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June 2024 Market Updates for Oahu

O‘ahu Home Sales Maintain Stable Trend Through First Half of 2024

Single-family home sales rose 6.7% in the first half of 2024, while condo sales fell by 5.8%

According to resale figures released today by the Honolulu Board of REALTORS®, June saw a modest increase in single-family home sales, up by 4% year-over-year, totaling 258 transactions. However, June condo sales experienced the largest year-over-year decline this year, dropping 24.5% from last year, with 355 units sold. In the first half of the year, single-family home sales grew 6.7% compared to the same period in 2023, while condo sales declined by 5.8%.

Median sales prices for single-family homes and condos increased modestly year-over-year, with single-family homes reaching $1,120,000 and condos ending June at $530,000, up by 6.7% and 3.9%, respectively. Year-to-date, median sales prices saw moderate changes from a year ago. The single-family home year-to-date median price rose by 3.3% to $1,085,000, while condos experienced a 2.0% uptick to $510,000 compared to the previous year.

“While O‘ahu’s residential real estate market has remained relatively stable through the first half of the year, we saw a significant drop in condo sales last month, which the threat of rising insurance costs may have influenced,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “As our community seeks opportunities to increase inventory, affordability and housing opportunities for all, buyers and sellers can benefit from working with a trusted REALTOR® who can guide them through the complexities of the real estate market.”

Single-family homes moved swiftly, marked by a median of 15 days on the market, compared to 17 days in June 2023. In contrast, condos took longer to sell, with a median days on market of 26 days, up from 18 days last year.

From January through June, single-family home sales in the $1 million and above range exceeded those from the first six months of 2023, with 794 homes sold year-to-date, a 15.9% uptick from 685 sold over the same period last year. For condos, the $799,999 and below range slumped 31.8% in June, with 275 units sold compared to 403 units the same time last year. Conversely, sales in the $800,000 and above range grew 19.4%, with 80 units sold compared to 67 last year.

Year-to-date, condos sold in the $300,000 to $699,999 range accounted for the largest decline in sales volume, falling 9.9%, while sales in the $800,000 to $899,999 range saw the largest increase, rising 28.6% to 117 units sold compared to 91 last year.

There were 334 new single-family home listings and 622 new listings in the condos market, marking 3.1% and 16.3% year-over-year increases, respectively. Year-to-date, both markets saw new listings rise by 10.5% for single-family homes and 16.8% for condos compared to last year.

Single-family homes under $899,999 comprised only 19% of new listings compared to 30% last June—a 35% decrease from 97 to 63 listings. Buyer activity remained steady, with about 65% of June’s new listings still active by month-end and 35% in contract or sold. Condos between $300,000 and $499,999 constituted a third of June’s new listings, reflecting a 28.3% increase from 166 in June 2023 to 213. However, condo buyer activity slowed, with about 81% of the 622 new listings remaining active by month-end and only 19% in contract or sold, compared to June 2023, when 65% were active and 35% in contract or sold.

Active inventory for single-family home and condo markets modestly grew month-over-month, rising 2.0% and 4.7%, respectively. Compared to a year ago, single-family home inventory increased by 7.9%, totaling 653 properties. The primary growth in active inventory was seen in single-family homes priced at $1,100,000 and above, where listings rose by 21.1% to 442 compared to the previous year. In contrast, condo inventory surged by 49.2% to 1,729 units, driven by increased new listings amid a slight decline in total sales. Active inventory in the $300,000 to $499,999 price range skyrocketed, with listings more than doubling to 556 units, up by 103.7% from the previous year.

Pending sales activity showed mixed results. The single-family home market recorded a 9.5% year-over-year increase in contract signings, totaling 253 for the month compared to 231 last June. In contrast, pending sales for the condo market dropped 7.2%, with 385 units under contract compared to 415 in June 2023.

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 report.

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