Oahu Island Estate Market Update: May 2024 Market Overview
The resale figures released by the Honolulu Board of REALTORS® show single-family homes sales decreased 5.0%, while condo sales increased 9.1% compared to this same time last year.
Compared to May 2023, the sales price for both single-family homes and condos dipped slightly this month. The median sales price for single-family homes was $1,085,000, 2.2% less than one year ago. The condo median sales price fell to $495,000, down 2.0% from one year ago. The lower median sales price for condos can be attributed to the 18.7% of condos that sold this month in the $300,000 to $399,999 price range.
“Strong activity in more affordable price ranges is encouraging for first-time homebuyers and homeowners moving up the housing ladder,” said Fran Gendrano, President of the Honolulu Board of REALTORS®. Gendrano added, “Though we continue to face a housing inventory crisis, the slight upticks in new listings, especially in the affordable condo market, are promising for buyers looking to enter the market. On the other hand, it’s good news for sellers that properties continue to move swiftly despite higher interest rates.”
Single-family home inventory continued to rise in May, up 17.9% compared to May 2023. Sales for single-family homes are down 5.0% when compared to this time last year, with 249 sales in May 2024. Homes were on the market for an average of 14 days in May, down 3 days from the previous month. The median sales price for single-family homes was $1,085,000 in May 2024, representing a decrease of 2.2% compared to this time last year.
Condo inventory increased 47.7% compared to May 2023. There were 478 condos sold last month, which is up 9.1% when compared to May 2023. The average days on the market for condos was 25 days last month. The median sales price for condos in May 2024 was $495,000, representing a 2.0% decrease when compared to one year ago.