Oahu Real Estate Market Report – December 2023

O‘ahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0%. Median sales prices for properties dipped modestly, though the median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline. Meanwhile, the median sales price for a condo was $508,500, a marginal 0.3% decrease.

Compared to 2022, in 2023:

• • Properties spent longer on the market compared to last year’s 12-day median.
    • Single-family homes marked a median of 22 days on market, an 83% increase, and condos marked a median of 21 days on market, up 75%.

• Slightly fewer sellers received the original list price for their properties, according to the overall sales price to original list price ratio.
• This ratio evaluates the percentage of the original list price received compared to the final sales price. This year, the overall sales price to original list price ratio declined, with median ratios of 98.3% for single-family homes and 98.6% for condos, despite continued competition in some pockets of the market due to low inventory.

• New listings fell by double digits in both markets.
• Single-family home listings fell by 20.2% to 3,324 in 2023, while condo market new listings decreased by 18.0% to 6,123.

• Pending sales dropped due to higher borrowing costs, dampening buying activity.
• Single-family home contract signings dropped 18.7% to 2,796, while condo contract signings declined 22.1% to 4,721.

Throughout 2023, single-family home sales declined at most price points. Properties priced at $699,999 and below were the exception, with a 10.7% increase in sales. The majority of these sales in this price range occurred in the Leeward region, accounting for 62%, or a total of 135 sales. Conversely, properties within the $900,000 to $1,399,999 price range slumped by 34.0%, with 543 fewer sales.

In the condo market, all price points experienced a double-digit decline in sales. Kailua was the exception, with minimal change and only two fewer sales than the previous year, while all other regions witnessed sales declines of 24% or more.

Furthermore, in 2023, fewer sales closed above the original asking price for both single-family homes and condos. Only 29% of single-family homes received more than the original asking price compared to 50% in 2022. In the condo market, 21% of condos sold above the original asking price in 2023, as opposed to 37% in 2022.

Courtesy of the Honolulu Board of Realtors

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