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Hawaii Real Estate Investing Snapshot for March 2024

By
Real Estate Broker/Owner with Hawaii Dream Realty LLC RB-19372

Oahu Housing Inventory Snapshot

The March 2024 Oahu Hawaii Housing Inventory Snapshot represents aggregated values based on Honolulu MLS data as of March 28, 2024, and shows that the Oahu housing market experienced notable trends and fluctuations across different property types. Average list prices have generally increased, particularly in the luxury single-family segment, indicating seller optimism regarding property values. However, average sold prices show more variability, with some property types experiencing declines. The luxury segment, despite longer days on market for single-family homes, demonstrates strong demand, reflected in rising prices. Additionally, while inventory has decreased in certain segments, a surge in regular condo/townhome listings suggests shifting market dynamics. Overall, the Oahu housing market presents opportunities for both buyers and sellers, who should remain vigilant and adaptable in response to evolving conditions.

 
Housing Inventory Snapshot  March 28, 2024 
  Average List Price Average Sold Price Average DOM: active/sold listings Number of Listings
Honolulu County, HI
Click to Search Single Family under $1M [MLS Data Based on SFH] $1,167,453 $1,149,589 81 / 47 485
Click to Search Single Family over $1M [MLS Data Based on Luxury SFH] $4,731,128 $4,544,813 135 / 68 145
Click to Search Condo/Townhome under $500K [MLS Data Based on Condo/Townhome] $477,834 $477,003 91 / 49 1,192
Click to Search Condo/Townhome over $500K [MLS Data Based on Luxury Condo/Townhome] $2,224,960 $1,498,000 124 / 123 384

Each inventory category in the above table includes a link providing the current Honolulu MLS listings for that particular category. The prices presented in the table are average prices meaning that the presented price includes homes priced well below and well above the average list price.  The table does not provide the quantified 30-day trends for the list price, sold price, days on market or available listings. If you are interested in a more detailed table with numeric trend percentages, click here to register to receive the monthly report via email.

State of the Oahu Housing Market

The latest housing inventory snapshot for Oahu County, HI, as of March 28, 2024, provides valuable insights into the current state of the housing market in the region.

Firstly, the market is showing signs of robust activity, with average list prices experiencing an upward trend across most property types over the past 30 days. This suggests a general optimism among sellers regarding property values. Particularly notable is the significant increase in the average list price of luxury single-family homes, which rose by 4.83% during this period. Such a substantial uptick may indicate strong demand or limited supply in this exclusive segment of the market.

However, while listing prices are on the rise, the average sold prices exhibit more variability. Despite the overall positive trend, some property types, such as condos/townhomes, have experienced declines in average sold prices. This suggests that while sellers may be setting higher initial price points, actual sale prices may be subject to negotiation and market conditions.

Another important aspect to consider is the average days on market (DOM), which provides insights into the pace of property sales. Luxury single-family homes, despite their higher price points, appear to have longer DOM for both active listings and sold properties. This indicates that sellers in this segment may need to exercise patience and be prepared for a longer selling process.

Furthermore, the dynamics of the market are reflected in the inventory trends. While there has been a decrease in the number of active listings for single-family homes and luxury condos/townhomes, the inventory of regular condos/townhomes has surged significantly. This increase in supply may be attributed to various factors such as new housing entering the market or a potential shift in consumer preferences.

Despite the increase in inventory for regular condos/townhomes, the luxury condo/townhome segment stands out with a notable rise in both average list price and average sold price. This suggests that demand for high-end properties remains strong, even amidst increased supply in other segments.

Ready to Assist

Sellers may find opportunities to capitalize on rising list prices, especially in the luxury segment, while buyers may benefit from increased inventory in certain categories. However, both parties should remain mindful of market dynamics and be prepared to adapt their strategies accordingly.

Buyers and sellers should consider their specific goals, financial situations, and the local real estate market dynamics. Consulting with a real estate professional can provide personalized advice based on the current conditions in the Oahu housing market.

If you know someone who is considering buying or selling a home, please give me a call. I offer decades of experience on Honolulu neighborhoods,  communities, and cash generating properties. If you want to know what your home is worth in the current market Click Here, or for more personalized service, contact me directly at 808-223-0429 or email TH@Invest808.com.

Posted by

Aloha and Mahalo,

Theresa Harden
Principal Broker e-PRO, SFR, Realtor

Direct: (808) 223-0429
Office: (808) 735-2221
Toll Free (866) 800-7250

eFax: (866) 405-4274 

Skype: theresa.harden
Oovoo: hawaii_realtor

Waikiki Sales Office
2463 Kuhio Ave. C1
Honolulu, Hawaii 96815

Search for Oahu Real Estate For Sale www.Invest808.com

Oahu Property Management Services www.OahuRentalServices.com

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

What A wonderful view enchanted view on the property and many m

Apr 14, 2024 10:51 PM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Good advice, Theresa. That buyer's snd sellers may indeed need to adjust their strategies.

Apr 15, 2024 12:08 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Theresa. Sounds like your market, like many others, is hyper-local and sellers and buyers should choose their agent carefully based on experience and expertise. Enjoy your day.

Apr 15, 2024 04:00 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing and enjoy your week!

Bill Salvatore, Realtor- Arizona Elite Properties

Apr 15, 2024 05:38 AM
John Pusa
Glendale, CA

Hello Theresa Harden very good helpful real estate investment report for Hawaii.

Apr 15, 2024 08:32 PM