December Market Report
“While the positive sales momentum in 2024 highlights a resilient market, affordability challenges remain a significant hurdle for many buyers,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “Elevated mortgage rates and rising homeownership costs, including maintenance fees and insurance, continue to shape buyer behavior and influence the dynamics of the market.”
Overview of 2024 Year-End Statistics
Compared to 2023, in 2024:
- Both markets ended the fourth quarter with heightened sales activity, as sales rose 20% year-over-year for single-family homes and 9% for condos.
- Median sales prices remained stable throughout the year. By year-end, the annual median sales price for single-family homes increased to $1,100,000, up 4.8% from $1,050,000 in 2023. The annual condo median price rose to $515,000, a modest 1.3% gain from $508,500 last year.
- Seller activity increased in 2024, with new listings rising 13% for single-family homes and 18.9% for condos compared to 2023.
Single-family homes priced at $999,999 and below accounted for about 40% of sales in 2024, with 1,130 transactions, though this range experienced a 3% decline compared to 2023. In contrast, sales in the $1,000,000 and above range grew significantly, rising 19.2% to 1,663 sales. Condo sales experienced a decline at most price points year-over-year, however sales in the $700,000 and above range grew 6.6%.
In 2024, 29% of single-family home sales closed above the original asking price, consistent with 2023. For condos, the share of sales exceeding the asking price declined to 16%, down from 21% in 2023. A comparison of sales from 2022 to 2024 shows average monthly condo fees climbing 28% for studios and 17%, 18%, and 23% for 1-bedroom, 2-bedroom, and 3+ bedroom units, respectively.
Throughout 2024, new single-family home listings saw the largest growth in the Central, Kāne‘ohe, and Pearl City regions, up 28%, 20.5%, and 22.5%, respectively. New condo listings grew by 15% or more in most regions, with only Kailua and Makakilo remaining unchanged. Active inventory for single-family homes increased in many areas but declined slightly in Metro, Pearl City, Diamond Head and Waipahu. Similarly, active condo inventory showed nominal change in Kailua and Makakilo, while other regions provided significantly more options for buyers compared to the previous year.
Overview of December 2024 Statistics
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2024 | 228 +25.3% | $1,054,500 +5.8% |
| December 2023 | 182 | $996,500 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2024 | 323 +18.8% | $540,000 +5.9% |
| December 2023 | 272 | $510,000 |
December closed out the year with a jump in sales for both single-family homes and condos. Single-family home sales totaled 228, a 25.3% increase from the previous year, while condo sales rose 18.8% to 323 compared to last December.
Year-over-year, the median days on market for single-family homes shifted slightly from 18 to 20 days, while the condo median days on market rose from 26 to 36 days.
Both markets recorded a modest year-over-year uptick in median sales prices, with single-family homes increasing 5.8% to $1,054,500 and condos growing 5.9% to $540,000, setting a new record above the previous high of $536,000 from March 2023. December condo sales at $500,000 and above rose 30.5%, while sales at $499,999 and below grew by just 6.1%.
“As condo inventory builds and remains on the market longer, we’re seeing buyers take advantage of increased options and time to negotiate. Higher maintenance fees and insurance costs are also playing a role in shaping buyer decisions and the prices they’re able to offer,” added Benn.
Thirty-two percent of single-family home sales closed above the asking price, up from 27% in December 2023. Meanwhile, 70% of condo sales closed below the asking price, with each price point indicating at least 60% of transactions falling short of the original list price. On average, condo sellers whose properties sold below asking received 92.8% of the list price.
In December, 202 new single-family home listings were added, a 12.2% year-over-year increase. The condo market added 451 new listings, rising 29.2% from December 2023. Buyer activity also grew, with contract signings increasing 6.6% for single-family homes and 6.9% for condos. By the end of the month, there were 194 pending single-family home sales and 310 pending condo sales.
Active inventory dipped slightly in December, down 9.9% for single-family homes and 5.9% for condos compared to the previous month, as is typical during the holiday season. However, the year ended with higher inventory levels than a year ago, with 675 single-family home listings, a 12.5% year-over-year increase, and 1,928 condo listings, up 56.2% from the previous year.
*Info courtesy of Honolulu Board of Realtors
