Stay informed on the Oahu Real Estate Market! Read the Market Update below!
The new year brought decreases in the median sales price and the number of sales for Oahu when compared to the outlier year we saw last year. While new listings are also lower than last year at this time, active inventory is higher. Higher days on the market and higher interest rates are two of the factors contributing to higher inventory. However, when priced appropriately, listings are still selling – just not at the rate and price that they were last year at this time.
Sales for single-family homes are down by 54% when compared to this time last year, with 150 sales in January 2023. Single-family homes remained on the market for an average of 24 days in January 2023, which is double the number of days when compared to last year at this time. Last month, the median sales price for single-family homes on Oahu dipped below $1,000,000 for the first time in 17 months. The median sales price for single-family homes was $970,000. This is a decrease of 7.6% compared to this time last year.
There were 275 condos sold last month, which is also down significantly by 50% when compared to January 2022. For condos, the average number of days on the market was also 24 days last month. This is almost double when compared to January 2022 when condos stayed on the market for an average of 14 days.
The median sales price for condos in January 2023 was $495,000, which is down slightly from December 2022 and a decrease of 2.9% when compared to last January.