Quantcast Oahu Real Estate Market Bucks Seasonal Trends in October 2024 | Locations
×
×

Oahu Real Estate Market Bucks Seasonal Trends in October 2024

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

“The Oahu real estate market saw strong sales activity in October 2024, bucking typical seasonal trends,” said Chief Sales Officer for Locations Chad Takesue. “Both home and condo sales increased month-over-month and year-over-year, while market times dropped from the previous month and the percent of sales bid up over the asking price rose to a 13-month high for homes.”

“Heading into the end of the year, we expect to see continued strong demand; however, we’ll be watching the market’s reactions to the larger economic and geopolitical climate,” Takesue added.

The Oahu market has been tempered somewhat by fluctuating mortgage interest rates, as well as economic and political uncertainty. However, there’s reason for optimism as interest rates are expected to remain around 6.5%, and the U.S. presidential election has ended.

OREO202410

At the local market level, most single-family home markets in town have seen price increases of around five percent over the past 12 months. Notably, home prices in the Hawaii Kai and Manoa markets rose by 12 percent and 10 percent, respectively, while prices remained flat in the Waialae-Kahala and Kaimuki markets. Home prices were also up nine percent in Pearl City-Aiea, but have fallen in outlying markets, down two percent in the North Shore and Makakilo markets, and down one percent in Leeward Oahu.

Condo prices have been mostly flat in west and central Honolulu, with the exception of the Ala Moana-Kakaako and Waikiki markets, up 10 percent and five percent, respectively, over the past 12 months. The Kailua and Kaneohe condo markets also saw price increases of five to six percent. Condo prices dropped by six percent in Leeward Oahu, and three to five percent in East Honolulu, stretching from Kapiolani to Hawaii Kai.

Key Takeaways from the October 2024 Locations Oahu Real Estate Report

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

  • The October 2024 Oahu median single-family home price of $1,100,000 is one percent higher than a year ago, while the median condo price of $525,000 is two percent higher. Monthly median prices are up from last year and flat for this year. 
  • Single-family home sales increased by 20 percent from October a year ago, condo sales increased by one percent. Sales in October 2024 were also up from the previous month, bucking typical seasonal trends. 
  • There were 791 single-family homes and 2,035 condos available for sale at the end of October, an increase of 20 percent and 50 percent, respectively, from last year. 
  • At the end of October 2024, there were 3.4 Months of Remaining Inventory (MRI) for single-family homes and 5.5 months for condos. MRI for condos is still in sellers' market territory, leveling off after an increase earlier this year. 
  • The median Days On Market in October was 17 days for homes and 26 days for condos. Market times were shorter compared to a month ago, in contrast to the typical trend. 
  • Competitive pressures continued in October 2024, with one in three single-family homes and one in five condos sold were bid-up over the asking price—a 7-month high for condos and a 13-month high for homes.

What Happened in Oahu Single-Family Home Markets in October 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 no change in sales from the previous year, maintaining 126 homes sold. The median price rose slightly by 1% to $1,016,000. Days on Market (DOM) increased by 13% to 18 days, while the bid-up percentage went up by 3%. Months of Remaining Inventory (MRI) increased by 12% to 3.5 months, and active listings rose by 12% as well.

Nuuanu-Makiki Homes

Nuuanu-Makiki homes saw a 33% increase in sales, with the median price increasing by 6% to $1,246,000. DOM decreased by 37% to 16 days, and the bid-up percentage decreased by 10%. MRI decreased by 25% to 4.5 months, with no change in active listings.

Manoa Homes

Manoa saw a 3% decline in sales, while the median price rose by 10% to $1,665,000. DOM increased significantly by 60% to 24 days, and the bid-up percentage dropped by 38%. MRI increased by 14% to 3.7 months, and active listings went up by 11%.

