Oahu Real Estate Market Update: February 2024 Market Overview
The Honolulu Board of REALTORS® reports that the housing market started the new year much like 2023 ended.
The Honolulu Board of REALTORS® reports,“single-family home and condo sales continue to rise despite modest increase in median prices.” Oahu experienced a minimal increase in single-family home sales at 3.5% and condos at 2.8%.
Median sales prices for single-family homes continued to rise above a million at $1,075,000 while the median sales price for condos was $512,500. President of the Honolulu Board of
REALTORS®, Fran Gendrano stated, “The modest increase in sales volume, median prices and new listings indicates O‘ahu’s housing market is warming up.”
Compared to last year new listings are up, with 295 in the single-family home market and 533 in the condo market in February, growing 26.6% and 15.1% Closed sales for single-family homes are up 3.5% when compared to this time last year, with 179 sales in February 2024. Homes were on the market for an average of 30 days in February, up just 1 day from thevprevious month.
The median sales price for single- family homes was $1,075,000 in February 2024, representing an increase of 8.9% compared to this time last year. There were 334 condos sold last month, which is up 2.8% when compared to February 2023.
The average days on the market for condos was 39 days last month. The median sales price for condos in February 2024 was $512,500, representing an increase of 6.8% when compared to one year ago.