I’m pleased to share this market report with you, based on the latest statistics released by the Honolulu Board of REALTORS®.

Oahu’s housing market saw an uptick in sales in January 2024 (compared to the same time last year), however properties stayed on the market a bit longer.

Here’s a summary of key findings from the report:

• Sales: Single-family home sales went up 22.7% year-over-year, while condo sales ticked up just 6.2%.
• Prices: The median sales price for a single-family home was $1,021,016 last month, which was up 2.5% from the previous month and up 5.3% when compared to January 2023. The median condo price last month was $502,500. This was down 1.5% from
  the previous month but 1.5% higher than the same time in 2023. Overall, median sales prices in January 2024 were on par with the median year-end figures in 2023.
• Inventory: New listings increased for both single-family homes (6.3%) and condos (11.1%). However, active inventory levels were still down 25% compared to January 2020 (pre-pandemic).
• Sales above asking price: The percentage of transactions closing above the original asking price remained consistent for single-family homes (23%) but decreased for condos (17%).

In general, the Oahu housing market is showing signs of strength, but limited inventory is still a constraint. We are hopeful that more listings coming on the market and predictions of lower interest rates will benefit both buyers and sellers in the days
to come.

That being said, the Oahu real estate market remains dynamic, with opportunities across all price points. Contact me today to discuss your individual needs and to explore the current market conditions. I look forward to being of assistance!