Positive Start for O'ahu Real Estate in Fourth Quarter
In October, the O‘ahu housing market experienced a year-over-year increase in sales and inventory.
Single-family home sales rose 22.5% while the median sales price held steady at $1,100,000. This October, 31% of single-family home sales closed above the original asking price, compared to 29% last year.
Condo/townhome sales ticked up 1.5% and the condo median price rose 1.9% to $525,000. Condos closing above asking price accounted for 17% of sales, slightly down from 18% a year ago.
There were 298 and 597 new listings for single-family homes and condos, respectively, in October. The month ended with 741 active single-family home listings (up 18.4%) and 1,957 active condo listings (up 49.8%).
“With an uptick in sales across both single-family homes and condos, coupled with stable median prices, O‘ahu’s housing market shows resilience entering the fourth quarter. With increased inventory and new listings, prospective buyers have more flexibility to find the home that best fits their needs,” said Fran Gendrano, President of the Honolulu Board of REALTORS.
With factors like rising insurance costs and evolving policies shaping Oʻahu’s real estate landscape, making informed choices is crucial for buyers and sellers. An experienced REALTOR provides valuable insights into these trends, guiding clients through market complexities to help them make confident, informed decisions.
SOURCE: Honolulu Board of REALTORS®, residential resales data compiled from HiCentral MLS, Ltd.®
©2024. Honolulu Board of REALTORS®. All Rights Reserved. Information herein deemed reliable but not guaranteed.
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