Kaimuki Homes

Kaimuki experienced a 4% increase in sales, with the median price remaining stable at $1,250,000. DOM increased by 21% to 17 days, while the bid-up percentage decreased by 31%. MRI increased by 22% to 3.6 months, and active listings rose by 28%.

Waialae-Kahala Homes

Waialae-Kahala saw a 5% increase in home sales, with the median price holding steady at $2,350,000. DOM decreased by 35% to 17 days, while the bid-up percentage rose by 28%. MRI increased by 7% to 4.2 months, and active listings were up by 13%.

East Oahu Homes

East Oahu experienced a 9% decrease in sales, and the median price rose by 6% to $1,900,000. DOM increased by 32% to 19 days, and the bid-up percentage dropped by 35%. MRI increased by 6% to 4.6 months, with a slight decline in active listings by 4%.

Hawaii Kai Homes

Hawaii Kai had a 7% increase in sales, with the median price rising by 12% to $1,675,000. DOM increased by 25% to 18 days, and the bid-up percentage decreased by 19%. MRI decreased by 27% to 2.5 months, and active listings fell by 22%.

Kailua Homes

Kailua experienced a 2% increase in sales, with the median price increasing by 2% to $1,675,000. DOM decreased by 13% to 14 days, and the bid-up percentage remained stable. MRI rose by 30% to 2.9 months, and active listings increased by 33%.

Kaneohe Homes

Kaneohe saw a 19% increase in sales, with the median price rising by 1% to $1,205,000. DOM decreased by 6% to 15 days, and the bid-up percentage fell by 17%. MRI increased slightly by 1% to 2.4 months, and active listings increased by 21%.

North Shore Homes

North Shore home sales declined by 6%, with the median price decreasing by 2% to $1,553,000. DOM decreased by 9% to 25 days, and the bid-up percentage increased by 13%. MRI rose significantly by 127% to 9.8 months, and active listings increased by 113%.

Leeward Homes

Leeward homes saw a 2% decrease in sales, with the median price falling by 1% to $675,000. DOM decreased by 9% to 35 days, and the bid-up percentage dropped by 20%. MRI increased by 20% to 5.1 months, and active listings rose by 17%.

Ewa Homes

Ewa experienced a 1% increase in sales, with the median price holding at $890,000. DOM decreased by 34% to 21 days, while the bid-up percentage rose by 10%. MRI increased by 23% to 3.1 months, and active listings went up by 25%.

Makakilo Homes

Makakilo saw a 17% decrease in sales, with the median price falling by 2% to $1,000,000. DOM increased by 8% to 26 days, and the bid-up percentage dropped by 46%. MRI rose by 44% to 4.8 months, and active listings increased by 19%.

Waipahu Homes

Waipahu experienced a 4% decrease in sales, with the median price rising by 5% to $955,000. DOM decreased by 24% to 16 days, and the bid-up percentage increased by 34%. MRI increased slightly by 4% to 2.3 months, with no change in active listings.

Mililani Homes

Mililani saw a 3% increase in sales, while the median price held at $1,070,000. DOM remained stable at 16 days, and the bid-up percentage decreased by 7%. MRI rose by 52% to 2.2 months, and active listings increased by 56%.

Pearl City-Aiea Homes

Pearl City-Aiea experienced a 22% increase in sales, with the median price rising by 9% to $1,055,000. DOM decreased by 13% to 14 days, and the bid-up percentage fell by 3%. MRI decreased by 13% to 1.7 months, and active listings rose by 7%.

What Happened in Oahu Condo Markets in October 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 increased by 5%, with the median price decreasing by 1% to $430,000. Days on market (DOM) doubled, rising by 100% to 26 days. The bid-up percentage slightly decreased by 2%. Months of remaining inventory (MRI) more than doubled, increasing by 119% to 5.5 months, while active listings surged by 129%.

