Everything you need to know about the O'ahu Real Estate Market in August 2024.
Year-over-year active inventory of single-family homes rose by 27.1% with 760 active listings and 64% in the condo market with 1,879 active listings last month. August sales were nearly even compared to a year ago, with single-family home sales rising 0.4% – up by one sale – and condo sales declining 5%. Similarly, median sales prices experienced minor changes, with the single- family home market ending the month at $1,122,000, up 1.1% from a year ago, while the condo median sales price for August was $500,000, a 2.9% decline from August 2023.
Both markets maintained a steady pace of days on market month over month. Single-family homes that sold in August were on the market for a median of 14 days, while condo sales reflected a median of 28 days. Compared to a year ago, the single-family home median days on market in August was four days quicker, while the condo median increased by 10 days.
In August, 30% of single-family home sales closed above the original asking price, compared to 33% at the same time last year. The condo market also continued to see a smaller share of sales close above the original asking price at just 15% of sales this August, compared to 26% in August 2023.
Active inventory for both single-family homes and condos was higher in most regions. Most single- family home inventory could be found in the Diamond Head, ‘Ewa Plain, Leeward, and Metro regions, accounting for more than 50% of active single-family home listings. Many neighborhoods offered more than twice the options in the condo market from a year ago, with the most significant change occurring in the $300,000 to $599,999 range which more than doubled compared to last year, rising from 419 to 847 active units.
Over the last two years, condo inventory across all unit types has increased more than 50%, with the sharpest increases occurring in one- and two-bedroom units, and active inventory during this period reflected an 11% increase in average total monthly fees. While average monthly maintenance costs vary greatly by individual building, these fees have risen for most unit types as a whole.
More new listings came on the market compared to a year ago with 346 single-family homes, up 4.8% year-over-year, and 629 condos or 14.6% more than August 2023. Every region throughout the island offered buyers a selection of new single-family home listings last month. ‘Ewa Plain added the most new listings, 56 for the month, followed by the Diamond Head region at 45 new listings, and the Pearl City region at 39 new listings. In the condo market, new listings in the Metro region rose 13.9% year-over-year with 394 condos listed throughout the month.
O'ahu Real Estate: August's Insights - Information courtesy of Honolulu Board of Realtors.
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