Oahu Real Estate Market Report For April 2024

Aerial shot of a neighborhood on the coast

Aloha and Welcome to the Oahu Market Report for April 2024 with List Sotheby's International Realty. This past month, the market exhibited strong growth in sales both year-over-year and month-over-month for single-family homes and condominiums. Year-over-year, both the Single-family home and Condo sectors have seen an increase in median sales price as well. This increase was directly related to interest rates that dropped from 8% by the end of 2023 to around 6.75% in early 2024.  That drop in interest rates lead to a strong push in buyer demand.   Watch my video below as I explain more about this.  On the inventory and listings side, both sectors saw an increase. Overall, the general trends suggest the real estate landscape remains considerably altered from the peak years of 2021 and 2022, underscoring a market that still seems to have stabilized and will move as interest rates move.

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Oahu Single-Family Homes | Market Stats

Single family home sales on Oahu increased by 26% in April 2024 compared to the same period last year. The median sales price remained stable month-to-month at $1.1 million, though year-over-year this is 10% increase compared to April 2023. These the median days on market also decreased, 17 days for April 2024 down from 24 in April 2023.

View from a luxury ridge home overlooking other neighborhoods and the coast

Single-family home sales saw a surge of 50% in sales in the price range of $1,100,000 and up, with 132 sales in April 2024 compared to 88 sales in April 2023. 33% of single-family home sales closed above the original asking price in April 2024, up from 25% in April 2023.

Palm trees at sunset and market stats

New listings grew by 19.5% in April 2024 compared to the same period last year with 349 single family homes listings added to the market. Active inventory increased month-over-month by 6.4% and year-over-year by 15.5%. Single-family homes in the Leeward region and Metro Honolulu regions saw an especially large growth in active listings for April 2024, with Leeward up 38.5% and Metro Honolulu up 28.8%.

Oahu Condos | Market Stats

Condo sales on Oahu were up 2.6% in April 2024 compared to the same period last year. The median sales price increased to $528,000, an increase of 5.6% for year-over-year and month-over-month. This is being driven in particular by a change in activity in two price ranges - condos sold in the price range of $300,000 to $399,999 have seen a 35.1% decrease in sales, while condos in the price range of $600,000 and up have seen a 23.1 increase in sales.

View from a condo living room that overlooks a beach and condo market stats for the month

15% of condo sales closed above their original asking price for April 2024, down from 22% the year before. Median days on market for condos remained steady month-over-month at 29 days, up from 20 median days on the market for April 2023. New listings grew by 23.3% for the month of April, with 656 new condo listings.

Shot of long grass overlooking the ocean and market stats

Active inventory also saw growth, increasing 5.6% month-over-month and 37.8% year-over-year. Hawai'i Kai is the only region that saw a decline in inventory for condos, down 30.8% to eight units. The largest growth in active inventory occurred in the Metro Honolulu region, with an increase of 27.9% in active inventory for condos, ending the month of April with 1,119 active units.

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Overall, the pace of the market has seen significant changes over the past month. While the stabilization of median prices for both market segments indicates growing buyer confidence, the variability in inventory and listing volumes suggests that the market is still adjusting from its previous highs. Active inventory levels have shown an uptick, providing more options for buyers and hinting at a market leaning towards buyer favorability.

If you're considering buying or selling a home or condo in Oahu, fill out the form below. Our expertise in the Oahu real estate market can guide you through this dynamic landscape. Contact us today to explore your options in this evolving market!

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