Sales picked up in March compared with the first two months of this year. However, compared to last year sales are still down considerably. Find out more about Oahu Real Estate below!
Sales picked up in March compared with the first two months of this year. However, compared to last year sales are still down considerably. President of the Honolulu Board of Realtors stated that “Oahu’s real estate market is rapidly changing, and it has been an active first quarter despite year-over-year declines in some statistics. While we see advantageous conditions for buyers, including fewer bid-ups and longer days on market, prices are still high, which incentivizes sellers to list their property.”
Sales for single-family homes are down by 27% when compared to this time last year, with 236 sales in March 2023. However, compared to February 2023 there has been an increase from 173 units sold.
Single-family homes remained on the market for an average of 36 days in March 2023, which is compared to 9 days at this time last year. The median sales price for single-family homes was $1,083,750 in March 2023. This is a decrease of 5.8% compared to this time last year.
There were 444 condos sold last month, which is down by 34% when compared to March 2022. Condos also experienced an increase compared to February when there were 325 condos sold. For condos, the average number of days on the market was 24 days last month. This is compared to 9 days last year. The median sales price for condos in March 2023 was $536,000, which is up slightly from February 2023 and an increase of 4% when compared to last March.
HI Central reported that new listing volume increased in March when compared to February, up by 25.8% for homes and 14.5% for condos.