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.