Oahu Housing Market Stable, Steady in August 2024

What Happened in the Oahu Real Estate Market in August 2024?

“As we head into fall, the economic outlook is generally positive for the Oahu real estate market,” said Chief Sales Officer for Locations Chad Takesue. “Mortgage interest rates are below 6.5 percent and will likely continue to edge slightly lower over the next several months. As rates come down, we’re expecting to see an increase in demand, particularly among first-time homebuyers.”

Takesue added that market conditions were stable in August 2024, noting that sales are following typical seasonal trends and demand remains strong. Single-family homes entered into escrow in about two weeks and condos in about four weeks. Additionally, one in three homes and one in five condos were sold for above the list price—another indicator of demand. “We also saw some strengthening in the condo market in August, after a softer summer,” said Takesue.

“After several months of increases, for-sale condo inventory is leveling off. Condo sales also returned to typical trend levels, while Days on Market moved lower toward the seasonal trend and bid-ups remained steady. One month does not make a market change; however, it’s significant that several indicators changed direction at once last month.”

At the local market level, single-family home for-sale inventory is low in urban Honolulu, except for the Nuuanu-Makiki market, which has 50 homes for sale—mostly priced above the island-wide median. Inventory is also low in West Oahu markets, apart from Pearl City-Aiea, with 40 homes for sale. The largest single-family home markets, Leeward and Ewa, each have more than 100 homes for sale and are the most affordable home markets on Oahu.

On the condo side, half of all units for sale—nearly 1,000—are in the Waikiki and Ala Moana-Kakaako markets. Inventory is low in condo markets outside of urban Honolulu; however, inventory has increased in Ewa—welcome news for townhouse buyers looking for more affordable prices.

Key Takeaways from the August 2024 Locations Oahu Real Estate Report

New to real estate market data terms? See our glossary.

• At $1,127,500, the August 2024 single-family home median price was two percent higher than a year ago. The condo median price of $499,000 was down three percent from last year. Home prices are trending slightly upward in 2024, while condo prices have been flat. 
• Single-family home sales dipped by one percent in August, while condo sales fell by seven percent from a year ago. Year-to-date, home sales are up seven percent, and condo sales are down six percent from last year. Both sectors are largely following the seasonal trend. 
• At the end of August 2024, 796 single-family homes and 1,936 condos were available for sale—an increase of 26 percent for homes and 63 percent for condos from last year. 
• There were 3.5 Months of Remaining Inventory (MRI) for single-family homes and 5.3 MRI for condos at the end of August 2024. Months of Remaining Inventory for condos is still in seller’s market territory but is moving toward a balanced market. 
• The median Days on Market (DOM) in August was 16 days for homes and 28 days for condos. After a weaker June and July, the condo market appears to be returning to seasonal trends. 
• In August, 31.3 percent of single-family homes and 18.1 percent of condos sold were bid up over the list price, about one in every three homes sold and one in every five condos sold. Bid-ups are a result of competitive bidding and indicate strong demand.

What Happened in Oahu Single-Family Home Markets in August 2024?

Market statistics can vary greatly by neighborhood, so it's important to consult a knowledgeable Realtor who has access to market-level data.

Here's a detailed breakdown of key Oahu single-family home market areas, looking at the past 12 months: 

West Honolulu Homes

West Honolulu experienced a 7% drop in sales, and the median price increased by 2% to $1,025,000. DOM was flat at 16 days, while the bid-up percentage increased by 3%. MRI increased by 26% to 3.2 months, and active listings increased by 17%.

Nuuanu-Makiki Homes

Nuuanu-Makiki homes saw a 41% increase in sales, and the median price increased by 4% to $1,200,000. DOM decreased by 30% to 16 days, while the bid-up percentage decreased by 4%. MRI decreased by 7% to 5 months, and active listings increased by 32%.

Manoa Homes

In Manoa, home sales were flat, while the median price rose by 7% to $1,639,000. DOM decreased by 68% to 24 days, while the Bid-Up percentage dropped by 33%. MRI was flat at 3.1 months, and active listings were also flat.

Kaimuki Homes

Kaimuki experienced a 7% increase in home sales, and the median price increased by 2% to $1,250,000. DOM decreased by 13% to 14 days, while the bid-up percentage fell by 4%. MRI increased by 43% to 3 months, and active listings rose by 52%.

