The Honolulu Board of Realtors® reported the following summary of the 2023 Oahu housing market:

  • Properties spent longer on the market compared to 2022 — from 12 days before a contract was signed to 22 days for a single-family home and 21 days for a condo.
  • And while the annual median sales price in both market segments was down slightly, the annual MSP for a single-family home remained above $1 million — ending the year at $1,050,000. The year-end annual MSP for a condo was $508,500.
  • Despite continued competition in some market sectors due to low inventory, only slightly fewer sellers received the original list price or more for their properties. The annual percentage of the original list price received was 98.3% for single-family homes and 98.6% for condo sales.

Last year, fewer sales closed above the original asking price in both market segments. A still respectable 29% of single-family homes fell into this category in 2023, compared to 50% in 2022. In the condo market, 21% of the sales fell into this category in 2023, compared to 37% the year prior.

Nationally, the National Association of Realtors® reported this summary.

  • First-time buyers accounted for 32% of the share of annual sales.
  • All-cash sales accounted for 27% of transactions nationwide in November, down from 29% in October but up from 26% in November 2022.
  • Individual investors or second-home buyers, who made up many of the cash sales, purchased 18% of homes in November, up from 15% in October and 14% a year ago.
  • Distressed sales — including foreclosures and short sales — represented only 1% of sales in November, virtually unchanged from the previous month and previous year.

 

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

According to the 2023 year-end HBR figures released this week, Oahu single-family home sales fell by 26.3%, while condo sales volume was down 28%.

December single-family sales were down slightly — from 202 in December 2022 to 182 last month — a 9.9% drop. And condo sales were down from 360 a year ago to 272 — down 24.4%.

The drop in closed sales in December, however, marks 23 consecutive months of dropping sales for SF homes, and 19 straight months of declines for condo sales.

 

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

The annual median sales price for single-family homes remained above $1 million for the second time. Similarly, the MSP for an Oahu condo remained above $500,000 for the second successive year.

Compared to the annual MSPs in 2022, single-family home prices are down 5% — from $1,105,000 last year to $1,050,000 at the end of 2023. Year-end data for the MSP of a condo was down 0.3% — from $510,000 in 2022 to $508,500 at the end of 2023.

 

NEIGHBORHOOD MARKET STANDOUTS

This month’s spotlight is on Oahu’s most affordable neighborhoods. Specifically, where homes and condos are selling below the island’s median sales prices. Check it out.

Median Sales Price
Single Family November 2023 November 2022
Ewa Plain $855,000 $880,000
Kalihi – Palama $743,000 $1,150,000
Makaha – Nanakuli $712,500 $736,000
Makakilo $999,500 $850,000
Moanalua – Salt Lake $998,000 $1,110,000
Wahiawa $832,500 $808,000
Windward Coast $935,000 $1,047,500

 

Median Sales Price
Condos November 2023 November 2022
Downtown – Nuuanu $455,000 $425,000
Kalihi – Palama $455,000 $370,000
Makaha – Nanakuli $224,500 $268,750
Makiki – Moiliili $398,000 $437,000
Moanalua – Salt Lake $450,000 $410,000
North Shore $457,000 $725,000
Pearl City – Aiea $443,500 $470,000
Wahiawa $351,250 $278,685
Waikiki $507,000 $387,000
Windward Coast $465,000 $420,000

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.