The Honolulu Board of REALTORS® reports the O’ahu single-family home market sales volume remained stable in October, with both single-family homes and condos experiencing moderate year-over-year declines of 4.1% and 8.3%, respectively.
Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS® stated, “From September to October, we saw fewer buyers and sellers sign contracts, which may be the result of higher interest rates and the start of the standard shift in seasonal activity.” HBR reports in October, both single-family homes and condos experienced a decline in properties closing at their full asking price or more. For single-family homes, 43% of sales closed at or above the asking price, which is down from 50% when compared to October 2022. For condos, 38% of sales closed at or above the asking price, down from 48% of sales this same time last year.
Sales for single-family homes are down 4.1% when compared to this time last year, with 213 sales in October 2023. Homes were on the market for an average of 18 days in October, down two days from the previous month. The median sales price for single-family homes was $1,100,000 in October 2023, representing an increase of 4.8% compared to this time last year.
There were 399 condos sold last month, which is down by 8.3% when compared to October 2022. The average days on the market for condos was 21 days last month. The median sales price for condos in October 2023 was $515,000, representing a decrease of 1.0% when compared to last October.