Below you will find the market report for Oahu for February 2023. Read on to find out the latest real estate trends!
The Honolulu Board of Realtors reported that February sales remained sluggish on the island of Oahu. President of HBR, Fran Villarmia-Kahawai commented that “Oahu’s housing market is in a very different place from a year ago, with activity calming across all facets. Notably, properties are spending significantly longer on the market before closing.”
Sales for single-family homes are down by 28% when compared to this time last year, with 173 sales in February 2023. Single-family homes remained on the market for an average of 47 days in February 2023, which is more than four times as many days when compared with this time last year. Last month, the median sales price for single-family homes on Oahu stayed below $1,000,000 for the second month in a row. The median sales price for single-family homes was $987,000. This is a decrease of 12.3% compared to this time last year.
There were 325 condos sold last month, which is also down significantly by 33% when compared to February 2022. For condos, the average number of days on the market was also 28 days last month. This is twice as many days spent on the market when compared to February 2022 when condos stayed on the market for an average of 14 days. The median sales price for condos in February 2023 was $480,000, which is down slightly from January 2023 and a decrease of 3.4% when compared to last February.