Oahu Real Estate Market Report – September 2024

O‘ahu’s housing market continued to see a slight softening in sales in September. Single-family home sales fell 6.5% year-over-year, dropping from 232 sales to 217, while condo sales experienced a modest 2.7% decrease, with 366 sales compared to 376.

However, single-family home sales remain 5.8% ahead of last year’s pace year-to-date, while condo sales are tracking 5.6% lower than the same period in 2023. The third quarter also showed a similar pattern, with single-family home sales increasing by 4.4% over Q3 2023, while condo sales decreased by 5.2%.

Both markets experienced moderate changes in median sales price. The median single-family home price rose 6% year-over-year to $1,112,722, while the median condo price fell 2.8% to $517,500.

The median days on market for single-family homes remained under one month, with properties spending a median of 19 days on the market, nearly the same as 20 days last year. Condos, however, took longer to sell, with a median of 31 days compared to 21 days in September 2023.

Single-family homes in the $899,999 and below range recorded the largest decline in sales, slumping by 36.6%, with just 52 sales compared to 82 a year ago. In contrast, the $300,000 to $499,999 price range accounted for more than one-third of all condo sales, ending the month with 135 transactions—a 16.4% uptick year-over-year. Fewer single-family homes closed above their original asking price, accounting for 29% of sales this month compared to 38% in September 2023. Similarly, a smaller share of condo units sold above the asking price, dropping to 15% compared to 20% one year ago.

Contract signings in the single-family home market grew 16.8% year-over-year and 15.3% month-over- month to 271 pending sales. Meanwhile, condo pending sales increased by 7.5% from last year but dipped 2.7% month-over-month.

Active inventory held steady month-over-month, shifting less than one percent. However, compared to the same time last year, inventory skyrocketed—up 27.5% for single-family homes with 755 active listings and 58% for condos with 1,887 active listings.

New listing volume in September added 351 single-family homes and 631 condos, up 24.9% and 22.3% year-over-year, respectively. West O‘ahu regions saw the largest increase in single-family listings, with Ewa Plain up 63.2% to 62 new listings and the Leeward region up 46.2% to 38 new listings. Condo listings increased across most regions, with Diamond Head rising 188.9% to 26 listings and Pearl City up 78.3% to 41 listings compared to last September.

Courtesy of the Honolulu Board of Realtors

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