Oahu Market Report - January 2024

O'ahu Market Report for January 2024 CLIENT APPRECIATION EVENT SAT. MARCH 30, 2:00-4:30p Private Screening of ARTHUR THE KING Starring Mark Wahlberg Kailua Cinemas on Keolu Drive Light refreshments served! RSVP HERE! JANUARY 2024 OAHU MARKET REPORT New Year Sees O‘ahu Home Sales Rise Properties stay on market a bit longer, but continue to move into escrow in under 30 days YEAR-OVER-YEAR REPORT NOW HERE! JANUARY 2024 SUMMARY SALES VOLUME: Single-family home sales rose 22.7%, while condo sales ticked up 6.2% compared to this time last year. Month-to-month, the new year started much like 2023 ended, with minimal upticks in sales of single-family homes at 1.1% and condos at 7.4%. Properties priced at $699,999 and below were the exception, with a 10.7% increase in sales. The majority of these sales in this price range occurred in the Leeward region, accounting for 62%, or a total of 135 sales. Conversely, properties within the $900,000 to $1,399,999 price range slumped by 34.0%, with 543 fewer sales. SALES PRICE: Median sales prices in January 2024 closely resembled year-end figures in late 2023. Single-family home prices reached $1,021,016, up 2.5% month-to-month but down 2.8% from the year-end median of $1,050,000. In January, the median condo price was $502,500, a 1.5% dip month-over-month and a 1.2% drop from the year-end median of $508,500. Year-over-year, single-family home prices grew by 5.3%, while condo prices saw a modest 1.5% increase. SALE to LIST PRICE: Year-over-year, transactions closing above the original asking price remained consistent for single-family homes but decreased for condos. In January 2024, 23% of single-family sales closed above asking, compared to 25% of sales in January 2023. Roughly 17% of condo sales closed above asking, compared to 21% of sales this past year. NEW LISTINGS: Both markets experienced an uptick in new listings. Single-family home listings grew 6.3% year-over-year, with 285 new properties for sale. Sellers added 581 new condo listings to the market, an 11.1% year-over-year increase. By January’s end, active inventory levels for single-family homes rose 10.2%, and condos increased 12.7% year-over-year. However, compared to January 2020, just before the pandemic, active inventory levels remained down 25%. “New listings mean new opportunities for buyers at all price points,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, O‘ahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.” Source: Honolulu Board of Realtors READ THE FULL REPORT HERE Local Market & Neighborhood Data (CLICK FOR FULL REPORT) Ask the A-TEAM Use the QR Code or this LINK to ask us any Oahu Real Estate Questions you might have. Your question and our answer may be featured in GoKailua Magazine. Thanks for reading! Reach out to us anytime, to discuss what today's market means for you. Contact Us

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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JANUARY 2024 OAHU NEIGHBORHOOD REPORT
JANUARY 2024 OAHU MARKET REPORT
2023 TO 2024 YEAR OVER YEAR SUMMARY