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Home Sales Rise in January, Inventory Remains Low |

NEWS

February 22, 2024

Home Sales Rise in January, Inventory Remains Low

Oahu’s housing market kicked off 2024 with a positive note, seeing year-over-year increases in both single-family home and condo sales. However, the ever-present challenge of low inventory continues to keep prices elevated.

While sales volume increased for both property types compared to January 2023, the pace remained relatively flat month-to-month. Median prices also held steady, with single-family homes and condominiums both experiencing a slight year-over-year bump. Notably, homes are taking a bit longer to sell compared to last year, with both single-family and condos averaging 29 days on the market, compared to 24 days in 2023.

Single-Family Home Resales

Number of Sales Median Sales Price
January 2024 184  +22.7% $1,021,016  +5.3%
January 2023 150 $970,000

Condominium Resales

Number of Sales Median Sales Price
January 2024 292  +6.2% $502,500  +1.5%
January 2023 275 $495,000

Source: HiCentral

Despite the increase in new listings, inventory levels remain significantly lower than pre-pandemic levels. This keeps upward pressure on prices, although the impact varies by segment. Notably, sales volume for single-family homes surged in the higher-priced categories, while condos saw the most activity in the more affordable range.

Interestingly, contract signings declined in some price ranges, particularly for single-family homes in the $800,000-$999,999 and $1,200,000+ brackets. Additionally, condo sales closing above asking price dropped year-over-year, while the percentage for single-family homes remained consistent.

Opportunities exist for both buyers and sellers in todays market. In real estate, timing is often everything. If you’re looking to buy or sell, it’s important to work with a Realtor who can help you identify trends, and maximize the financial efficiency of your purchase or sale.

If you’re looking for an extra set of eyes to help you navigate today’s market, Sachi Hawaii has agents experienced in a broad range of markets and price ranges.
Contact Sachi Hawaii today:

(808) 596-8801 | info@sachihawaii.com

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