Oahu Real Estate Market Report February 2024

Oahu Real Estate Market Report February 2024

Oahu’s Housing Market Remains Sluggish

Median sales prices rise slightly as sales volume dips for both single-family homes and condos

The spring season started with little momentum. Though real estate activity remains sluggish, we continue to see properties in more affordable price ranges sell. Single-family homes priced $899,999 and below experienced a 6.1% increase for a total of 70 sales, and condos within the $200,000 to $399,999 range marked an 11.8% uptick, for a total of 95 sales.

HBR's latest Monthly Statistics Report shows:
For March

  • The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record-setting price of $536,000.
  • Single-family home sales declined by 2.5% year-over-year, while condo sales slumped 22.5%.
  • Both single-family homes and condos typically enter a contract within a month, with median days on the market at 31 and 29 days, respectively.
  • Single-family home sales recorded 23% closing above the original asking price compared to 24% last March, while the percentage of condos sold above the asking price dipped slightly to 18% from 21% over the same period.

For the first quarter

  • First-quarter sales grew 6.1% for single-family homes but fell by 7.1% for condos.
  • Year-to-date median prices reached $1,070,000 for single-family homes and $505,000 for condos, a 4.4% and 1.0% year-over-year increase, respectively.

"Elevated mortgage rates have prompted another slowdown in market activity," said Fran Gendrano, president of the Honolulu Board of REALTORS®. "However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales."

Single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease. Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for single-family homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales.

"The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics," Gendrano added.

New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.

 

Click HERE to view the full market report.

Click HERE to start viewing homes for sale instantly.

 

Team Lee Photo

About Colin Lee, Team Lead
Broker-In-Charge, Realtor, CPA* | RB-23147
(808) 352-8587 | ColinL@BetterHawaii.comAwards Banner

Colin is recognized as one of the Top 100 Realtors in the State of Hawaii and Top 50 on the island of Oahu in terms of most home sale transactions. This places him in the Top 1% of all realtors on the island. His real estate Team is also ranked in the Top 2% of all Real Estate Teams in the Nation, earning the Platinum Award from Better Homes & Gardens Real Estate. He has been voted “Best In Real Estate” by Honolulu Magazine 6 years in a row and is also an Aloha Aina Award Nominee for 6 years in a row. As a former Licensed Certified Public Accountant (CPA*), Colin is able to use his past professional financial and accounting experiences to help both Buyers and Sellers with one of their biggest financial transactions of their life.

*Colin is a full-time real estate agent and no longer practices public accounting.