February Market Report
O‘ahu Housing Market Warms Up in February
Single-family home and condo sales continue to rise despite modest increase in median prices
Thus far in the new year, O‘ahu’s housing market continues its upward trajectory. February brought an increase in new listings compared to last year, with 295 in the single-family home market and 533 in the condo market, marking growth of 26.6% and 15.1%, respectively. Notably, the $800,000 to $899,999 price range for single-family homes experienced an 88.0% surge in new listings, while the condo market experienced a 33.8% rise in the $300,000 to $499,999 range. With the exception of Hawai‘i Kai and Kailua, all regions maintained or surpassed last year’s new listing volumes for condos.
Our February Monthly Statistics Report shows:
When combined with January sales, 2024 shows continued improvement over 2023, with total year-to-date sales up by 7.2% compared to the same period last year.
Both single-family homes and condos experienced a year-over-year increase in median sales prices by 8.9% and 6.8%, respectively. Single-family homes ended February at $1,075,000, and condos landed at $512,500.
Median days on market for single-family homes dropped to 30 days from 47 days, while condos stayed on market longer than last year, with a median of 39 days compared to 28 days.
Compared to a year ago, active inventory levels increased by 9.5% for single-family homes and 17.9% for condos. By the end of February, there were 599 active single-family home listings and 1,388 active condo listings.
“The modest increase in sales volume, median prices and new listings indicates O‘ahu’s housing market is warming up,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Demand for housing remains strong, and it’s critical we encourage accessibility and affordability in our real estate market.”
