The median price of single-family homes and condos in the Oahu real estate market is not seeing much of a change according to HiCentral. Fran Villarmia-Kahawai, president of the Honolulu BoardREALTORS®, commented that while competition among buyers appears to be subsiding, “more than a third of sellers are still receiving their full asking price or more.”
READ OAHU MARKET REPORT FOR MAY 2023
According to HiCentral, in May 2023 more single-family home sales closed at the full asking price or higher than in the past seven months. Approximately 45% of condo sales closed for the full asking price in May 2023.
Sales for single-family homes are down by 23.8%when compared to this time last year, with 262 sales in May 2023. Homes remain on the market for more than double the days compared to last year, jumping from 10 days in May 2022 to 21 days in May 2023. The median sales price for single-family homes was $1,109,000 in May 2023, representing a decrease of 3.9% compared to this time last year.
There were 438 condos sold last month, which is down by 36.3% when compared to May 2022. The average days on the market for condos nearly doubled when compared to the previous year at this time, spending just 10 days on the market in May 2022 and 20 days in May 2023. The median sales price for condos in May 2023 was $505,000, representing a decrease of 2.2%when compared to last May.