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January 2024 Market Updates for Oahu

New Year Sees O‘ahu Home Sales Rise

Properties stay on market a bit longer, but continue to move into escrow in under 30 days

According to resale figures released today by the Honolulu Board of REALTORS®, 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. Singlefamily 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.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

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 singlefamily 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%.

“New listings mean new opportunities for buyers at all price points,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, O‘ahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”

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 this 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.

“As evidenced by the market activity, everyone’s journey to homeownership is different. There are so many personal factors to consider when buying a home, and the best thing you can do is work with a REALTOR® who can bring the market knowledge, negotiation skills and experience to help you achieve your real estate goals,” Gendrano added.

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 single-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.

The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports.

Click HERE for the full press release.

Click HERE for the full report.

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