O’ahu Market Report – October 2024
In October, single-family homes experienced a notable uptick, as home sales surged 22.5% year-over-year and rose 20% compared to September. This mini-market revival was bolstered by a 30.2% increase in pending home sales, setting an optimistic tone for the coming months. Strong demand steadied home prices, keeping the median sales price unchanged at $1,100,000.
The condo market, however, continues to trail behind the single-family sector. Closed condo sales edged up by a modest 1.5% year-over-year, while the median price saw a slight increase of 1.9%, reaching $525,000. Notably, condo supply surged by 49.8% from last year, suggesting a buyer’s market as inventory grows.
With the election season behind us, potential buyers on the fence may now be ready to enter the market. As we approach the holidays, we anticipate the usual seasonal slowdown for median-priced properties, though demand for second homes could see a boost.
For those considering a home purchase, it’s important to prepare for competition, as the average days on the market dropped to just 16. This quick turnaround time suggests increased buyer interest and potential bidding scenarios. As we look forward, both the single-family and condo markets remain active, presenting opportunities for buyers and sellers alike.
