Oahu Island Estate Market Update: October 2024 Market Overview
The resale figures released by the Honolulu Board of REALTORS® saw single-family homes sales and condo sales rising by 22.5% and 1.5% respectively, compared to this same time last year.
Compared to October 2023, the sales price for single-family homes remained unchanged while the sales price for condos increased. The median sales price for single-family homes was $1,100,000, no change from one year ago. The condo median sales price increased to $525,000, up 1.9% from one year ago.
Sales for single-family homes are up 22.5% when compared to this time last year, with 261 sales in October 2024. Homes were on the market for an average of 16 days in October, three days more than the previous month. In October, 31% of single-family home sales closed above the original asking price, compared to 29% at the same time last year. The median sales price for single-family homes was $1,100,000 in October 2024, representing no change when compared to this time last year.
There were 405 condos sold last month, which is up 1.5% when compared to October 2023. The average days on the market for condos was 26 days last month. In October 17% of condo sales closed above the original asking price, slightly down from 18% a year ago. The median sales price for condos in October 2024 was $525,000, representing a 1.9% increase when compared to one year ago.