March 2024 Honolulu real estate stats

MARCH 2024

House

Single-Family Home

$1,100,000Median Sales Price

230Home Sales

Condo / Townhome

$500,500Median Sales Price

334Condo Sales

Honolulu Board of Realtors

SOURCE: HONOLULU BOARD OF REALTORS® RESIDENTIAL RESALES DATA COMPILED FROM HICENTRAL MLS, LTD.

O‘ahu’s Housing Market Remains Sluggish

Median sales prices rise slightly as sales volume dips for both single-family homes and condos

The spring season started with little momentum. Though real estate activity remains sluggish, we continue to see properties in more affordable price ranges sell. Single-family homes priced $899,999 and below experienced a 6.1% increase for a total of 70 sales, and condos within the $200,000 to $399,999 range marked an 11.8% uptick, for a total of 95 sales.

HBR’s latest Monthly Statistics Report shows:
For March

For the first quarter

“Elevated mortgage rates have prompted another slowdown in market activity,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”

Single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease. Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for single-family homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales.

“The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics,” Gendrano added.

New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.

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The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. This report is provided as a service to HBR members.