The Oahu real estate market is experiencing similar trends as neighboring islands when compared with last year, with a decreased volume of sales, low inventory, and higher days on the market.
President of the Honolulu Board of REALTORS®, Fran Villarmia-Kahawai, commented that “we continue to see the market settle following the spike in interest rates and rising inflation. Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”
Sales for single-family homes are down by 43% when compared to this time last year, with 208 sales in April 2023. Homes are remaining on the market for more than double the days when compared to last year, jumping from 10 days in April 2022 to 24 days in April 2023. The median sales price for single-family homes was $999,995 in April 2023, representing a decrease of 9.5% compared to this time last year. According to HI Central, “approximately 41% of single-family home sales received full asking price or more, compared to about 75% of sales in April 2022.
There were 420 condos sold last month, which is down by 38% when compared to April 2022. The average days on the market for condos nearly doubled when compared to last year at this time, spending just 12 days on the market in April 2022 and 20 days in April 2023. The median sales price for condos in April 2023 was $500,000, representing a decrease of 2% when compared to last April. HI Central reported that “44% of sales received full asking price or more compared to 65% in April 2022.”