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O'ahu Real Estate: June's Insights

Everything you need to know about the O'ahu Real Estate Market in June 2024.

“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month. However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos,” said Fran Villarmia-Kahawai, president of 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.

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.

O'ahu Real Estate: June's Insights - Information courtesy of Honolulu Board of Realtors.

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