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Hawaii Real Estate Investing Snapshot for November 2023

By
Real Estate Broker/Owner with Hawaii Dream Realty LLC RB-19372

Oahu Housing Inventory Snapshot

The November 2023 Oahu Hawaii Housing Inventory Snapshot represents aggregated values based on Honolulu MLS data as of November 27, 2023 and shows that the Oahu housing market experienced varied trends across different segments.  Single-family homes showed a decrease in list prices but an increase in sold prices, possibly indicating a dynamic market. The luxury segment displayed intriguing dynamics with price fluctuations and notable shifts in the number of active listings. Condo and townhome prices remained relatively stable, while the luxury condo/townhome market experienced substantial price increases, reflecting potential shifts in buyer preferences.

 
Housing Inventory Snapshot  November 27, 2023 
  Average List Price Average Sold Price Average DOM: active/sold listings Number of Listings
Honolulu County, HI
Click to Search Single Family under $1M [MLS Data Based on SFH] $1,123,642 $1,094,895 73 / 46 531
Click to Search Single Family over $1M [MLS Data Based on Luxury SFH] $4,453,217 $3,512,245 107 / 45 163
Click to Search Condo/Townhome under $500K [MLS Data Based on Condo/Townhome] $501,071 $478,873 93 / 39 1,016
Click to Search Condo/Townhome over $500K [MLS Data Based on Luxury Condo/Townhome] $2,275,673 $2,132,571 133 / 74 338

Each inventory category in the above table includes a link providing the current Honolulu MLS listings for that particular category. The prices presented in the table are average prices meaning that the presented price includes homes priced well below and well above the average list price.  The table does not provide the quantified 30-day trends for the list price, sold price, days on market or available listings. If you are interested in a more detailed table with numeric trend percentages, click here to register to receive the monthly report via email.

Single Family Homes

The average list price for single-family homes on Oahu decreased by 2.0% over the last 30 days, settling at $1,123,642. Despite this dip, the average sold price increased by 3.0%, reaching $1,094,895. The average days on market (DOM) for active listings increased slightly to 73, while the DOM for sold properties decreased to 46. The number of active listings surged by 25, indicating a potential increase in housing supply.

Buyers

The slight decrease in average list prices for single-family homes could be advantageous for buyers. However, the simultaneous increase in average sold prices suggests a competitive market. Buyers may need to act decisively and be prepared for potential bidding wars.

Sellers

Sellers might benefit from the increase in average sold prices, suggesting a demand for single-family homes. However, the decrease in average list prices could indicate a need for strategic pricing to attract potential buyers.

Luxury Single Family Homes

Luxury single family homes experienced a notable decrease in the average list price, dropping by 4.6% to $4,453,217. In contrast, the average sold price rose significantly by 9.9%, reaching $3,512,245. The days on market for active listings increased to 107, while those for sold properties decreased to 45. Despite a decrease in the number of active listings by 12, the surge in the average sold price suggests an intriguing trend in the luxury segment.

Buyers

The decrease in average list prices for luxury homes may present an opportunity for buyers interested in this segment. The significant increase in average sold prices, however, suggests a demand for luxury properties, potentially making negotiations challenging.

Sellers

Despite the decrease in average list prices, the notable increase in average sold prices suggests a strong market for luxury properties. Sellers may want to leverage this trend to maximize their returns.

Condos/Townhome

Condos and townhomes prices exhibited mixed trends. The average list price increased by 2.5% to $501,071, while the average sold price decreased slightly by 1.0% to $478,873. The average DOM for active listings increased to 93, but for sold properties, it decreased to 39. The number of active listings remained stable at 1,016, indicating a balanced market in this segment.

Buyers

With stable prices and a balanced market, it could be a good time for buyers interested in condo and townhome living. The market conditions seem less volatile, providing a more predictable environment for those looking to make a purchase.

Sellers

Stable prices and a consistent number of active listings make it a balanced market. Sellers may find this environment favorable, with reasonable competition and potential for a fair return on their investment.

Luxury Condos/Townhome

Luxury condos and townhome prices experienced a substantial increase, with the average list price rising by 5.0% to $2,275,673. The average sold price also saw a significant surge of 14.0%, reaching $2,132,571. The average DOM for active listings increased to 133, while the DOM for sold properties decreased to 74. The number of active listings increased by 7, suggesting a growing interest in the luxury condo/townhome market.

Buyer

The substantial increase in both average list and sold prices in the luxury condo/townhome segment might indicate a growing demand. Buyers in this category should be aware of potential competition and act swiftly.

Seller

The significant price increases in the luxury condos/townhome segment might offer sellers an advantageous market. However, it's essential to be mindful of pricing strategies to attract qualified buyers.

Ready to Assist

Buyers and sellers should consider their specific goals, financial situations, and the local real estate market dynamics. Consulting with a real estate professional can provide personalized advice based on the current conditions in the Oahu housing market.

If you know someone who is considering buying or selling a home, please give me a call. I offer decades of experience on Honolulu neighborhoods,  communities, and cash generating properties. If you want to know what your home is worth in the current market Click Here, or for more personalized service, contact me directly at 808-223-0429 or email TH@Invest808.com.

 

Posted by

Aloha and Mahalo,

Theresa Harden
Principal Broker e-PRO, SFR, Realtor

Direct: (808) 223-0429
Office: (808) 735-2221
Toll Free (866) 800-7250

eFax: (866) 405-4274 

Skype: theresa.harden
Oovoo: hawaii_realtor

Waikiki Sales Office
2463 Kuhio Ave. C1
Honolulu, Hawaii 96815

Search for Oahu Real Estate For Sale www.Invest808.com

Oahu Property Management Services www.OahuRentalServices.com

Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Dec 18, 2023 03:03 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Theresa. Things remain sunny in a state with a lot of sun. Thanks of the update. Enjoy your day.

Dec 18, 2023 03:51 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

I just completed to referrals from an agent from your Island.  Thanks for sharing it.

Have a super fantastic week! Bill 

Bill Salvatore with Arizona Elite Properties 

Dec 18, 2023 04:26 AM