Oahu Condominium Market Makes Gains in May 2024

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

“The Oahu real estate market remains steady as we head into the summer months,” said Chief Sales Officer for Locations Chad Takesue. “While affordability is still an issue for many homebuyers, we anticipate stable sales and flat-to-slightly rising prices throughout Summer 2024, due to continued low supply and strong demand,” he added.

Additionally, the condominium market, which was showing signs of softening in recent months, appears to now be reversing. Condo sales are holding steady, and the rise in inventory over the past several months is beginning to flatten. While DOM is at higher levels than the previous two years, the measure was at a low point for the year in May 2024. Although the percentage of condo sales bid-up over the asking price has been lower this year compared to recent years, one in five condos sold in May was bid-up—indicating continued competitive conditions.

At the local-market level, single-family home price growth is greatest on the North Shore at eight percent over the past 12 months, followed by Kailua, at six percent. Manoa and West Honolulu also experienced moderate price increases this year, with a five- and four-percent increase, respectively. Single-family home markets with a moderate decrease in price include East Oahu, at six percent lower, and Waialae-Kahala and Ewa, at four percent lower each.

For condos, price increases were greatest in Waikiki, Diamond Head-Kahala and Kailua, at four percent each. Price declines were greatest in the Leeward market, at five percent lower than the previous 12-month period.

Key Takeaways from the May 2024 Locations Oahu Real Estate Report

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

• In May 2024, the monthly median prices of $1,082,000 for single-family homes and $492,000 for condos are two percent lower than a year ago. However, year-to-date, median prices are up slightly—two percent for homes and one percent for condos. Median prices continue to hold flat to slightly rising in 2024. 
• Sales of single-family homes fell by seven percent in May 2024, while condo sales increased by eight percent from a year ago. Year-to-date, home sales are up seven percent and condo sales are down two percent from last year. Both sectors are following the typical seasonal trend. 
• At the end of May 2024, 669 single-family homes and 1,708 condos were available for sale—an increase of 18 percent for homes and 46 percent for condos from last year. Rising condo inventory is a signal of softening demand. 
• There were 3.0 Months of Remaining Inventory (MRI) for single-family homes and 4.5 MRI for condos at the end of May 2024. Months of Remaining Inventory has increased for condos, but is still in sellers’ market territory, underscoring low supply and strong demand in the Oahu real estate market. 
• Days on Market (DOM) is falling ahead of the summer months, in line with typical seasonal trends and continued demand. The median DOM in May was 16 days for single-family homes and 24 days for condos. 
• In May 2024, 32.4 percent of single-family homes and 19.7 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 May 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 data over the past 12 months: 

West Honolulu Homes

Sales in West Honolulu declined by 22%, while the median price increased by 4% to $1,027,500. Homes spent 14% more time on the market, averaging 16 days. The bid-up percentage decreased slightly by 7%. MRI rose by 37% to 3.1 months, with active listings increasing by 7%.

Nuuanu-Makiki Homes

The Nuuanu-Makiki area saw an 8% increase in sales, maintaining a stable median price of $1,200,000. Homes took 48% longer to sell, with an average of 23 days on the market. The bid-up percentage dropped by 24%, and MRI increased by 10% to 4.9 months, with a 19% increase in active listings.

Manoa Homes

Manoa experienced a 23% decrease in sales, as the median price rose by 5% to $1,572,500. Homes were on the market for 55% longer, averaging 17 days. The bid-up percentage fell by 30%, and MRI increased by 126% to 5.0 months. Active listings also saw a significant increase of 73%.

Kaimuki Homes

In Kaimuki, sales dropped by 20%, with a slight 1% increase in the median price to $1,240,000. Homes sold 13% faster, averaging 13 days on the market. The bid-up percentage increased by 6%, and MRI jumped by 150% to 3.5 months, with active listings doubling.

