Oahu Island Estate Market Update: August 2024 Market Overview
The resale figures released by the Honolulu Board of REALTORS® saw single-family homes sales up by by just 0.4%, while condo sales declined 5.0% compared to this same time last year.
Compared to August 2023, the sales price for single-family homes increased slightly while the sales price for condos decreased. The median sales price for single-family homes was $1,122,000, 1.1% more than one year ago. The condo median sales price fell to $500,000, down 2.9% from one year ago. Honolulu Board of REALTORS® reports that year-over-year active inventory of single-family homes rose by 27.1% with 760 active listings and 64% in the condo market with 1,879 active listings last month.
Sales for single-family homes are up 0.4% when compared to this time last year, with 253 sales in August 2024. Homes were on the market for an average of 14 days in August, just one day less than the previous month. In August, 30% of single-family home sales closed above the original asking price, compared to 33% at the same time last year. The median sales price for single-family homes was $1,122,000 in August 2024, representing an increase of 1.1% compared to this time last year.
There were 401 condos sold last month, which is down 5.0% when compared to August 2023. The average days on the market for condos was 28 days last month. In August, 15% of condo sales closed above the original asking price, compared to 26% in August 2023. The median sales price for condos in August 2024 was $500,000, representing a 2.9% decrease when compared to one year ago.