Aloha and Happy New Year!
After 2023 saw a more stable market compared to the record-breaking figures of 2022, expectations for 2024 were cautiously optimistic. Despite continuing challenges such as rising interest rates and inflation, Hawaii’s real estate market showed resilience, particularly with an increase in year-over-year sales.
The latest November 2024 statistics released by the Honolulu Board of REALTORS® reflect this positive trend. Single-family home sales rose 12.8%, with 203 closings, while condo sales jumped 10%, reaching 341 closings compared to November 2023. Median sales prices remained relatively stable, with single-family homes increasing 1.4% to $1,115,000, and condos up 2.7% to $530,000.
Looking at the broader market, the $900,000 to $1,199,999 price range for single-family homes saw the largest growth, with a 66.7% increase in sales compared to last year. In the condo market, the $300,000 to $599,999 range accounted for over 50% of sales, with a 25.5% increase in sales volume.
While seasonal trends led to a slight month-over-month decline in sales, the year-over-year uptick in both markets is a positive sign of sustained buyer demand and a balanced market, according to Fran Gendrano, Immediate Past President of the Honolulu Board of REALTORS®.
As we look ahead to 2025, navigating Hawaii’s real estate market remains complex, but with continued demand and more inventory on the market, there are opportunities for both buyers and sellers.
Sachi Hawaii would like to thank our extended ‘Ohana for their continued support. As we wrap up another successful year, we did so with the help of our amazing Sachi Hawaii sales and property management team. We’d like to highlight a few of our landmark listing sales this year, including a $13M sale nestled between Kai Nani’s sandy beach and Waialae Country Club, a $5.5M sale of a 3-bedroom corner unit at Waiea, $4.5 and $3.5M home sales in Diamond Head and Kahala, respectively, plus many more.
It’s our pleasure to also list notable properties such as Waiea Penthouse #3400, a 4-bedroom Penthouse of unparalleled distinction listed at $16.9M, a beachfront estate-style home along Aina Haina Beach that includes a full-size lighted tennis court, 5-bedroom layout, and sandy beach frontage, listed at $10.5M, Penthouse #G at the Ritz-Carlton Residences Waikiki, a 3-bedroom, 3-story ultra-luxe retreat with a private rooftop pool and spa, plus many more one-of-a-kind properties.
Currently, Sachi Hawaii listed and sold over 40 properties this year, and represented buyers for another 52 property sales. We’re fortunate and thankful to work with so many wonderful buyers and sellers. If you may know a friend, family, or colleague looking to buy or sell, we would be honored to have your referral!
Please join us in welcoming back Hitomi Denzer to the Sachi Hawaii ‘Ohana, as well Mina Roman, who is assisting with our growing property management division.
Mahalo nui loa from all of us at Sachi Hawaii to our precious clients, friends, and family members for being a part of our successful 2024. As we look to the future in 2025, we wish for our extended ‘Ohana good health and fortune, as we continue to serve with enthusiasm, sincerity, privacy, discretion and professionalism. Here’s to another successful year with our most valued patrons and newest members to our Sachi Hawaii family.
In lieu of gifts, Sachi Hawaii has donated to the Boys and Girls Club of Hawaii, supporting their mission to provide local youth with a safe space for learning, growth, and development through programs focused on academic success, healthy lifestyles, and good character.
From Sachi Braden and the entire Sachi Hawaii Team,
Mahalo for your continued support and Happy New Year!