Waialae-Kahala Homes

Sales in Waialae-Kahala fell by 18%, and the median price decreased by 4% to $2,400,000. Homes stayed on the market 41% longer, with an average of 24 days. The bid-up percentage declined by 22%, and MRI increased by 17% to 3.6 months. Active listings decreased by 5%.

East Oahu Homes

East Oahu saw a 14% decline in sales, with a 6% drop in the median price to $1,705,000. Homes sold 9% faster, averaging 16 days on the market. The bid-up percentage increased by 24%, and MRI rose by 16% to 3.0 months. Active listings remained unchanged.

Hawaii Kai Homes

Sales in Hawaii Kai decreased by 4%, and the median price fell by 2% to $1,570,000. Homes were on the market 24% longer, averaging 18 days. The bid-up percentage dropped by 28%, and MRI grew by 32% to 2.6 months. Active listings grew by 26%.

Kailua Homes

Kailua experienced a 7% drop in sales, while the median price rose by 6% to $1,700,000. Homes sold 19% faster, averaging 13 days on the market. The bid-up percentage increased by 13%, and MRI increased by 16% to 2.1 month. Active listings increased by 8%.

Kaneohe Homes

Sales in Kaneohe rose by 5%, with a 2% increase in the median price to $1,200,000. Homes sold 22% faster, averaging 13 days on the market. The bid-up percentage decreased by 16%, and MRI rose by 73% to 2.6 months. Active listings grew by 83%.

North Shore Homes

The North Shore saw a 26% decrease in sales, but the median price rose by 8% to $1,697,500. Homes sold 21% faster, averaging 23 days on the market. The bid-up percentage decreased by 17%, and MRI jumped by 107% to 8.9 months. Active listings grew by 54%.

Leeward Homes

Sales in Leeward fell by 7%, with a 1% decrease in the median price to $675,000. Homes stayed on the market 31% longer, averaging 36 days. The bid-up percentage dropped by 39%, and MRI increased by 41% to 4.8 months. Active listings increased by 30%.

Ewa Homes

Ewa experienced an 8% drop in sales, with a 4% decrease in the median price to $875,000. Homes were on the market 40% longer, averaging 28 days. The bid-up percentage fell by 21%, and MRI rose by 6% to 2.4 months. Active listings decreased by 3%.

Makakilo Homes

Sales in Makakilo decreased by 30%, with a 3% increase in the median price to $1,011,250. Homes stayed on the market 35% longer, averaging 23 days. The bid-up percentage dropped by 39%, and MRI grew by 78% to 3.0 months. Active listings grew by 25%.

Waipahu Homes

Waipahu saw a 14% decrease in sales, with the median price remaining stable at $938,000. Homes were on the market 73% longer, averaging 26 days. The bid-up percentage increased by 3%, and MRI decreased by 17% to 1.9 months. Active listings fell by 29%.

Mililani Homes

Sales in Mililani fell by 23%, with a 2% decrease in the median price to $1,070,000. Homes sold 10% faster, averaging 16 days on the market. The bid-up percentage decreased by 14%, and MRI grew by 51% to 1.5 months. Active listings increased by 15%.

Pearl City-Aiea Homes

Pearl City-Aiea saw a 1% increase in sales, with a 2% rise in the median price to $1,023,516. Homes sold 23% faster, averaging 16 days on the market. The bid-up percentage fell by 20%, and MRI decreased by 9% to 1.3 months. Active listings decreased by 8%.

What Happened in Oahu Condo Markets in May 2024?

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

Salt Lake Condos

Salt Lake condos saw a 9% drop in sales, with a 1% increase in the median price to $440,000. Condos stayed on the market 20% longer, averaging 18 days. The bid-up percentage increased by 12%, and MRI rose by 124% to 2.9 months. Active listings more than doubled.

Downtown-Nuuanu Condos

Sales in Downtown-Nuuanu fell by 16%, with a 2% increase in the median price to $409,000. Condos were on the market 32% longer, averaging 25 days. The bid-up percentage decreased by 37%, and MRI rose by 41% to 3.4 months. Active listings increased by 19%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako saw a 13% decline in sales, with a slight 1% decrease in the median price to $750,000. Condos stayed on the market 23% longer, averaging 37 days. The bid-up percentage fell by 23%, and MRI grew by 51% to 7.3 months. Active listings increased by 31%.

