Oahu Island Estate Market Update: September 2024 Market Overview
The resale figures released by the Honolulu Board of REALTORS® saw single-family homes sales and condo sales down by 6.5% and 2.7% respectively, compared to this same time last year.
Compared to September 2023, the sales price for single-family homes increased while the sales price for condos decreased. The median sales price for single-family homes was $1,112,722, 6.0% more than one year ago. The condo median sales price fell to $517,500, down 2.8% from one year ago. Fran Gendrano, President of the Honolulu Board of REALTORS®, stated that “While overall sales volume in both markets softened in September, we did see positive movement in new listings and active inventory, providing more options for prospective buyers.” Gendrano also stated that, “With the gradual decline in mortgage rates, buyers may feel encouraged to enter the housing market in the coming months.”
Sales for single-family homes are down 6.5% when compared to this time last year, with 217 sales in September 2024. Homes were on the market for an average of 19 days in September, five days more than the previous month. In September, 29% of single-family home sales closed above the original asking price, compared to 38% at the same time last year. The median sales price for single- family homes was $1,112,722 in September 2024, representing an increase of 6.0% compared to this time last year.
There were 366 condos sold last month, which is down 2.7% when compared to September 2023. The average days on the market for condos was 31 days last month. In September, 15% of condo sales closed above the original asking price, compared to 20% in September 2023. The median sales price for condos in September 2024 was $517,500, representing a 2.8% decrease when compared to one year ago.