Oahu Real Estate Market Report For March 2024

Aerial Shot of the Oahu Skyline

Aloha and Welcome to the Oahu Market Report for March 2024 with List Sotheby's International Realty. The Oahu real estate market is definitely showing signs of recovery, but there is some really interesting activity occurring in the condo market right now.

A major hike in premiums for association condo insurance policies has led to many buildings boards opting out of full building replacement coverage to reduce costs. This means that there are many condo buildings that have buyers interested in purchasing units, but they can't get a loan or have to go with a portfolio loan at higher interest rates. Enough buildings have been affected by this that we are now seeing the impact on condo market sales figures.

Across the real estate market, single family home sales were down slightly in overall sales for March when compared to last year, but the median sale price went up in turn. Condo sales saw a larger dip in sales for the month due to the factors listed above, along with a small dip in median sale price to match.

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Oahu Single-Family Homes | Market Stats

Single family home sales on Oahu decreased by 2.5% in March 2024 compared to the same period last year. There was an increase in median sale price to $1.1 million, a minor 1.5% rise compared to March 2023. These properties also spent fewer days on the market, with the median decreasing from 36 days in March 2023 to 31 days this year. 98.3% of sellers received their original asking price or more, a year-over-year increase of 1.7%.

Oahu Luxury Home Interior

The highest growth in sales was witnessed in homes priced at $1,000,000 and above, as they accounted for nearly 60% of all SFH sales in March 2024. It's yet another testament to Oahu's longstanding appeal to high-end buyers.

New listings declined by just 0.7% compared to the same period last year with 230 single family homes being added to the market in March 2024. New listings were particularly high in the $1,000,000 - $1,499,999 range, with 89 properties coming on the market.
Waves washing up on Oahu's shore during sunset

Oahu Condos | Market Stats

Condo sales on Oahu were down 22.5% in March 2024 compared to the same period last year, partly because of the factors highlighted above. The median sales price was $500,000, down 6.7% from last year. It will be crucial to see where these numbers end up in the long term to truly ascertain how the increased premiums are impacting condo sales.

Living and kitchen area of an Oahu condo

Condo sales increased by 11.8% in the $200,000 to $399,999 range but fell sharply by 51.9% year-over-year in the $1,000,000 and above range. 98.3% of sellers received the original asking price or more, highlighting the fact that prices are holding steady despite headwinds. Median days on market for condos increased by 20.8% to 29 days while there was also a healthy increase in new listings coming on the market, with 647 being added, an increase of 22.1% from March 2023. Inventory levels have grown in the condo market as there are 1493 condos actively available for sale, but it's pertinent to note that inventory levels are still down over 50% compared to the pre-pandemic market. 

Overhead view of an Oahu beach

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The inflation numbers were a little stronger than expected last month and in doing so interest rates held steady just below 7%. The market activity does feel like it slowed slightly in response. We expect the market will move as interest rates move this year, with next months numbers expected to be strong again as pending sales are up. As we begin to move into our summer months, typically the busiest time of the year for transactions, we'll see what happens and if it plays out like we think.

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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