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Oahu Real Estate Market Report For January 2024 | New Year Sees Oahu Homes Sales Rise

HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY

Single-family home sales rose, 22.7%, while condo sales ticked up 6.2% compared to this time last year. Month-to-month, the new year started much like 2023 ended, with minimal upticks in sales of single-family homes at 1.1 % and condos at 7.4%.

Median sales prices in January 2024 closely resembled year-end figures in late 2023. Single-family home prices reached $1,021,016, up 2.5% month-to-month but down 2.8% from the year-end median of $1,050,000. In January, the median condo price was $502,500, a 1.5% dip month-over-month and a 1.2% drop from the year-end median of $508,500. Year-over-year, single-family home prices grew by 5.3%, while condo prices saw a modest 1.5% increase.

Properties stayed on the market slightly longer than they did a year ago but still moved into escrow in less than a month. Both markets marked median days on market of 29 days, compared to 24 days in January 2023.

Both markets experienced an uptick in new listings. Single-family home listings grew 6.3% year-over-year, with 285 new properties for sale. Sellers added 581 new condo listings to the market, an 11.1% year-over-year increase. By January’s end, active inventory levels for single-family homes rose 10.2%, and condos increased 12.7% year-over-year. However, compared to January 2020, just before the pandemic, active inventory levels remained down 25%.

Sales volume for single-family homes increased across all price points, with the most substantial surge observed in homes priced at $1,300,000 or higher where sales more than doubled. In January 2024, sales in this range skyrocketed by 113.3%, with more than 70% of sales in th is category coming from the Kailua, Diamond Head, Metro, and Hawai’i Kai regions. Condos in the more affordable price range of $300,000 to $499,999 recorded the highest sales volume, while sales in the outer price bands of $199,999 and below and $900,000 and above significantly declined, at 52.4 % and 33.3%, respectively.

Contract signings for single-family homes dropped most in the $800,000 to $999,999 range, with only 56 pending sales compared to 84 last year, down 33.3%. In the upper price range of $1,200,000 and above, there were 92 pending sales, a 16.4% drop. Condos in the $200,000 to $399,999 range saw a 14.7% year-over-year decrease in contract signings, while the $400,000 to $599,999 range ,experienced a moderate 8.4% increase in contract signings.

Year-over-year, transactions closing above the original asking price remained consistent for single-family homes but decreased for condos. In January 2024, 23% of singlle-family sales closed above asking, compared to 25% of sales in January 2023. Roughly 17% of condo sales closed above asking, compared to 21% of sales this past year.

As always, a reminder that statistics vary by neighborhood, building, and price band.  If you have questions about your home, building, or neighborhood, please fee free to CONTACT ME.  If you would like to receive free quarterly Oahu market reports or periodic region or neighborhood/building reports delivered to your inbox, click HERE.

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