings

Contract signings for single-family homes rose 30.2% year-over-year, with pending sales climbing from 192 to 250. The $900,000 to $1,399,999 price range saw the largest gain, with a 58.2% increase in pending sales. Additionally, 31% of single-family homes closed above their original asking price, up from 29% last year. In the condo market, contract signings saw a modest 1.8% dip, with 319 pending sales. However, condos priced between $900,000 and $1,999,999 surged 57.7% in contract activity, while those above $2,000,000 saw a sharp decline of 66.7%. Condos closing above asking price accounted for 17% of sales, a slight drop from 18% last year.

New listings also increased in October, with single-family homes up 9.6% year-over-year to 298, and condos rising 5.5% to 597. The market remains dynamic as inventory growth provides a wider selection for buyers, particularly in Central and North Shore for single-family homes, and Diamond Head, Hawai‘i Kai, and North Shore for condos.

Outlook

The Oahu real estate market demonstrated resilience and growth through October, with gains in sales and inventory indicating a robust start to the fourth quarter. As buyer interest remains strong across various price points, the market’s positive momentum could carry into the final months of 2024.

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