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O'ahu Real Estate: January's Insights

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

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


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. Single-family 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.



Market Stats for Oahu Real Estate Market
O'ahu Real Estate: January's Insights
“New listings mean new opportunities for buyers at all price points,” said Fran Gendrano, president of the Honolulu Board of REALTORS®.

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 single-family 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%.

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.


“However, O‘ahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”





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