O’ahu Market Report – September 2024
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The O’ahu real estate market continues to follow the trends set earlier in the year: slower sales, more inventory, and stable prices. This shift translates to increased choices for buyers while prices remain steady for sellers. However, if the rise in inventory persists, the market may soften further, potentially leading to more favorable deals for buyers.
In September 2024, closed home sales dropped by 6.5% year-over-year and 14.2% from last month, while pending home sales rose 16.8% year-over-year. The median home price nudged up to $1,050,000, showing continued demand despite fewer sales. On the supply side, new listings surged 24.9% from last year, and total inventory climbed by 27.5%, giving buyers more options. Homes sold for 99% of the asking price on average.
Condo/Townhome Market: In the condo/townhome segment, closed sales were down 2.7% year-over-year, and the median price dipped to $517,500. Pending sales rose 7.5% year-over-year, but inventory surged by 58%. Buyers in this market paid an average of 97.7% of the asking price, indicating more room for negotiation compared to single-family homes.
Despite slower sales, increased inventory and stable prices suggest that buyers may find more opportunities in the coming months.
