Real Estate

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.

Oahu Real Estate

Karla Casey Leave a comment

Aloha Family and Friends:

I hope and pray that you and your family are safe and well. 

During this time of uncertainty, I, along with my fellow REALTORS, are watching the real estate market here on Oahu closely.  We are constantly sharing information and statistical reports so that we can give our clients, family and friends updates on the market and guide them with their real estate needs.

Please remember that each island’s real estate market may perform differently to what is going on economically in the islands, on the mainland and internationally.  The graphs and information I am providing relate to the island of Oahu only.  If you would like stats and information on the outer islands, please let me know and I will be happy to provide that information to you via my professional real estate friends and colleagues that specialize on those islands.

The real estate profession here on Oahu has been classified as an essential service as we realize that even during difficult times people may need the assistance of a REALTOR.  We are able to perform onsite showings with a limited number of people at one time and use virtual tools in place of in-person showings.  We are also able to conduct home inspections with the home inspectors using facetime and zoom.  We are not allowed to perform Open Houses but have adapted to providing Open House tours via social media, zoom and other technology.

If you have any questions, or need assistance, please let me know.

Best wishes and lots of Aloha to you and your loved ones!!

Karla Casey (R)