Oahu Real Estate Market Report – February 2023

Sluggish sales but slight improvements in February 2023 Oahu Real Estate Market Report

O‘ahu’s housing market remained sluggish in our February Oahu Real Estate Market Report, with closed sales of single-family homes and condos down 28.2% and 33.1%, respectively. However, single-family home sales rose 15.3%, and condo sales increased by 18.2% compared to the January 2023.

Decline in median sales prices for single-family homes and condos

Median sales prices in both markets declined, dipping 12.3% for single-family homes from $1,125,000 to $987,000 compared to 2022. The condo market experienced a modest 3.4% decline from $497,000 to $480,000. Roughly 189 O‘ahu properties sold for under $500,000 in February.

In February 2023, single-family homes nearly quadrupled the median days on market, skyrocketing to 47 days compared to 13 days in February 2022. The median days on market for condos doubled to 28 days compared to 14 days a year ago.

Fewer sales above asking price for single-family homes and condos, but active inventory increases at various price points

The share of single-family homes sold above the original asking price fell dramatically from a year ago, accounting for just 19% of sales this February, compared to 55% in February 2022. From another perspective, only 32% of single-family home sales received full asking price or more compared to 73% last February. In the condo market, the share of sales closing above the original list price shrank only 15% this February compared to 37% in February 2022. Of the sales this month, 36% received full asking price or more compared to 56% of sales last year.

Though there were 233 new single-family home listings and 463 new condo listings this past month, this was well below the number of listings brought to market in February 2022, down 36.5% for single-family homes and 37.3% for condos. Both markets added active inventory at various price points, though the most significant increase in the single-family home market was in the $999,999 and below price range, with twice as many properties up for sale compared to 2022. For condos, the most significant increase occurred in the $600,000 to $799,999 price range, with 50% more active condos than a year ago.

Most price points for single-family homes experienced fewer sales this February, with the largest drop in sales volume occurring in the $900,000 to $1,099,999 price range, down 47.4% year-over-year. The ‘Ewa Plain region experienced the largest decline in sales volume, falling 40.4% year-over-year, followed by the Metro region, declining 55.2%.

Most price points for condos saw a decline in sales, with the most notable change occurring in the $800,000 to $1,999,999 price range, down 60% year-over-year, and in the $500,000 to $699,999 range, falling 42.7%. The Kailua region was the only area where condo sales were even with last year, with 10 condos sold. All other regions saw fewer sales compared to the same time last year, with the ‘Ewa Plain falling 45.7% and the Metro region decreasing 30.1%.

Courtesy of the Honolulu Board of Realtors

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