Hawaii Real Estate Investing Snapshot for November 2023

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.