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O'ahu Real Estate: April's Insights

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

April witnessed an uptick in single-family home and condo sales. Single-family home sales rose by 26.0% year-over-year, totaling 262 transactions, and by 13.9% month-over-month. Similarly, condo sales saw a 2.6% rise compared to the same time last year, totaling 431 units sold and a 25.3% increase month-over-month.

Despite the momentum change, sales remained at softened levels compared to recent years. Based on a 12-month moving average of sales, April’s average was approximately 40% below the peak moving averages observed in 2021 and 2022. Compared to the pre-pandemic moving average in April 2019, this month’s sales average indicates a decline of about 26% for single-family homes and 18% for condos.

Month-over-month, the median price of a single-family home remained steady at $1,100,000, though this marks a 10% year-over-year increase. Compared to April 2023, single-family homes within the $1,100,000 and above range surged 50%, with 132 sales compared to 88 in April 2023.

The condo median sales price grew 5.6% year-over-year and month-over-month, reaching $528,000 compared to $500,000 in April 2023. This upswing is driven by a change in sales activity, with a 35.1% decrease in condos sold within the $300,000 to $399,999 range and a 23.1% increase for condos priced at $600,000 and above.

Market Stats for Oahu Real Estate Market
O'ahu Real Estate: April's Insights

Buyers and sellers moved quickly on single-family homes in April, with the median days on the market decreasing to 17 from 24 in April 2023. Additionally, one in three single-family home sales, or 33%, closed above the original asking price, compared to 25% in April 2023, suggesting increased competition. In contrast, condos took longer to sell, with the median days on the market rising to 29 from 20 last April. Additionally, only 15% of condo sales closed above the original asking price this April, down from 22% in April 2023. Pending sales remained stable, with a slight year-over-year decline of 0.7% for single-family homes and a slight 1.1% increase for condos.

New listings observed positive growth, with 349 new single-family home listings and 656 new condo listings, up 19.5% and 23.3%, respectively. However, compared to 2019, new listing volume stayed below the 12-month moving average, dipping 36% for single-family homes and 20% for condos.

Active inventory gained a modest 6.4% for single-family homes and 5.6% for condos compared to the previous month. Year-over-year, single-family home inventory grew by 15.5%, while condo inventory surged by 37.8%. Single-family homes priced $1,000,000 and above rose 21.0% from last year, comprising 68% of the active single-family home inventory. Condo inventory also skyrocketed for units priced at $300,000 to $499,999, nearly doubling by 98.0% year-over-year, totaling 497 active units by April’s end.

Single-family homes in the Leeward region experienced the most significant change in active listings, up 38.5%, and the Metro region experienced a 28.8% uptick. Hawai‘i Kai was the only region where active inventory declined for condos, dropping by 30.8% or eight units. However, the Metro region experienced the largest volume change in active inventory for condos, increasing by 27.9% or 244 units from a year ago, ending April with 1,119 active units.

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

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