O‘ahu Housing Market Warms Up in February

Single-family home and condo sales continue to rise despite modest increase in median prices

According to resale figures released today by the Honolulu Board of REALTORS®, single-family home sales totaled 179, while condo sales reached 334—a modest gain of 3.5% and 2.8%, respectively. When combined with January sales, 2024 shows continued improvement over 2023, with total year-to-date sales up by 7.2% compared to the same period last year.

Both markets experienced year-over-year growth in median sales price. Single-family homes observed an 8.9% jump, reaching $1,075,000, while condo sales increased 6.8% to $512,500. Additionally, the median days on the market for single-family homes decreased by 17 days to 30 days from 47 days in February 2023. However, condos stayed on the market longer than last year, with a median of 39 days compared to 28 days.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
February 2024 179  +3.5% $1,075,000  +8.9%
February 2023 173 $987,000

Condominium Resales

Number of Sales Median Sales Price
February 2024 334  +2.8% $512,500  +6.8%
February 2023 325 $480,000

Sales volume for single-family homes remained steady compared to last year, up just six sales. Homes priced $1,000,000 and above made up nearly 60% of total sales this February, compared to 49% in February 2023, a 25.9% year-over-year increase. Conversely, single-family home sales below $1,000,000 dipped by 18.2% year-over-year. In the condo market, the $500,000 to $699,999 price range experienced the most significant growth, with 96 sales compared to 67 in February 2023, an increase of 43.3% or 29 units. Meanwhile, condos priced between $200,000 to $499,999 declined by 17.9%, or 30 sales.

“The modest increase in sales volume, median prices and new listings indicates O‘ahu’s housing market is warming up,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Demand for housing remains strong, and it’s critical we encourage accessibility and affordability in our real estate market.”

New listings improved from last year, with 295 in the single-family home market and 533 in the condo market in February, growing 26.6% and 15.1%, respectively. However, compared month-over-month, new listings for homes increased by only 3.5% and declined by 8.3% for condos. In the $800,000 to $899,999 range for single-family homes, new listings surged 88.0%, with 47 new listings compared to 25 last February, while the largest volume of new listings was in the $1,000,000 to $1,499,999 range with 100 newly-listed homes. In the condo market, the $300,000 to $499,999 range saw a 33.8% rise in new listings. Besides Hawai‘i Kai and Kailua, all regions maintained or exceeded last year’s new listing volumes. The Metro region experienced the largest increase, up 14.8%, with 333 new condo listings compared to 290 last year.

Compared to a year ago, active inventory levels increased by 9.5% for single-family homes and 17.9% for condos. Month-over-month, single-family home inventory decreased by 1.3%, while condo inventory increased slightly by 3.0%. By the end of February, there were 599 active single-family home listings and 1,388 active condo listings.

“Working with a REALTOR® can help buyers and sellers stay informed about market conditions and connect them with programs and services to navigate the journey to homeownership,” Gendrano added.

In February, 23% of single-family home sales closed above the original asking price, compared to 19% at the same time last year, and the median sales price to original list price ratio was 97.8%, up 1.8%. Similarly, the condo market also saw a slight increase in sales closing above the original asking price, with 18% of sales this February, compared to 15% in February 2023, and a nearly even median sales price to the original list price ratio of 97.9%.

Pending sales for single-family homes jumped 24.0% year-over-year and 22.3% month-over-month, with 269 contract signings in February. Condos ended the month with 390 contract signings, 2.3% lower than a year ago but slightly improved by 3.7% from last month. In the single-family market, there was a 40.7% year-over-year increase in contract signings in the $800,000 to $899,999 price range, with 38 properties going into escrow throughout the month compared to 27 in February 2023. For condos, pending sales activity varied across price points.