March 2024 Oahu Market Snapshot

Aloha!

Spring is here, and while the real estate market didn’t quite blossom as expected in March, there are still some positive signs.

Sales

Single-family home sales dipped slightly year-over-year (2.5%), but the median sales price held strong, rising 1.5% to $1,100,000.
Condo sales, however, saw a more significant drop (22.5%), with the median price falling 6.7% to $500,000.

Price Point Trends

There were positive signs for starter homes. Single-family home sales under $900,000 saw a modest uptick (6.1%).
Conversely, sales in the higher price brackets for both single-family homes and condos dropped significantly, particularly in the $900,000 to $999,999 range for single-family homes (down 28.1%) and the $1 million and above range for condos (down 51.9%).

Days on Market & Pending Sales

The good news is that both single-family homes and condos are still moving quickly, typically going under contract within a month.
Single-family homes saw a healthy increase in pending sales (8.5%), while condos remained steady compared to last year.
The $800,000 to $999,999 range for single-family homes continued to be popular, with pending sales growing by 15.7%.
In the condo market, nearly half of pending sales landed in the $300,000 to $599,999 range.

Inventory & New Listings

Both single-family homes (7.4%) and condos (29.6%) saw a rise in active inventory compared to last March.
This is particularly noticeable in higher price ranges for single-family homes and across most price points for condos, offering buyers more choices.
However, new listings remained relatively flat for single-family homes (-0.7%) and increased for condos (22.1%).

Fran Gendrano, president of the Honolulu Board of REALTORS, shared some valuable insights:

Elevated mortgage rates have caused a slight slowdown, but demand for affordable single-family homes and rising pending sales indicate continued market activity.
“The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics.”

Overall

The spring market may have started a little slower than usual, but there are still opportunities for both buyers and sellers. If you’re thinking about buying or selling, let’s connect to discuss the latest trends in your specific area and develop a personalized
strategy. I am here to help!

With Warm Aloha,