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Market Update

Monthly Market Update

Month-to-Month Change: Compares change from Nov. 2024 to Dec. 2024

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O‘ahu Real Estate Market Insights:

December 2024 Monthly Stats Report

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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:

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Single-Family Homes:

  • In December 2024, the number of single-family home sales totaled 228 reflecting a 12.3% increase compared to the previous month.

  • The median sales price for single-family homes decreased by 5.4% to $1,054,500 compared to the month prior.
     

Condominiums:

  •  In December 2024, the number of condo sales was 323 reflecting a 5.3% decrease compared to the previous month.

  • The median sales price for condos increased by 1.9% to $540,000 compared to the month prior.
       

Market Trends:

  • Single-family homes have a median of 20 days on the market in December 2024 which is a 16.7% decrease compared to the previous month. At the same time, condos marked a median of 36 days on the market in December 2024 which is a 12.5% increase compared to November 2024.
     

Mortgage Rates:

  • Mortgage rates have been fluctuating around the 7% range since the middle of December 2024.
     

Pricing and Sales:

  • Around 99.2% of single-family home sales closed at their original asking price in December 2024 compared to 97.8% in November 2024.

  • In the condo market, the sales closed at their original asking price saw a decrease to 97.2% compared to 98% in November 2024.
     

Price Ranges:

  •  Single-family homes listed at the price range up to $999,999 and below accounted ofr 40% of total sales in December 2024. While condo sales saw a growth in the $500,000 and above range, surpassing sales at lower price points.
     

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 decrease by 32% for single-family homes compared to the previous month with December 2024 having 202 new listings. While new listings for condos saw a decrese by 24.6% than the previous month with December 2024 having 451 new listings.

  • The active inventory showed that single-family homes had a decrease of 9.9% and condos were down 5.9% compared to the previous month.

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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

Statistics

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Condo/Townhome

Statistics

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January 2025 Mortgage Market Update:

Mortgage Rates Barely Budge to Start New Week

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A Quiet Start to the New Year for Mortgage Rates

The bond market and interest rates have entered the first full week of 2025 almost unchanged from where they left off before the holiday season. While there was some minor volatility in the bond market today, it wasn't significant enough to impact mortgage rates. As a result, the average lender remains near 7.125% for a top-tier conventional 30-year fixed mortgage rate.

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Uneventful Weeks Lead to Anticipation

Although the past two weeks have been relatively quiet for mortgage rates, the upcoming two weeks promise to be more eventful. Economic data releases will play a key role in shaping rate movements, with several notable reports due in the next few days. The highlight of the week, however, is the jobs report set to be released on Friday.

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The Importance of the Jobs Report

While the interim data between now and Friday has the potential to move rates slightly, the jobs report has the power to cause more significant shifts. Why is this report so influential? Larger rate volatility occurs when the data deviates significantly from market expectations.

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Understanding Market Expectations

Expectations for economic data are derived from forecasts submitted by hundreds of economists and analysts. These predictions are aggregated, and the median forecast is published as the market consensus. This consensus acts as a benchmark against which the actual data is measured.

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What This Means for Mortgage Rates

When economic data suggests the economy is weaker or inflation is lower than expected, it’s generally good news for mortgage rates, potentially leading to a decline. Conversely, stronger economic data or higher-than-expected inflation could push rates higher. As the market navigates this week’s reports, especially Friday’s jobs report, borrowers should be prepared for potential fluctuations in mortgage rates.

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Final Thoughts
The first few weeks of the year often set the tone for the months ahead in the bond market and interest rates. While this week began quietly, the upcoming economic data—and particularly the jobs report—may provide clearer direction for mortgage rate trends. Borrowers and industry professionals alike should stay informed as these events unfold.

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