Oahu Market Report September 2024

October 9, 2024

Oahu Real Estate Market: September Sales and Price Trends

Hawaii’s real estate market continues to shift, with both single-family home and condo sales seeing changes in September. Home sales dropped by 6.5% compared to the same time last year, with 217 sales versus 232 in 2023. Condo sales experienced a smaller decline, falling by 2.7%, down from 376 to 366 sales.

Despite the recent slowdown, year-to-date single-family home sales are still up 5.8% compared to last year. In contrast, condo sales remain 5.6% lower than the pace set in 2023. The third quarter also followed this trend, with single-family home sales growing by 4.4% compared to Q3 of last year, while condo sales slipped by 5.2%.

Pricing Shifts and Days on Market

Both markets have seen fluctuations in median sales prices. The median price for single-family homes increased by 6% year-over-year, reaching $1,112,722. Meanwhile, condos experienced a slight price drop of 2.8%, with the median price now at $517,500.

In terms of market activity, single-family homes continued to sell quickly, spending a median of 19 days on the market, nearly unchanged from last year’s 20 days. Condos, however, took longer to move, with a median of 31 days compared to 21 days in September 2023.

Performance Across Price Ranges

Different price brackets showed varying trends. Single-family homes priced under $899,999 saw the largest decline, with a 36.6% drop in sales, down to just 52 transactions compared to 82 last year. On the other hand, condos in the $300,000 to $499,999 range represented over one-third of all condo sales in September, with 135 transactions—a 16.4% increase year-over-year.

Additionally, fewer properties are selling above their asking price. Only 29% of single-family homes sold for more than their listing price this month, down from 38% in September 2023. A similar trend was observed in the condo market, where only 15% of units sold above asking price, compared to 20% last year.

Pending Sales and Inventory Growth

Contract signings in the single-family home market showed strong growth, increasing by 16.8% year-over-year, and 15.3% month-over-month, totaling 271 pending sales. Condo pending sales also rose by 7.5% year-over-year, though they saw a slight month-over-month decline of 2.7%.

Inventory levels remained stable from the previous month, shifting by less than 1%. However, year-over-year, inventory saw a sharp rise—up 27.5% for single-family homes with 755 active listings, and up 58% for condos, totaling 1,887 active listings.

Surge in New Listings

September saw an influx of new listings, with 351 single-family homes and 631 condos added to the market, representing year-over-year increases of 24.9% and 22.3%, respectively. The West Oahu region saw significant growth in single-family listings, with Ewa Plain up 63.2% and the Leeward region up 46.2%. For condos, Diamond Head saw the most dramatic rise, with new listings jumping 188.9%, followed by Pearl City with a 78.3% increase.