Downtown-Nuuanu Condos

Downtown-Nuuanu condo sales decreased by 6%, with no change in the median price, holding steady at $399,888. DOM increased by 19% to 31 days, and the bid-up percentage dropped by 4%. MRI rose by 64% to 5.1 months, while active listings grew by 53%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako saw a 12% decline in condo sales, while the median price increased by 10% to $784,500. DOM rose by 53% to 46 days, and the bid-up percentage decreased by 37%. MRI increased by 55% to 8.3 months, and active listings were up by 36%.

Makiki Condos

Makiki condo sales decreased by 3%, with the median price remaining stable at $395,000. DOM rose by 79% to 34 days, as the bid-up percentage dropped by 32%. MRI increased by 49% to 6.0 months, and active listings rose by 45%.

Waikiki Condos

Waikiki experienced a 7% decrease in condo sales, while the median price rose by 5% to $442,500. DOM increased by 19% to 32 days, and the bid-up percentage decreased by 28%. MRI rose by 36% to 6.4 months, and active listings increased by 27%.

Kapiolani-University Condos

Kapiolani-University saw a 6% drop in condo sales, with the median price decreasing by 3% to $405,000. DOM increased by 19% to 22 days, and the bid-up percentage decreased by 11%. MRI rose by 80% to 5.6 months, with active listings increasing by 70%.

Diamond Head-Kahala Condos

Diamond Head-Kahala condo sales increased by 5%, with the median price dropping by 5% to $650,000. DOM fell slightly by 3% to 17 days, while the bid-up percentage dropped by 23%. MRI increased significantly by 172% to 7.1 months, and active listings surged by 186%.

Hawaii Kai Condos

Hawaii Kai condo sales dropped by 11%, with the median price falling by 5% to $810,000. DOM decreased by 14% to 19 days, while the bid-up percentage dropped by 1%. MRI rose by 230% to 4.6 months, and active listings soared by 194%.

Kailua Condos

Kailua condo sales declined by 13%, with the median price rising by 5% to $785,000. DOM increased by 12% to 19 days, and the bid-up percentage decreased by 31%. MRI rose by 60% to 3.3 months, with active listings increasing by 39%.

Kaneohe Condos

Kaneohe experienced a 3% increase in condo sales, with the median price rising by 6% to $715,000. DOM decreased slightly by 6% to 15 days, while the bid-up percentage dropped by 20%. MRI increased by 61% to 3.1 months, with active listings rising by 65%.

Leeward Condos

Leeward condo sales declined by 17%, and the median price decreased by 6% to $242,500. DOM increased by 52% to 41 days, while the bid-up percentage dropped by 45%. MRI rose by 67% to 7.0 months, with active listings up by 38%.

Ewa Condos

Ewa experienced a 16% decrease in condo sales, with the median price rising by 2% to $684,500. DOM increased by 50% to 26 days, and the bid-up percentage decreased by 2%. MRI rose by 141% to 5.1 months, with active listings up by 103%.

Makakilo Condos

Makakilo saw a 17% decrease in condo sales, with the median price stable at $549,000. DOM increased by 33% to 24 days, and the bid-up percentage decreased by 34%. MRI decreased by 10% to 1.8 months, and active listings decreased by 25%.

Waipahu Condos

Waipahu experienced a 3% decline in condo sales, with the median price dropping by 1% to $495,000. DOM increased by 6% to 18 days, while the bid-up percentage decreased by 17%. MRI rose by 59% to 2.8 months, with active listings increasing by 55%.

Mililani Condos

Mililani saw a 4% decrease in condo sales, with the median price remaining stable at $514,483. DOM increased by 50% to 21 days, while the bid-up percentage decreased by 15%. MRI rose by 122% to 2.7 months, with active listings increasing by 113%.

Pearl City-Aiea Condos

Pearl City-Aiea condo sales increased by 3%, with the median price decreasing by 1% to $469,000. DOM rose by 79% to 25 days, and the bid-up percentage fell by 15%. MRI increased by 49% to 3.9 months, with active listings up by 54%.

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.

Back to top