November Single-Family Home and Condo Sales Up Year-Over-Year
Single-family homes and condos report double-digit increases, median prices remain stable
HONOLULU—According to figures released today by the Honolulu Board of REALTORS®, single-family home sales rose 12.8% with 203 closings and condo sales jumped 10% to 341 closings, compared to November 2023. Both markets experienced nominal changes in median sales prices. The single-family home median sales price for November was $1,115,000, up 1.4% from a year ago, while the condo median sales price was $530,000, a year-over-year increase of 2.7%.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
“Although seasonal trends produced a drop in sales from a month ago, the uptick in sales year-over-year in both single-family home and condo markets was positive,” said Fran Gendrano, Immediate Past President of the Honolulu Board of REALTORS®. “We also continued to see more sellers offering properties for sale compared to a year ago and sustained demand from prospective buyers, resulting in a balanced market.”
In the single-family home market, the $900,000 to $1,199,999 price range accounted for approximately one-third of sales in November and also saw the largest growth in sales volume from a year ago. Seventy single-family homes sold in that price range 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 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 this November – 26% compared to 21% in November 2023. However, fewer condos sold above the original asking price, accounting for just 12% of sales this November compared to 19% at the same time last year.
Single-family homes that sold in November spent slightly less time on the market, marking a median of 24 days compared to 29 days in November 2023. The condo median days on market lengthened to 32 days compared to 23 a year ago.
“Given the nuances of O‘ahu real estate and the influences on the market, one of the best decisions buyers and sellers can make is to work with an experienced REALTOR® to help achieve their goals,” added Gendrano.
Throughout November, the single-family home market brought on 297 new listings, rising 11.2% from a year ago, while the condo market rose 30.9% to 598 new listings. The condo market welcomed new listings at all price points and saw a notable rise in new listings priced at $1,000,000 and above. New listings in that range increased by 93.8%, with 124 new listings compared to 64 a year ago.
Compared to one month ago, active inventory for single-family homes saw a modest increase of 1.1% and 4.7% for condos. November ended with 749 active single-family home listings and 2,049 active condo listings. Compared to one year ago, single-family home inventory was up 11.5%, while condo inventory was 53.3% higher.
Media Kit
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse O‘ahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to view on Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.
About the Honolulu Board of REALTORS®
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,100 boards of REALTORS® in the nation, and, with nearly 6,800 members, is one of the largest trade organizations on O‘ahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. The Honolulu Board of REALTORS® and its members are committed to serving as housing advocates, community builders and good neighbors. For more information, call (808) 732-3000 or visit www.hicentral.com.
Kristen Kunimura