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April 19, 2024

Spring Season Shows Signs of Stabilization in Hawaii Real Estate Market

The Honolulu Board of REALTORS® reports a mixed start to the Hawaii housing market this spring. While single-family home sales dipped slightly year-over-year in March, their median sale price continued to climb, reaching $1.1 million. Condo sales, on the other hand, saw a steeper decline in both volume and median price compared to last year.

Single-Family Home Resales

Number of Sales Median Sales Price
March 2024 230 -2.5% $1,100,000 +1.5%
March 2023 236 $1,083,750

Condominium Resales

Number of Sales Median Sales Price
March 2024 344 -22.5% $500,000 -6.7%
March 2023 444 $536,000

Data Source: HiCentral

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March 2024 Sales by Region
Data Source: Title Guaranty Hawaii

Experts attribute the slowdown in market activity to rising mortgage rates. However, there are positive signs. Single-family home sales for the first quarter are up overall, with strong demand in affordable price ranges. Additionally, pending sales figures suggest a potential rebound on the horizon.

Looking deeper into the data, we see a shift in buyer preferences. Sales of single-family homes priced above $1 million are on the rise, while those under $1 million are down slightly. This trend is mirrored in the condo market, where sales in both the mid-range and luxury tiers have dipped compared to last year.

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