Unseasonal sales activity rebounds across the board as prices tick up

Despite seasonal fluctuations in the market, trends that typically lean toward a slowdown in home sales in November/December, the Honolulu Board of Realtors® reports atypical double-digit increases in condo and single-family home sales last month, along with bump-ups in prices as well.

In the single-family home market, the $900,000 to $1,199,999 price range accounted for approximately one-third of the sales in November and was a notable jump in sales volume from a year ago. Seventy single-family homes in that price range sold last month, compared to 42 in November 2023 — a 66.7% increase.

In the condo market, more than 50% of November sales occurred in the $300,000 to $599,999 price range. Sales volume in this price range increased 25.5% from a year ago with 182 sales compared to 145 in November 2023.

A slightly larger share of single-family home sales closed for more than the original asking price last month — 26% of the sales compared to 21% in November 2023. Slightly fewer condos sold above the original asking price last month, accounting for 12% of the sales, compared to 19% during the same period last year.

Single-family homes sold faster last month than a year ago November — 24 median days on the market, compared to 29 days this time last year. Condo days on the market was 32 days last month, compared to 23 days a year ago.

“Economic complexities posed challenges, including skyrocketing insurance rates, and, for condos, increased maintenance fees, on top of mortgage interest rates,” says Mike James, president of Coldwell Banker Realty. “But the robustness of our market here, despite the increased cost, is a testament to the continued demand for island living.

Sellers are more confident as well. In November, 297 new single-family homes came on the market, rising 11.2% from a year ago. New condo listings were up 30.9%, with 598 new listings last month.

Sales of Single-Family Homes and Condos | November 2024
Source: Honolulu Board of REALTORS®, compiled from MLS data

Sales volume shot up in double-digits in November. Single-family home sales volume was up 12.8% — from 180 homes closed in November 2023 to 203 homes closed last month. Year-to-date, the number of closed sales is up 7.9%. Condo sales volume rose 10% — from 310 in November 2023 to 341 last month. Year-to-date, condo sales have slowed 3.8%.

Median Sales Price of Single-Family Homes and Condos | November 2024
Source: Honolulu Board of REALTORS®, compiled from MLS data

In November, the median price of a single-family home increased by 1.4% — from $1,100,055 in November 2023, to $1,115,000 last month. Year-to-date, and with one month to go in 2024, the MSP of a single-family home is up 3.8% from $1,060,000 at this point last year, to $1,100,000 currently— tracking toward the all-time, highest Annual MSP. (The current record high was $1,105,000, set in 2022.)

The condo median sale price is up 2.7% — from $516,179 to $530,000. Year-to-date, condo prices also point toward achieving an all-time, end-of-year annual high. At the end of November, the YTD MSP was $510,000, up from $508,500 a year ago. (The current record high was $510,000, set in 2022.)

MARKET SPOTLIGHT

This month’s spotlight is on Oahu’s more affordable neighborhoods. Specifically, where homes and condos remain near or below Oahu’s median sales prices. Check it out.

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.