O‘ahu Home Sales Remain Sluggish Amid Holiday Season

By
Real Estate Agent with HI Pro Realty LLC RB-21531 RS-76763

Oahu Median Home Sales November 2023

O‘ahu Home Sales Remain Sluggish Amid Holiday Season

Median sales prices steady month over month

According to resale figures released this week by the Honolulu Board of REALTORS®, November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.


Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

 

Single-Family Home Resales

  Number of Sales Median Sales Price
October 2023 180 -6.3% $1,100,055  -4.3%
October 2022 192 $1,149,500

 

Condominium Resales

  Number of Sales Median Sales Price
October 2023 310  -8.8% $516,179  7.5%
October 2022 340 $480,000

 

“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos.”


A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.


For single-family homes, the $800,000 to $1,199,999 price range experienced the largest decline in sales volume, experiencing a 28% year-over-year decrease with 59 sales compared to 82 in November 2022. Meanwhile, the $500,000 to $799,999 price range surged by 60.9%, with 37 sales. In the condo market, the $200,000 to $499,999 price range slumped by 23% with 127 sales, while sales at most other price points remained relatively consistent.


Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.


“In a cooling market, it’s essential for sellers to reassess their pricing expectations. Partnering with a knowledgeable REALTOR® can assist sellers in maximizing their property’s value and achieving a successful sale,” added Villarmia-Kahawai.


Properties sat longer on the market, though single-family homes and condos continued to mark a median days on market of under a month. Single-family homes had a median days on market of 29 days, up from 18 days in November 2022. Meanwhile, condos had a median days on market of 23 days, reflecting a five-day increase compared to the previous November.

 

New listings for single-family homes and condos slowed compared to last year, dipping by 7.6% and 13.1%, respectively. While the single-family home market had 672 active listings at month-end, marking a 1.5% year-over-year decrease, active inventory for condos grew by 7.5% year-over-year to 1,337 listings. However, both markets still operated with active inventory levels below pre-COVID figures, plummeting by 32% for single-family homes and 26% for condos compared to November 2019.

 


The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

 

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Posted by

Crypto Certified Agent - By Propy 

HI Pro Realty LLC

REALTORS®, PROPERTY MANAGERS® 

We are a boutique brokerage firm offering responsive, dedicated, and professional Real Estate Sales and Pet Friendly Management Services in Honolulu, Hawai'i. 

 

                Office: (808) 941-8866   Mobile: (808) 926-7667

 

Comments (2)

Roy Kelley
Retired - Gaithersburg, MD

This is a good report to share with families on the move.

Have a productive December.

Dec 07, 2023 11:12 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Thanks for sharing your market update.  Great information for buyers and sellers in your area.
Dec 08, 2023 03:30 AM