O’ahu Market Update
The 2024 Housing market charged into the year with strong results. Closed sales increased by a whopping 22.7% for homes and 6.2% for condos. That robust demand pushed the median home price up to $1,021,016 (a 5.3% increase) and $502,500 for condos (a 1.5% increase). Last month homes and condos which sold were on the market for 29 days before going under contract. Surprisingly, even though the market surged last month, buyers still paid 1.7% less than the asking price for homes and 2.5% for condos in January.
The number of homes for sale last month (known as active inventory) increased by 10.2% (homes) and 12.7% condos, which offers some much needed relief on the lack of inventory environment we have been in for several years now. In taking a deeper dive into demand and supply by price range, at the current rate of sales, if no additional inventory entered the market, homes priced between $1,000,000 and $1,499,999 would sell out in 42 days. Conversely, for properties priced over $3,000,000 it would take 7.2 months to sell out. For those interested in the condo/townhome market, those in the price range between $300,000 and $399,999 would sell out in 45 days and those priced over $2,000,000 would sell out in 10.1 months.
While the market began the year with strong demand, resulting in slightly higher prices, we are just one month into the year and from past experience shifts can happen quickly. That is why it is important to speak to your real estate professional for information specific to your unique needs.
