Oahu Real Estate Market Report For May 2024

Oceanfront properties on Oahu

Aloha and Welcome to the Oahu Market Report for May 2024 with List Sotheby's International Realty. Overall, the Oahu real estate market is is showing moderate strength and sales activity is expected to be strong moving forward for the summer.

Home sales have slowed pace as interest rates have eased back up to the mid 7% range. Consequently, prices have eased as well. With rates easing back down to around 7% ahead of the summer, sales activity is likely going to be strong. There continues to be a drag on condo sales due to high interest rates and the ongoing challenges with condo insurance coverages.

May 2024 saw single family home sales decline compared to the both previous month and May 2023, with the median sale price also registering a decline year-over-year. Condo sales saw a healthy increase from the previous month and year while also seeing a dip in the median sales price compared to May 2023.

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Oahu Single-Family Homes | Market Stats

Single family home sales on Oahu declined by 5% in May 2024 compared to the previous month and the same period last year. The median sale price also declined to $1,085,000, a 2.2% decline over last year. However, year-to-date median prices for single family homes saw a minor increase of 2.4%. These listings spent fewer days on the market as the median came down to 14 days, with buyers entering contract a week earlier compared to last year. 100% of sellers got their original asking price or more, up 1.3% over last year.

Single Family Homes May 2024 Oahu Market Stats

More than half of all single family home sales in May 2024 were accounted for by homes priced at $1,000,000 and above. This goes to show that Oahu continues to be an appealing market to high-end buyers.

Single Family Homes Market Stats Oahu May 2024

New listings increased by 11.7% year-over-year as 345 new single family homes were added to the market in May 2024, with a total of 640 homes actively available for purchase. The majority of new listings were in the $1,000,000 - $1,499,999 range, with 111 homes coming to market.

Oahu Condos | Market Stats

Condo sales on Oahu increased by 9.1% compared to last year and 10.9% from April 2024. The median sales price came in at $495,000, a 2.0% year-over-year decline. The decline in median sales price can be attributed to smaller units like studios and one-bedroom condos seeing the largest increase in sales. However, the year-to-date median price has increased by 1%. 

Condos Market Stats Oahu May 2024

Condo sales surged by 43.5% in the $300,000 to $399,999 range while registering.a significant 24.7% decline year-over-the-year in the $500,000 - $599,999 range. 98.3% of sellers received their original asking price or more, a 0.7% decline over the previous month.

Condos May 2024 Oahu Market Stats

Median days on the market increased 25% over the previous year to 25 days, highlighting the continued impact of headwinds in the market. 658 new listings were added to the market last month, an increase of 13.1% over May 2023, with 1651 condos actively available for sale.

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The market activity appears to be healthy even as interest rates have remained on the higher side. It's likely the market will move as the interest rates move and the numbers over the coming months might be strong as summer tends to be the busiest time of the year for transactions.

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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