Oahu Real Estate Market Report – October 2023

Sales volume remained stable in October, with both single-family homes and condos experiencing moderate year-over-year declines of 4.1% and 8.3%, respectively. The median sales price for single-family homes in October increased 4.8% to $1,100,000 while condos experienced a minor 1.0% decrease, ending the month at $515,000.

Compared to the previous month, sales of single-family homes dipped by 8.2%, while condo sales showed an increase of 6.1%. Year-to-date, sales in both markets declined approximately 29%, with single-family home median prices down 5.1% to $1,050,000 and condo median prices slipping 0.6% to $507,000.

Month-over-month, pending sales volume fell by 17.2% for single-family homes and 12.4% for condos. Year-over-year, pending sales volume experienced a modest decrease of 3.0% for single-family homes and 5.0% for condos.

Both single-family homes and condos saw a decline in properties closing at their full asking price or more. For single-family homes, 43% of sales (91 properties) closed at or above the asking price, down from 50% (111 properties) in October 2022. For condos, 38% of sales (151 condos) closed at or above the asking price, down from 48% of sales (208 condos) in October
2022. Most regions in the condo market ended the month with a median sales-to-original list price ratio of 100.0% or higher, while only the Kailua and Diamond Head regions did in the single-family home market.

In total, 187 properties—the majority were condos—sold for under $500,000. Sales volume for single-family homes in the $800,000-$999,999 range dipped by 25.6% to 29 sales, while those priced over $1,000,000 increased slightly to 127 closings, up from 122 in October 2022. In the condo market, units priced between $500,000 and $599,999 surged by 44.7% year-over-year to 68 sales, whereas condos in the $600,000-$699,999 range saw the most significant decline, with sales falling 27.1% to 35 units compared to 48 in the previous year.

However, median days on the market for single-family homes and condos remained under 30 days, with single-family homes at 18 days and condos at 21 days, compared to 19 days each in October 2022. In the single-family home market, regions with a median above 30 days on the market included Leeward (41), Hawai‘i Kai (38), Makakilo (34) and Waipahu (32). For condos, only Leeward and the North Shore had a median above 30 days, at 38 and 37 days, respectively.

Both markets witnessed a rise in active inventory from September, with a month-over-month increase of 5.7% for single-family homes and 9.4% for condos. New listing volume showed mixed results for the month, with the single-family home market seeing a 4.6% decrease to 272 new listings compared to 285 in October 2022. In contrast, new listing volume in the condo market grew by 6.4%, reaching 566 new listings in October compared to 532 a year ago.

Courtesy of the Honolulu Board of Realtors

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