Waialae-Kahala Homes

Waialae-Kahala home sales declined by 4%, and the median price rose by 3% to $2,414,500. DOM increased by 27% to 28 days, while the bid-up percentage decreased by 5%. MRI increased by 9% to 3.7 months, and active listings grew by 5%.

East Oahu Homes

East Oahu saw a 20% decrease in sales, and the median price rose by 6% to $1,815,000. DOM decreased by 12% to 15 days, as the bid-up percentage declined by 26%. MRI rose by 77% to 5.9 months, and active listings increased by 41%.

Hawaii Kai Homes

Hawaii Kai experienced an 11% increase in sales, and the median price rose by 3% to $1,629,000. DOM increased by 22% to 20 days, while the bid-up percentage decreased by 21%. MRI rose by 24% to 3.3 months, and active listings increased by 37%.

Kailua Homes

Kailua saw a 7% decrease in sales, and the median price increased by 3% to $1,679,000. DOM fell by 24% to 13 days, as the Bid-Up percentage increased by 15%. MRI rose by 30% to 2.8 months, and active listings increased by 20%.

Kaneohe Homes

Kaneohe experienced a 13% increase in sales, as the median price rose by 1% to $1,200,000. DOM decreased by 24% to 13 days, and the Bid-Up percentage dropped by 18%. MRI increased by 27% to 3.3 months, and active listings increased by 44%.

North Shore Homes

North Shore home sales declined by 2%, and the median price rose by 5% to $1,662,500. DOM decreased by 7% to 25 days, while the bid-up percentage increased by 8%. MRI rose by 77% to 9.1 months, and active listings increased by 74%.

Leeward Homes

Leeward homes saw a 2% decrease in sales, and the median price fell by 3% to $665,000. DOM decreased by 8% to 35 days, as the bid-up percentage decreased by 17%. MRI increased by 37% to 5.2 months, and active listings rose by 33%.

Ewa Homes

Ewa home sales and median price both decreased by 1%. DOM declined by 21% to 25 days, while the bid-up percentage increased by 5%. MRI did not change at 2.8 months, and active listings rose by 1%.

Makakilo Homes

Makakilo experienced a 19% drop in sales and a 2% increase in median price to $1,013,000. DOM increased by 36% to 30 days, as the bid-up percentage decreased by 44%. MRI increased by 24% to 3.9 months, while active listings remained unchanged.

Waipahu Homes

Waipahu saw a 3% decrease in sales and a 5% increase in median price to $950,000. DOM fell by 11% to 17 days, and the bid-up percentage increased by 34%. MRI increased by 43% to 2.3 months, and active listings increased by 39%.

Mililani Homes

Mililani experienced an 11% decrease in sales and no change in median price at $1,075,000. DOM fell by 11% to 16 days, as the bid-up percentage decreased by 5%. MRI increased by 53% to 2.1 months, and active listings rose by 35%.

Pearl City-Aiea Homes

Pearl City-Aiea saw a 14% increase in sales, as the median price rose by 8% to $1,050,000. DOM decreased by 13% to 14 days, and the bid-up percentage decreased by 9%. MRI increased by 35% to 2.2 months, and active listings rose by 54%.

What Happened in Oahu Condo Markets in August 2024?

Here's a detailed breakdown of key Oahu condo market areas, looking at the past 12 months: 

Salt Lake Condos

Salt Lake condo sales decreased by 6%, as the median price increased by 2% to $435,000. DOM increased by 85% to 24 days, and the bid-up percentage dropped by 4%. MRI increased by 128% to 4.9 months, and active listings increased by 114%.

Downtown-Nuuanu Condos

Downtown-Nuuanu experienced an 14% drop in condo sales, along with a 1% decrease in the median price to $398,000. DOM increased by 16% to 29 days, as the Bid-Up percentage decreased by 5%. MRI increased by 105% to 4.8 months, and active listings increased by 77%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako saw a 9% decrease in condo sales and a 5% increase in median price to $775,000. DOM increased by 15% to 38 days, while the bid-up percentage decreased by 34%. MRI increased by 67% to 8.3 months, and active listings rose by 51%.

