Oahu Market Report August 2024

Oahu Real Estate Market Report | August 2024

In August, we saw a significant increase in active inventory for both single-family homes and condos. Active listings for single-family homes grew by 27.1% year-over-year, reaching 760 available homes, while condo listings surged by 64%, with 1,879 active units on the market. Despite the jump in inventory, sales remained steady compared to last year. Single-family home sales edged up by 0.4%, while condo sales saw a slight decline of 5%.

Median sales prices showed minimal fluctuations. The median price for single-family homes reached $1,122,000, reflecting a 1.1% increase from a year ago. Meanwhile, the condo market experienced a 2.9% drop, with the median price settling at $500,000 in August.

In terms of market pace, the days on market for single-family homes held steady with a median of 14 days, four days quicker than in August 2023. Condos, however, spent more time on the market, with a median of 28 days, 10 days longer than the same period last year.

When it comes to competitive bidding, 30% of single-family homes sold above the original asking price in August, slightly down from 33% the previous year. The condo market saw even less competitive activity, with only 15% of sales closing above the asking price, compared to 26% in August 2023.

Active inventory increased across various regions, with the majority of single-family home listings found in Diamond Head, ‘Ewa Plain, Leeward, and Metro, representing more than half of the available homes. The condo market, particularly in the $300,000 to $599,999 range, saw significant growth, with listings more than doubling from last year, rising from 419 to 847 active units.

Over the past two years, the condo market has experienced a 50% increase in inventory across all unit types, especially in one- and two-bedroom units. Additionally, average monthly fees for condos have risen by 11% during this period, although maintenance costs can vary greatly depending on the building.

New listings have also increased compared to last year, with 346 single-family homes hitting the market, a 4.8% rise year-over-year. The condo market saw a more substantial increase, with 629 new listings, up 14.6%. The ‘Ewa Plain region led the way in new single-family listings with 56 homes, followed by Diamond Head and Pearl City, adding 45 and 39 new listings respectively. In the condo market, the Metro region saw a 13.9% boost in new listings, with 394 units available throughout August.

Courtesy of the Honolulu Board of REALTORS®