Oahu Real Estate Market Update: September 2023

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The Honolulu Board of REALTORS® reports the O’ahu single-family home market maintained a 12-month average of over 200 sales, with 232 properties sold in September, reflecting a year-over-year decline of 16.5%.


However, the condo market’s 12-month sales average fell below 400 sales for the first time since January 2021. Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS® stated, “While the interest rate has presented some challenges, we continue to see strong demand from buyers and sellers who receive offers more than the original asking price.” Approximately 9% of single-family home sales closed at full asking price, while 38% sold above the original asking price. Condo sales were also strong with 22% of condo sales receiving full asking price and 20% of condo sales closing above the original asking price.

Sales for single-family homes are down by 16.5% when compared to this time last year, with 232 sales in September 2023. Homes were on the market for an average of 20 days in September, up two days from the previous month. The median sales price for single-family homes was $1,050,000 in September 2023, representing a decrease of 4.5% compared to this
time last year.

There were 376 condos sold last month, which is down by 24.2% when compared to September 2022. The average days on the market for condos was 21 days last month. Three days longer than the month prior. The median sales price for condos in September 2023 was $532,500, representing an increase of 6% when compared to last September.