Month: February 2025

Sales in O’ahu’s Luxury Home Market: What 2024 Reveals

Karla Casey Leave a comment

The O’ahu luxury real estate market in 2024 showed an overall increase in activity. This was particularly true in the single-family home market. Sales in homes priced above $2 million were up across most price ranges compared to 2023. The number of homes sold increased from 273 in 2023 to 307 in 2024, reflecting a broader demand.

However, the $6 million to $9.99 million price range saw a decline in sales, dropping from 27 in 2023 to just 16 in 2024. This suggests that while demand was up in general, ultra-high-end properties in that particular price bracket experienced a slowdown.

For the condo market, resales in the $2 million to $5.99 million range remained relatively stable compared to the previous year. However, the ultra-luxury condo segment over $6 million saw a significant decrease. There were only 5 sales in 2024. In 2023, there were 16 sales.
Overall, the luxury home market remained strong. The decline in ultra-luxury condo sales and the drop in mid-high-end homes suggest a more selective buyer pool in certain segments. This could be due to shifting economic conditions, market saturation, or changing buyer preferences.

O’ahu 2024 Condo and Single-Family Home Insights

Karla Casey Leave a comment

2024 O’ahu Housing Market Ended
with Higher Inventory Levels than in 2023.
Condo Sales Dipped with Condo Fees Rising.

Single-Family Homes:

  • Sales Up: Single-family home resales were up by 9% from 2023.
  • Price Increase: The average sales price rose slightly by 1.5%, reaching $1,347,176.
  • Days on Market: Homes sold quicker, with an average of 19 days on the market from 22 days on market
  • More Listings: New listings increased by 13%, showing more options for buyers.

Condominiums:

  • Sales Dip: Condominium resales saw a slight decrease, down 2.5% from 2023.
  • Price Decrease: The average sales price fell by 1%, landing at $623,257.
  • Longer Market Time: Condos took longer to sell, with days on market rising to 30 from 21 in 2023.
  • More Listings: New condo listings increased significantly by nearly 19%.
  • Higher Maintenance Fees: Rising material and insurance costs caused condo maintenance fees to rise. They increased by an average of 20%. This likely impacted affordability for buyers.

It seems like while single-family homes saw more activity and price stability while condos struggled a bit more due to higher costs and slower sales. The rise in maintenance fees could have added to the challenges for condo buyers.