top of page
Market Update

Monthly Market Update

Month-to-Month Change: Compares change from Feb 2024 to Mar 2024

Team Alaka'i Market Update.gif

O‘ahu Real Estate Market Insights:

March 2024 Monthly Stats Report

In the dynamic world of O‘ahu's real estate, we have some important updates to share with you. Despite the paradise we call home, recent trends show shifts in the market due to rising mortgage rates. Here's a snapshot of what's been happening:

Single-Family Homes:

  • In March 2024, the number of single-family home sales was 230 reflecting a 28.5% increase compared to last month.

  • The median sales price for single-family homes increased by 2.3% compared to February 2024, reaching $1,070,000.


  • In March 2024, the number of condo sales was 344 reflecting a 3.0 % increase compared to last month.

  • The median sales price for condos decreased by 2.4% compared to last month, reaching $500,000.

Market Trends:

  • Single-family homes have a median of 31 days on the market, a 3.3% increase from February 2024. While condos marked a median of 29 days on the market, a 25.6% decrease compared to the previous month.

Mortgage Rates:

  • Mortgage rates are on the rise, hovering just above 7%.

Pricing and Sales:

  • Around 23% of single-family home sales closed at or above the asking price compared to 24% in March of 2023

  • In the condo market, 18% of sales closed at or above the asking price a decrease compared to 21% in March of 2023. 

Price Ranges:

  • For Single-family homes, compared to last year those priced at $1.6 million and above increased by 23.2%. While single-family homes priced at $1 million to $1,599,999 and above made up nearly 9.2% of total sales for March 2024. Single-family homes priced below $1 million decreased by 7.5% compared to last year.

  • In the condo market, units in the price range of $300,000 to $499,999 saw an increase of 84.9% compared to March 2023.


Navigating the Market:

  • A trusted, knowledgeable REALTOR® is your best guide in this market. Opportunities exist for homeowners and first-time buyers despite the financing challenges.

New Listings and Inventory:

  • New listing volume decreased by 1.4% for single-family homes compared to the previous month, while condos have increased by 21.4%.

  • Active inventory showed that single-family homes decreased by 3% and condos up 7.6% compared to the previous month.

While these market dynamics present challenges, opportunities abound for those ready to make their move in O‘ahu's real estate landscape. For personalized guidance and insights, don't hesitate to reach out to Team Alaka'i. Subscribe to our newsletter to stay updated on the latest developments.

Single Family Homes


(swipe >>>)



(swipe >>>)


April 2024 Mortgage Market Update:

Servicing, Non-QM DSCR, RON Products; Freddie and Fannie News; Rate Cut Outlook

The Role of Real Estate Agents in the Hill Country Market

In the picturesque Hill Country near Austin, Texas, a vibrant real estate market thrives, connecting eager buyers with sellers. The vast majority of these transactions, around 90%, are facilitated by real estate agents, underscoring their critical role in the buying and selling process. Recent data released by Clever highlights the financial implications of these transactions, revealing that on a median-priced home of $431,000, sellers are paying commission fees averaging $23,662. This expenditure is split between the listing and buyer's agents, with the current average commission rate in the U.S. being 5.49%.

Understanding Real Estate Commission Rates

The distribution of these fees between agents is fairly equitable, with listing agents receiving about 2.83% and buyer's agents getting around 2.66%. It's interesting to note that these rates have seen a slight increase from the previous year's average of 5.37%. Most agents operate within a commission range of 2.5% to 3%, influenced by various factors including the property's value, the complexity of the sale, and the prevailing market conditions. The variation in commission rates across states is notable, with Hawaii offering the lowest at 4.78% and West Virginia the highest at 6.67%.

Sponsorship and Mortgage Solutions

This week’s insights are brought to you courtesy of PHH Mortgage, a versatile provider offering a comprehensive suite of mortgage lifecycle solutions, from subservicing to commercial servicing. Additionally, Cross Country Mortgage’s Nicole Perrone shares strategies for lenders aiming to expand their production and market share in a competitive landscape.

Innovations in Lender and Broker Services

  • Streamlining Remote Notary Transactions

ICE Mortgage Technology® is revolutionizing the mortgage process through its integration with Simplifile® and The Closing Exchange. This collaboration enables settlement agents and lenders to utilize remote online notary (RON) services seamlessly, enhancing the closing experience for borrowers without the need for in-house notary capabilities.

  • Visio Lending: A Leader in Non-QM Loans

Visio Lending stands out as a premier provider of Non-QM Investor DSCR loans, offering flexible financing solutions for long-term rentals or vacation properties. With nearly a decade of experience and over $2.7 billion in originations, Visio Lending presents a compelling choice for investors seeking reliable financing options.

The Future of Mortgage Origination

Join industry leaders for a roundtable discussion on navigating the current economic challenges and identifying opportunities for growth. This insightful event promises to equip participants with strategies for resilience and success in the ever-evolving mortgage landscape.

Advanced Servicing and Claims Processing Solutions

Discover how Servbank’s innovative approach to customer outreach and technology integration results in exceptionally low delinquency rates. Similarly, Dara by Sagent introduces a unified platform that streamlines the default servicing process, enhancing recoverability and reducing costs.

Updates from Fannie Mae and Freddie Mac

Stay informed about the latest guidelines and updates from Fannie Mae and Freddie Mac, crucial for professionals in the mortgage industry. From appraisal quality monitoring to the phased implementation of the ULDD Phase 5, these updates are vital for maintaining compliance and optimizing operations.

Capital Market Insights

An analysis of current bond yields and inflation trends offers a glimpse into the economic indicators that influence the Federal Reserve's policy decisions. Understanding these dynamics is essential for industry professionals looking to adapt to the shifting financial landscape.

Employment Opportunities and Industry Appointments

  • Movement Mortgage’s Community Initiatives

Movement Mortgage introduces the "Be The Key" program, aimed at empowering loan officers and realtors to serve the Black community and promote homeownership. This initiative reflects Movement’s commitment to diversity and inclusion in the housing market.

  • Banner Bank Seeks Mortgage Servicing Director

Banner Bank is on the lookout for a visionary leader to helm its Mortgage Servicing department in Southeast Washington. This role offers the opportunity to contribute to the bank's success while enjoying the region's stunning natural beauty.

  • Canopy Mortgage: A Growing Force

Canopy Mortgage is attracting top talent with its innovative approach to mortgage lending, underscored by its proprietary technology and unique business model. Discover why Canopy is the choice for high-performing loan officers seeking to elevate their careers.

Nationwide Appraisal Network Welcomes New Chief Appraiser

NAN announces the appointment of William "Bill" Waltenbaugh as its new Chief Appraiser, bringing over three decades of valuation industry experience to the role. Waltenbaugh's leadership is expected to drive innovation and excellence in NAN's services.

Mortgae News
bottom of page