With one month left to go in 2023, year-to-date median home prices have held — dipping only slightly compared to a year ago — a testament to the solidity of Oahu’s overall market.

As of November 30, single-family homes sold year-to-date at a median price of $1,060,000 (a 4.5% drop for the year), while condos sold for a median of $508,500 (barely down 0.3%).

Looking back more than decade, annual median prices for homes and condos have risen yearly (or held steady in 2019) since 2011, when prices dipped 3% for a single-family home and a slight 1.6% drop for a condo. Since 2011, the Honolulu Board of Realtors® tracked the following annual MSPs:

 

Single family home MSP / % increase        Condo MSP / % increase
2012 $620,000 7.80% $317,500 5.80%
2013 $650,000 4.80% $332,000 4.60%
2014 $675,000 3.80% $350,000 5.40%
2015 $700,000 3.70% $360,000 2.90%
2016 $735,000 5.00% $390,000 8.30%
2017 $755,000 2.70% $405,000 3.80%
2018 $790,000 4.60% $420,000 3.70%
2019 $789,000 -0.10% $425,000 1.20%
2020 $830,000 5.20% $435,000 2.40%
2021 $990,000 19.30% $475,000 9.20%
2022 $1,105,000 11.60% $510,000 7.40%

 

With prices have plateaued somewhat, the number of closed sales — for the year-to-date — has is chugging along at a slower pace, yet the number of days on the market remains less than a month. When compared to November 2022, the median price of a single-family home dipped 4.3% in November, to $1,100,055. Conversely, condos marked a 7.5% bump up from November 2022 to $516,179.

Overall, year-over-year property sales declined slightly, with the total combined sales for the month dipping approximately 8%.

In the condo market, more than 75% of pending sales occurred between the $200,000 to $799,999 price points, with the highest concentration in the $300,000 to $599,999 range, accounting for roughly  46% of contract signings for the November.

In the single-family home segment, nearly one-third of the pending sales were in the $800,000 to $999,999 range, accounting for 56 contract signings.

Fewer transactions closed above the original asking price last month. In the SF segment, 21% of transactions closed above the original asking price, compared to 31% a year ago. And 19% of condos closed higher than the original asking price, compared to nearly 25%  in November 2023.

On the upside for buyers, properties in general sat longer on the market before selling, though listings typically sold in under a month — 29 days for single-family homes and 23 days for condos.

“The condo segment is the bright spot in our market right now,” says Mike James, president of Coldwell Banker Realty Hawaii. “The appeal, of course, is affordability, availability, and a broader selection. With mortgage interest rates leveling off and even dipping recently, buyers may find that it’s a good time to act.”

 

Sales of Single-Family Homes and Condos | November 2023
Source: Honolulu Board of REALTORS®, compiled from MLS data

It is worth pointing out that both SF and condo markets are operating with active inventory levels below pre-COVID figures — falling by 32% for single-family homes and 26% for condos, compared to November 2019.

At the end of the 11th month, year-to-date sales volume is down 27.3% for single-family homes, and 28.2% for condos.

Comparing November to November 2023 however, the numbers are a bit more encouraging. The number of single-family homes that closed in November was 180 compared to 192 a year ago. Condo closings last month totaled 310, compared to 340 a year ago.

 

Median Sales Price of Single-Family Homes and Condos | November 2023
Source: Honolulu Board of REALTORS®, compiled from MLS data

Perhaps this month’s headline should read: Condo prices jump 7.5% in November. In November 2022, the MSP for a condo was $480,000 and last month rocketed to $516,179.

Condos have been intermittently out-performing single-family homes this year, likely because of the segment’s affordability.

Notably, single-family home prices held steady for the better part of the year, but fell in November, from $1,149,500 in November 2022 to $1,100,055 last month — a 4.3% drop.

Still, if market stability is primarily measured by the MSP, today’s market remains on solid footing.

 

NEIGHBORHOOD MARKET STANDOUTS

This month’s spotlight is on those neighborhoods where homes and condos sold at or above the original asking price in October — likely a result of bidding wars. Check it out.

Single Family Percent of original list price received
Ala Moana – Kakaako 100.00%
Kailua – Waimanalo 100.00%
Kapahulu – Diamond Head 102.20%
Mililani 100.00%
Moanalua – Salt Lake 102.70%

 

Condos Percent of original list price received
Ewa Plain 100%
Kailua – Waimanalo 100.40%
Kaneohe 100%
Makakilo 100%
Mililani 100%
North Shore 100.10%
Waipahu 100%

For an up-to-date market analysis of your property, contact Coldwell Banker Realty today. We are happy to provide you with a current valuation on your home.

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.