June Market Report
O‘ahu Home Sales Maintain Stable Trend Through First Half of 2024
Single-family home sales rose 6.7% in the first half of 2024, while condo sales fell by 5.8%
June saw a modest increase in single-family home sales, up by 4% year-over-year, totaling 258 transactions. However, June condo sales experienced the largest year-over-year decline this year, dropping 24.5% from last year, with 355 units sold. In the first half of the year, single-family home sales grew 6.7% compared to the same period in 2023, while condo sales declined by 5.8%.
Median sales prices for single-family homes and condos increased modestly year-over-year, with single-family homes reaching $1,120,000 and condos ending June at $530,000, up by 6.7% and 3.9%, respectively. Year-to-date, median sales prices saw moderate changes from a year ago. The single-family home year-to-date median price rose by 3.3% to $1,085,000, while condos experienced a 2.0% uptick to $510,000 compared to the previous year.
“While O‘ahu’s residential real estate market has remained relatively stable through the first half of the year, we saw a significant drop in condo sales last month, which the threat of rising insurance costs may have influenced,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “As our community seeks opportunities to increase inventory, affordability and housing opportunities for all, buyers and sellers can benefit from working with a trusted REALTOR® who can guide them through the complexities of the real estate market.”
Single-family homes moved swiftly, marked by a median of 15 days on the market, compared to 17 days in June 2023. In contrast, condos took longer to sell, with a median days on market of 26 days, up from 18 days last year.
There were 334 new single-family home listings and 622 new listings in the condos market, marking 3.1% and 16.3% year-over-year increases, respectively. Year-to-date, both markets saw new listings rise by 10.5% for single-family homes and 16.8% for condos compared to last year.
