Honolulu Real Estate Market Sees Significant Drop in April Sales for Single-Family Homes and Condos, but Properties Selling Faster Than Previous Month
According to resales figures released today by the Honolulu Board of REALTORS®, April single family home and condo sales slipped 43.0% and 37.5%, respectively, year-over-year.
Compared to March, the slump in sales was less severe, with a 11.9% drop in single-family home sales and 5.4% for condos. Despite fewer sales, properties that sold in April spent less time on market than one month ago. The median days on market for condos was 20 days in April compared to 24 days in March and 24 days for single-family homes compared to a 36-day median in March.
Single-family home sales in the $800,000 to $999,999 price range continued to see the highest sales volume, accounting for nearly one-third of sales in April. Meanwhile, single-family home sales in the $2,000,000 and above price range plummeted 63% from last year. Most condos sold in the $300,000 to $399,999 price range, accounting for 18.3% of sales in April. However, nearly all price points experienced a drop in condo sales from a year ago.
The median sales price also saw modest declines in both single-family home and condo markets. The single-family home median sales price for April 2023 was $999,995, down 9.5% from the April 2022 median of $1,105,000. The condo market ended April at a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year.
Approximately 41% of single-family home sales received full asking price or more, compared to about 75% of sales in April 2022. Only 25% of sales closed above asking compared to 63% one year ago. In the condo market, 44% of sales received full asking price or more compared to 65% in April 2022, and about 22% of sales closed above asking compared to 44% last year. New listing volume was consistent with last month’s volume, but well below the volume seen in 2022. The single-family home market added 292 new listings in April, falling 31.1% from a year ago, while the condo market added 532 new listings, 26.3% below last April.
Although both markets continued to see more active inventory than a year ago, inventory levels have not increased this year, weakening slightly from month to month. In the single-family home market, the ‘Ewa Plain and Leeward regions experienced the greatest volume boost in active inventory, up 65.5% and 85.7%, respectively, year-over-year. Waipahu, Hawaii Kai, and ‘Ewa Plain regions ended April 2023 with condo active inventory rising more than 50% from a year ago.
Courtesy of the Honolulu Board of Realtors