Oahu Single-Family Home Prices Rise, Condo Prices Falter, in July 2024

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

“At more than halfway through 2024, the Oahu single-family home market is gaining steam while the condo market continues to show signs of easing,” said Chief Sales Officer for Locations Chad Takesue. “Despite higher borrowing costs, home prices are rising, and for-sale inventory is unchanged. On the other hand, condo prices are starting to flatten and inventory is rising, approaching a balanced-market level,” he added.

Overall, there is continued evidence of demand, with homes entering escrow in about 3 weeks and condos in about 4 weeks. In 2024, three of every ten home sales and two of every ten condo sales were bid-up over the asking price, evidence of continued competitive market conditions. However, the pace of sales remains about 20 percent below the pre-pandemic period.

At the local-market level, months of supply is typically greater in higher-priced markets. For condos, this is true for the Ala Moana-Kakaako and Diamond Head-Kahala markets, at 8.3 and 6.9 months, respectively. However, the higher-priced condo markets of Hawaii Kai, Kailua and Kaneohe are firmly in seller’s market territory at 3.5, 2.9 and 2.6 months, respectively. The lowest-supply markets are Makakilo and Waipahu, at 2.2 and 2.5 months, respectively, indicating strong demand. West Oahu markets typically have lower inventory supply than in-town markets.

On the single-family home side, the lowest-supply markets are also in West Oahu. With just 1.4 and 1.5 months, respectively, Mililani and Pearl City-Aiea are experiencing high demand. Home supply is greatest in North Shore at 10.8 months, followed by Leeward with 5.2 months. Oahu’s most expensive home market, Waialae-Kahala, is also exhibiting strong demand conditions, with only 3.2 months of supply remaining.

Key Takeaways from the July 2024 Locations Oahu Real Estate Report

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

• At $1,150,000, the July 2024 single-family home median price was six percent higher than a year ago. The condo median price of $502,500 was up just half a percent from last July. 
• Single-family home sales rose by 18 percent in July 2024, while condo sales declined by 10 percent from a year ago. Year-to-date, home sales are up eight percent and condo sales are down six percent from last year. Both sectors are following the typical seasonal trend. 
• At the end of July 2024, 757 single-family homes and 1,936 condos were available for sale—an increase of 22 percent for homes and 62 percent for condos from last year. Rising condo inventory signals that demand has softened. 
• There were 3.3 Months of Remaining Inventory (MRI) for single-family homes and 5.2 MRI for condos at the end of July 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 July was 16 days for homes and 29 days for condos in July. As time on market is typically shorter in the summer months, increasing DOM in the condo market is another sign of softening conditions. 
• In July 2024, 31.3 percent of single-family homes and 19.3 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—a lower than usual bid-up percentage in the condo market is a result of easing demand.

What Happened in Oahu Single-Family Home Markets in July 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 17% drop in sales, and the median price increased by 10% to $1,087,500. DOM increased by 14% to 16 days, while the bid-up percentage decreased by 3%. MRI increased by 81% to 4.3 months, and active listings increased by 50%.

Nuuanu-Makiki Homes

Nuuanu-Makiki homes saw a 40% increase in sales, and the median price increased by 5% to $1,200,000. DOM decreased by 14% to 18 days, while the bid-up percentage increased by 3%. MRI decreased by 12% to 4.9 months, and active listings increased by 24%.

Manoa Homes

In Manoa, home sales fell by 19%, while the median price rose by 7% to $1,616,500. DOM increased by 43% to 20 days, while the Bid-Up percentage dropped by 37%. MRI rose by 38% to 3.6 months, and active listings increased by 12%.

Kaimuki Homes

Kaimuki experienced a 6% decrease in home sales, and the median price increased by 2% to $1,240,000. DOM decreased by 13% to 14 days, while the bid-up percentage fell by 3%. MRI increased by 53% to 3.3 months, and active listings rose by 43%.

Waialae-Kahala Homes

Waialae-Kahala home sales declined by 8%, and the median price fell by 3% to $2,400,000. DOM increased by 35% to 25 days, while the bid-up percentage decreased by 19%. MRI decreased by 18% to 3.2 months, and active listings fell by 24%.

East Oahu Homes

East Oahu saw a 12% decrease in sales, and the median price dropped by 8% to $1,675,000. DOM decreased by 17% decrease to 15 days, as the bid-up percentage declined by 3%. MRI rose by 34% to 4.5 months, and active listings increased by 18%.

Hawaii Kai Homes

Hawaii Kai experienced an 8% increase in sales, and the median price rose by 2% to $1,638,000. DOM increased by 24% to 18 days, while the bid-up percentage decreased by 10%. MRI rose by 20% to 2.6 months, and active listings increased by 30%.

Kailua Homes

Kailua saw a 6% decrease in sales, and the median price increased by 6% to $1,700,000. DOM fell by 29%, as the Bid-Up percentage increased by 27%. MRI rose by 55% to 2.8 months, and active listings increased by 45%.

Kaneohe Homes

Kaneohe experienced a 4% increase in sales, as the median price rose by 2% to $1,200,000. DOM decreased by 24%, and the Bid-Up percentage dropped by 11%. MRI increased by 81% to 3.1 months, and active listings increased by 89%.

North Shore Homes

North Shore home sales declined by 13%, and the median price fell by 3% to $1,540,000. DOM increased by 4% to 28 days, while the bid-up percentage decreased by 18%. MRI rose by 88% to 10.8 months, and active listings increased by 63%.

Leeward Homes

Leeward homes saw a 2% decrease in sales, and the median price fell by 1% to $670,000. DOM increased by 6% to 36 days, as the bid-up percentage decreased by 25%. MRI increased by 24% to 5.2 months, and active listings rose by 22%.

