Can you believe that Oahu home sales were up over 25% this past month? This is David Buck with Harcourts Island Real Estate. Today, we're going to talk about market stats for December of 2024. Happy New Year to everyone by the way!
Single Family Home Stats
First off, we're doing to dive into the single family homes and there we saw sales up 25.3%. A year ago, there was only 182 single family home sales on Oahu. This past month we saw 228. Meanwhile, the median price for a single family home was also up. It was up 5.8%. That was going from $996,500 to $1,054,500. Once again, that's going to be a 5.8% increase, year over year. Meanwhile, median days on market have increased slightly, going from 18 to 20 days. That's an 11.1% increase. That's going to summarize the homes. We're going to talk about the condos in a second, but what we're going to start instigating is talking about the luxury market on Oahu each month.
59-353 Ke Nui Drive Sold for $6,250,000
The highest home sale we saw this past month was at $6,250,000. That would be for an oceanfront home on the North Shore of Oahu on Ke Nui Drive. We're not seeing the crazy high prices, but we're going to jump into the luxury market on Oahu coming up shortly in the next few days to recap the entirety of 2024.
Condo Stats
Now, as we dive into the condos, the condo market also saw a nice bump up in the number of transactions year over year. There, we saw an 18.8% increase year over year. A year ago in December, there was 272 condo sales on Oahu. This past month, we saw 323. Meanwhile, we saw a nice step up in the median condo price, which was up 5.9%, going from $510,000 to $540,000. Meanwhile, the median days on market (which is a barometer of how long it's taking condos to sell) increased 38.5%. A year ago it's taking 26 days and now we're at 36 days. This is a trend we've been talking about for awhile in that there's a lot more inventory in the condo market and it's taking them longer to sell.
Victoria Place in Ward Village
Last, but not least, we're going to talk about the luxury end of the condo market. There was a bunch of deals taking place at Victoria Place in Ward Village in Kakaako. There were bulk closings in November and some resales taking place in December.
Ritz Carlton Waikiki #3407 Sold for $3.7 Million
The highest condo resale we saw this past month was Ritz Carlton Waikiki #3407. That went for $3.7 million. That was the highest condo resale we saw in December of 2024. Once again, as I mentioned in the single family homes, we're going to cover the entire luxury recap here within the coming week.
I hope you enjoyed the monthly market update for December of 2024 If you have any questions about real estate here on Oahu, feel free to reach out and give me a shout at 808-371-3509. Mahalo!