Makiki Condos

Sales in Makiki decreased by 5%, with a slight 1% drop in the median price to $389,500. Condos stayed on the market 30% longer, averaging 24 days. The bid-up percentage decreased by 37%, and MRI increased by 52% to 4.5 months. Active listings rose by 45%.

Waikiki Condos

Waikiki condos experienced a 2% decrease in sales, with a 4% increase in the median price to $435,000. Condos stayed on the market 32% longer, averaging 29 days. The bid-up percentage decreased by 38%, and MRI rose by 29% to 5.4 months. Active listings increased by 26%.

Kapiolani-University Condos

Kapiolani-University saw a 10% drop in sales, with a slight 1% decrease in the median price to $415,000. Condos sold 6% faster, averaging 17 days on the market. The bid-up percentage decreased by 13%, and MRI increased by 106% to 4.3 months. Active listings increased by 85%.

Diamond Head-Kahala Condos

Diamond Head-Kahala experienced a 6% decrease in sales, with a 4% increase in the median price to $659,000. Condos sold 38% faster, averaging 15 days on the market. The bid-up percentage increased by 28%, and MRI jumped by 97% to 6.3 months. Active listings increased by 85%.

Hawaii Kai Condos

Sales in Hawaii Kai fell by 25%, with a 3% decrease in the median price to $799,500. Condos stayed on the market 6% longer, averaging 17 days. The bid-up percentage increased by 6%, and MRI decreased by 31% to 1.2 months. Active listings fell by 48%.

Kailua Condos

Kailua condos saw a 16% decrease in sales, with a 4% increase in the median price to $781,000. Condos stayed on the market 21% longer, averaging 18 days. The bid-up percentage decreased by 41%, and MRI rose by 197% to 2.1 months. Active listings increased by 150%.

Kaneohe Condos

Sales in Kaneohe fell by 11%, with a 3% increase in the median price to $708,500. Condos stayed on the market 33% longer, averaging 16 days. The bid-up percentage decreased by 27%, and MRI increased by 146% to 2.8 months. Active listings increased by 120%.

Leeward Condos

Leeward experienced a 19% decrease in sales, with a 5% drop in the median price to $244,000. Condos stayed on the market 112% longer, averaging 35 days. The bid-up percentage fell by 25%, and MRI rose by 93% to 6.4 months. Active listings increased by 56%.

Ewa Condos

Sales in Ewa decreased by 25%, with a 1% increase in the median price to $680,000. Condos stayed on the market 36% longer, averaging 19 days. The bid-up percentage fell by 25%, and MRI increased by 151% to 3.1 months. Active listings increased by 90%.

Makakilo Condos

Makakilo saw a 28% decrease in sales, with a stable median price of $549,500. Condos stayed on the market 30% longer, averaging 20 days. The bid-up percentage fell by 27%, and MRI jumped by 98% to 2.4 months. Active listings increased by 43%.

Waipahu Condos

Sales in Waipahu fell by 13%, with a 2% decrease in the median price to $500,000. Condos stayed on the market 38% longer, averaging 18 days. The bid-up percentage fell by 40%, and MRI increased by 78% to 2.5 months. Active listings increased by 55%.

Mililani Condos

Mililani experienced a 15% decrease in sales, with a 1% drop in the median price to $517,300. Condos stayed on the market 42% longer, averaging 17 days. The bid-up percentage fell by 18%, and MRI rose by 183% to 2.4 months. Active listings increased by 139%.

Pearl City-Aiea Condos

Sales in Pearl City-Aiea decreased by 13%, with a slight 1% drop in the median price to $468,000. Condos stayed on the market 82% longer, averaging 20 days. The bid-up percentage fell by 19%, and MRI jumped by 176 to 3.0 months. Active listings increased by 141%.

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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