Oahu Island Estate Market Update: July 2024 Market Overview
The resale figures released by the Honolulu Board of REALTORS® saw single-family homes sales up by by 20.1%, while condo sales declined 7.8% compared to this same time last year.
Compared to July 2023, the sales price for both single-family homes and condos rose this month. The median sales price for single-family homes was $1,140,000, 4.6% more than one year ago. The condo median sales price rose to $509,000, up 1.8% from one year ago.”While year-over-year sales are mixed, we saw activity in both single-family home and condo sales pick up in July, which is typical for this time of year,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. Gendrano added, “We’re closely monitoring the interest rate, condo insurance, and new practices and policies that could affect our market, but it will take some time to see any impact. The best thing buyers and sellers can do to stay informed is to work with a REALTOR®, who can help them navigate the market.”
Single-family home inventory continued to rise in July, up 22.2% compared to July 2023. Sales for single-family homes are up 20.1% when compared to this time last year, with 269 sales in July 2024. Homes were on the market for an average of 15 days in July, the same amount of days as the previous month. The median sales price for single-family homes was $1,140,000 in July 2024, representing an increase of 4.6% compared to this time last year.
Condo inventory increased 61.8% when compared to July 2023. There were 389 condos sold last month, which is down 7.8% when compared to July 2023. The average days on the market for condos was 30 days last month. The median sales price for condos in July 2024 was $509,000, representing a 1.8% increase when compared to one year ago.