Ewa Homes

The Ewa home market remained stable with no change in sales. The median price saw a slight decrease of 1% to $882,000. DOM declined by 13% to 26 days, while the bid-up percentage increased by 5%. MRI decreased by 9% to 2.7 months, and active listings decreased by 9%.

Makakilo Homes

Makakilo experienced a 25% drop in sales and a 1% increase in median price to $1,005,000. DOM increased by 31% to 28 days, as the bid-up percentage decreased by 49%. MRI decreased by 8% to 2.4 months, while active listings decreased by 30%.

Waipahu Homes

Waipahu saw a 2% increase in sales and a 2% increase in median price to $944,500. DOM increased by 3% to 19 days, and the bid-up percentage increased by 34%. MRI increased by 45% to 2.4 months, and active listings increased by 48%.

Mililani Homes

Mililani experienced a 10% decrease in sales and a 2% decrease in median price to $1,075,000. DOM fell by 16% to 16 days, as the bid-up percentage increased by 5%. MRI increased by 39% to 1.4 months, and active listings rose by 25%.

Pearl City-Aiea Homes

Pearl City-Aiea saw a 10% increase in sales, as the median price rose by 7% to $1,050,000. DOM increased by 7% to 15 days, and the bid-up percentage decreased by 13%. MRI increased by 32% to 1.5 months, and active listings rose by 44%.

What Happened in Oahu Condo Markets in July 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 7%, as the median price remained unchanged at $435,000. DOM increased by 77% to 23 days, and the bid-up percentage dropped by 11%. MRI increased by 106% to 4.1 months, and active listings increased by 93%.

Downtown-Nuuanu Condos

Downtown-Nuuanu experienced an 11% drop in condo sales, along with a 1% increase in the median price to $400,000. DOM increased by 17% to 28 days, as the Bid-Up percentage decreased by 11%. MRI increased by 117% to 4.8 months, and active listings increased by 94%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako saw a 10% decrease in condo sales and a 2% increase in median price to $762,250. DOM increased by 19% to 37 days, while the bid-up percentage decreased by 36%. MRI increased by 61% to 8.3 months, and active listings rose by 45%.

Makiki Condos

Makiki condo sales fell by 8%, while the median price remained stable at $395,000. DOM increased by 58% to 30 days, as the bid-up percentage decreased by 28%. MRI rose by 68% to 5.4 months, and active listings increased by 55%.

Waikiki Condos

Waikiki experienced a 4% decrease in condo sales, as the median price increased by 10% to $445,000. DOM increased by 25% to 30 days, while the bid-up percentage decreased by 39%. MRI increased by 31% to 5.7 months, and active listings rose by 25%.

Kapiolani-University Condos

Kapiolani-University saw a 6% decrease in condo sales and a 4% decrease in median price to $405,000. DOM increased by 12% to 19 days, and the bid-up percentage decreased by 31%. MRI increased by 154% to 5.6 months, and active listings increased by 138%.

Diamond Head-Kahala Condos

Diamond Head-Kahala condo sales fell by 19%, and the median price decreased by 2% to $645,000. DOM decreased by 19% to 17 days, while the bid-up percentage decreased by 26%. MRI increased by 105% to 6.9 months, and active listings increased by 67%.

Hawaii Kai Condos

Hawaii Kai experienced a 15% decrease in condo sales and 1% decrease in median price to $819,500. DOM fell by 24% to 16 days, as the bid-up percentage increased by 3%. MRI increased by 119% to 3.5 months, and active listings increased by 86%.

Kailua Condos

Kailua saw a 7% decrease in condo sales and a 5% increase in median price to $781,000. DOM increased by 6% to 18 days, as the bid-up percentage decreased by 33%. MRI increased by 125% to 2.9 months, and active listings increased by 109%.

Kaneohe Condos

Kaneohe experienced a 12% decrease in condo sales, as the median price rose by 3% to $715,000. DOM increased by 4% to 15 days, as the bid-up percentage decreased by 23%. MRI increased by 89% to 2.6 months, and active listings increased by 67%.

Leeward Condos

Leeward condo sales decreased by 16% and the median price fell by 4% to $250,000. DOM increrased by 76% to 37 days, as the Bid-Up percentage decreased by 13%. MRI increased by 99% to 5.5 months, and active listings increased by 67%.

Ewa Condos

Ewa experienced a 21% decrease in condo sales and a 3% increase in median price to $685,000. DOM increased by 24% to 21 days, as the bid-up percentage decreased by 3%. MRI rose by 228% to 4.4 months, and active listings increased by 158%.

Makakilo Condos

Makakilo saw a 22% decrease in condo sales and a stable median price at $553,000. DOM increased by 35% to 23 days, while the bid-up percentage decreased by 34%. MRI increased by 158% to 2.2 months, and active listings increased by 100%.

Waipahu Condos

Waipahu experienced a 12% decrease in condo sales and a 2% increase in median price to $515,000. DOM increased by 41% to 19 days, as the bid-up percentage decreased by 29%. MRI increased by 42% to 2.5 months, and active listings increased by 25%.

Mililani Condos

Mililani saw an 18% decrease in condo sales and a 1% decrease in median price to $515,000. DOM increased by 54% to 20 days, as the bid-up percentage decreased by 9%. MRI increased by 251% to 3.2 months, and active listings increased by 188%.

Pearl City-Aiea Condos

Pearl City-Aiea experienced a 12% decrease in condo sales and a 3% decrease in median price to $462,000. DOM increased by 83% to 22 days, as the bid-up percentage decreased by 11%. MRI increased by 165% to 3.7 months, and active listings increased by 133%.

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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