HONOLULU BOARD OF REALTORS EXECUTIVE SUMMARY
O‘ahu’s housing market experienced a boost in activity from February to March, with sales rising approximately 36% month-over-month in both single-family home and condo markets.
Although year-over-year sales continued to fall short of 2022 – down 26.5% for single-family
homes and 33.9% for condos year-over-year – 236 single-family homes and 444 condos sold in March 2023.
Median sales prices for March 2023 increased from January and February but were mixed
compared to a year ago. The monthly median price for single-family homes declined 5.8% from $1,150,000 in March 2022 to $1,083,750 last month. Meanwhile, the condo median sales price in March set a new record of $536,000, 0.4% above the previous record of $534,000 set in June 2022, and a 4.5% rise year-over-year.
In March 2023, 58.5% of single-family home sales closed at $1,000,000 or more, pushing the median sales price above $1 million. However, the $600,000 to $799,999 price range was one of the few to see a year-over-year increase in sales volume, jumping 70.6% from 17 to 29 single-family home sales compared to the same time last year. Meanwhile, the $800,000 to $999,999 price range accounted for more than a quarter of the month’s sales.
Most single-family homes and condos continued to close for less than the original asking price. In March, approximately 35% of single-family homes closed at full asking price or more, compared to around 74% in March 2022. In the condo market, 41% of condos sold at the full asking price or more compared to 65% in March 2022.
Properties sold in March 2023 were on the market longer than those in March 2022. Median
days on market for single-family homes was 36 days and for condos 24 days, compared to a 9-day median in both markets one year ago. In the single-family home market, active inventory in the $800,000 to $899,999 range saw the most significant change, with approximately triple the number of listings at 76, compared to 25 a year ago. For condos, the increase in active inventory was mainly in the $400,000 and above range, where the number of available listings increased by 39% year-over-year.
New listing volume improved from February to March, up 25.8% month-over-month for singlefamily homes and 14.5% for condos. Still, new listings continued to see year-over-year declines, and the first quarter ended with total new listings down approximately 28% in both markets compared to the first quarter of 2022. Pending sales increased from a month ago, with 258 contract signings in the single-family home market and 444 in the condo market. Compared to February, this increased by 18.9% for single-family homes and 11.3% for condos. However, pending sales volume fell short by more than 30% year-over-year in both markets.
OUTSTANDING FACTS
Single Family Home
Single-family home price band with the most sales was $800,000-$999,999.
A percentage of single-family homes sold at Above listing price increased to 28.4% from 21.4%. 42.4% of Single Family Home sales were at or above list price in March.
Condominium
Condominium price band with the most sales was $400,000-$499,999.
41.5% of Condo sales were at or above list price.
As always, a reminder that statistics vary by neighborhood, building, and price band. If you have questions about your home, building, or neighborhood, please fee free to CONTACT ME. If you would like to receive free quarterly Oahu market reports or periodic region or neighborhood/building reports delivered to your inbox, click HERE.
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