Positive Start for O‘ahu Real Estate in Fourth Quarter

Positive Start for O‘ahu Real Estate in Fourth Quarter

HONOLULU – According to resale figures released this week by the Honolulu Board of REALTORS®, As we enter the fourth quarter, the O‘ahu housing market shows promising signs of recovery. Single-family home sales grew 22.5% year-over-year, from 213 to 261 sales, while condo sales observed a modest 1.5% increase, rising from 399 to 405 sales. Month-over-month activity also improved, with single-family homes up 20.3% and condos increasing by 10.7%.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Single-Family Home Resales

Condominium Resales

“With an uptick in sales across both single-family homes and condos, coupled with stable median prices, O‘ahu's housing market shows resilience entering the fourth quarter," said Fran Gendrano, President of the Honolulu Board of REALTORS®. "With increased inventory and new listings, prospective buyers have more flexibility to find the home that best fits their needs."Single-family homes and condos experienced a year-over-year increase in sales. Both markets began the fourth quarter ahead of last year, with single-family home sales rising 22.5%, from 213 to 261 sales, and condo sales increasing modestly by 1.5%, from 399 to 405 sales. Month-over- month, single-family home sales rose 20.3%, and condo sales grew 10.7%.
Year-over-year the median price for single-family homes remained unchanged at $1,100,000, while condos saw a 1.9% increase to $525,000. Compared to October 2023, median days on market remained steady, with single-family homes at 16 days, down from 18, and condos at 26 days, up from 21.

Compared to last October, single-family home sales increased modestly across most price points, with the largest gains occurring in the ‘Ewa Plain and Pearl City regions, up 42.4% and 76.5%, respectively. Condo sales in the $400,000 to $699,999 range rose 14.9%, from 168 to 193 sales, while sales at the lower ($399,999 and below) and higher ($700,000 and up) price points saw slight declines. Overall, condo sales remained steady year-over-year, with a 14.1% drop in the Metro region balanced by gains in the Central and Pearl City regions, which rose 37% and 64.7%, respectively.

Active inventory remained high year-over-year, with single-family home listings rising 18.4% to 741 and condos increasing 49.8% to 1,957 by the end of October. Single-family homes priced at $1,300,000 and above grew 34% to 402 units, while condos listed in the $300,000 to $599,999 range skyrocketed 76.5% to 865 listings. Single-family home inventory increased most prominently in regions such as Central, Diamond Head, Kailua, Kaneohe, Leeward, and North Shore, while condo inventory more than doubled in Diamond Head, Hawai‘i Kai, and North Shore. New listings increased in October, with single-family homes rising 9.6% to 298 and condos up 5.5% to 597 year-over-year.

Single-family home contract signings rose 30.2% year-over-year, with pending sales increasing from 192 to 250. The $900,000 to $1,399,999 price range saw the largest gain in contract signings, with a 58.2% increase in pending sales compared to last October. Additionally, 31% of single- family homes closed above the original asking price, compared to 29% last year. The condo market experienced a modest 1.8% dip in contract signings, totaling 319 pending sales; however, condos priced between $900,000 and $1,999,999 surged 57.7% in contract activity, while those in the $2,000,000 and above range slumped by 66.7%. Condos closing above asking accounted for 17% of sales, slightly down from 18% a year ago.

The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

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