Makiki Condos

Makiki condo sales fell by 8%, while the median price rose by 1% at $395,000. DOM increased by 72% to 31 days, as the bid-up percentage decreased by 35%. MRI rose by 85% to 6 months, and active listings increased by 71%.

Waikiki Condos

Waikiki experienced a 3% decrease in condo sales, as the median price increased by 5% to $440,000. DOM increased by 25% to 31 days, while the bid-up percentage decreased by 39%. MRI increased by 38% to 6 months, and active listings rose by 33%.

Kapiolani-University Condos

Kapiolani-University saw a 9% decrease in condo sales and a 1% decrease in median price to $410,000. DOM increased by 18% to 20 days, and the bid-up percentage decreased by 31%. MRI increased by 117% to 5.5 months, and active listings increased by 96%.

Diamond Head-Kahala Condos

Diamond Head-Kahala condo sales fell by 13%, and the median price decreased by 3% to $650,000. DOM decreased by 17% to 17 days, while the bid-up percentage decreased by 30%. MRI increased by 137% to 7.4 months, and active listings increased by 107%.

Hawaii Kai Condos

Hawaii Kai experienced a 12% decrease in condo sales and 2% decrease in median price to $814,500. DOM fell by 24% to 16 days, as the bid-up percentage increased by 1%. MRI increased by 139% to 3.8 months, and active listings increased by 131%.

Kailua Condos

Kailua saw a 14% decrease in condo sales and a 5% increase in median price to $785,000. DOM was flat at 18 days, as the bid-up percentage decreased by 20%. MRI increased by 167% to 4 months, and active listings increased by 109%.

Kaneohe Condos

Kaneohe experienced a 5% decrease in condo sales, as the median was essentially flat at $702,500. DOM increased by 10% to 17 days, as the bid-up percentage decreased by 18%. MRI increased by 65% to 2.5 months, and active listings increased by 58%.

Leeward Condos

Leeward condo sales decreased by 18% and the median price fell by 6% to $245,000. DOM increrased by 95% to 39 days, as the Bid-Up percentage decreased by 26%. MRI increased by 75% to 5.4 months, and active listings increased by 43%.

Ewa Condos

Ewa experienced a 19% decrease in condo sales and a 4% increase in median price to $695,000. DOM increased by 29% to 22 days, as the bid-up percentage decreased by 4%. MRI rose by 188% to 4.1 months, and active listings increased by 133%.

Makakilo Condos

Makakilo saw a 21% decrease in condo sales and a stable median price at $550,000. DOM increased by 41% to 24 days, while the bid-up percentage decreased by 30%. MRI increased by 154% to 1.7 months, and active listings doubled.

Waipahu Condos

Waipahu experienced a 10% decrease in condo sales and essentially no change in median price, at $499,000. DOM increased by 29% to 18 days, as the bid-up percentage decreased by 23%. MRI increased by 33% to 2 months, and active listings increased by 20%.

Mililani Condos

Mililani saw an 15% decrease in condo sales and a 2% decrease in median price to $510,000. DOM increased by 62% to 21 days, as the bid-up percentage decreased by 20%. MRI increased by 164% to 2.9 months, and active listings increased by 124%.

Pearl City-Aiea Condos

Pearl City-Aiea experienced a 6% decrease in condo sales and essentially no change in median price, at $472,000. DOM increased by 73% to 23 days, as the bid-up percentage decreased by 17%. MRI increased by 121% to 3.4 months, and active listings increased by 109%.

Summary

Because real estate market conditions can vary greatly among Oahu market areas, it's important for buyers and sellers to partner with a Realtor who has access to detailed, neighborhood-level data.

Glossary

• Active Listings: Count of MLS listings with "Active" status on the last day of the period. 
• Bid-Up %: The percent of sales that were bid-up over asking price in competitive offers. 
• Days on Market (DOM): Median number of days between listing date and escrow date, for all properties sold in the period. 
• Months of Remaining Inventory (MRI): The number of months it would take to sell out the current active inventory at the recent rate of sales. A balance point between supply and demand is considered to be around 6 months, so MRI below 6 months indicates more of a sellers market and MRI above 6 months indicates more of a buyers market.

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