Oahu Real Estate Market Report For February 2024

Oahu beachfront aerial shot with mountain in background and market report text on bottom

Aloha, Welcome to the February 2024 Market Report with List Sotheby's International Realty!

As expected, the number of sales was up slightly in February for both Single Family Homes (SFH) and Condos, but the significant increase was in prices. The median price for an SFH was $1.075 million, up 8.9%, while the median price for a condo was $512,500, up 6.8%. It seems this strong price appreciation is based on a 1% drop in mortgage interest rates that occurred towards the end of last year.

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Oahu Single-Family Homes | Market Stats

In February 2024 single-family home sales in Oahu saw an increase of 3.5% compared to the same month in 2023. The median sales price also climbed to $1,075,000, an 8.9% rise from February 2023. Single-Family homes spent fewer days on the market, with the median days decreasing from 47 to 30 days. Notably, 97.8% of sellers received their original list price or more.

Open floor plan living room with upper level on right side, market stats on left

Homes priced at $1,000,000 and above showed the most significant growth in sales, making up almost 60% of sales for February - a trend likely driven by Oahu's appeal to high-end buyers. New listings in the single-family home sector increased by 26.6% year-over-year, with 295 homes added to the single-family home market in February. New listings were especially high in the $800,000 to $899,999 price range, up 88% compared to last year with 47 new listings for February 2024.

Palm trees against sky on right side market stats on left

Oahu Condos | Market Stats

Condo sales in Oahu for February 2024 also witnessed positive changes, including a 2.8% increase in closed sales compared to February 2023. The median sales price also rose by 6.8% to $512,500 during this period. This growth in sales and prices suggests a stable demand for condos, particularly in certain price ranges. The $500,000 to $699,999 bracket experienced the most significant sales increase, up 43.3% in February 2024 compared to February 2023.

Condo living room on left side, market stats on right

Condo listings saw a 15.1% increase in new properties hitting the market, expanding choices for buyers. The Metro Honolulu region experienced the largest increase in listings, up 14.8% compared to February 2023. Despite the growth in sales condos stayed on the market longer than last year, with the median days on market increasing to 39 days. However, 97.9% of condos for February 2023 sold at or near their original list price, signifying a still-healthy market.

Aerial shot of Oahu beach on left with market stats on right

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Interest rates did move up slightly in February, and I felt a slight cooldown in the market, so let's keep an eye on how that impacts sales going forward. As I mentioned before, the market will move as interest rates move this year. Rates are currently around 7% and are anticipated to be just below 6% by year's end. If so, we should see more strength in the market in the coming months.

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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