Oahu’s Housing Market: June 30, 2024

The Oahu real estate landscape continues to show consistent trends with low inventory and strong buyer demand for single-family homes. On the other hand, condominium and townhouse sales have slowed due to challenges with insurance premiums and financing for buyers. Let’s explore:

Single-Family Homes:

• Sales increased a modest 4% with 258 transactions closed in June 2024, compared to last year.
• Median sales price: $1,120,000 (up 6.7% from last year).
• Listings spend a median of 15 days on the market.
• Homes that are move-in ready and priced competitively tend to move swiftly under contract and multiple offer situations are not uncommon.
• There were more homes sold in the $1M- $1.6M price range in June 2024 than this time last year, comprising 46% of the single-family homes sold.

Condominiums & Townhouses:

• June 2024 witnessed a 24.5% decline in condo sales, the largest year-over-year decline.
• More than 65% of condominiums currently don’t qualify for conventional financing mostly due to inadequate insurance coverage, deferred maintenance, or litigation.
• Median sales price: $510,000 (up 2% from last year).
• There were 17% more new condo listings than a year ago.
• Active inventory surged to 49% more than a year ago, totaling more than 1,700 units on the market. Specifically, active condo listings priced from $300,000 to $500,000 increased by 104% from a year ago.

The market is ever evolving. If you have questions or need guidance for your specific situation, please feel free to reach out—I’m here to help.