Oahu Real Estate Market Report – May 2023 Home Sale Statistics

Sales Volume of Oahu Homes Picks Up Month-to-Month, Still Down Compared to 2022

Properties in both markets spend longer on the market, approximately three weeks

According to resales figures released by the Honolulu Board of REALTORS®, the sales volume of Oahu homes improved month-over-month, rising 26.0% for single-family homes and 4.3% for condos in May. However, closed sales declined 23.8% for single-family homes and 36.3% for condos compared to the same time last year.

The median sales price for a single-family home ($1,109,000) was 3.9% below the current record set in May 2022 ($1,153,500). Similarly, on the condo side, the median sales price dipped modestly by about 2.2% from $516,500 in May 2022 to $505,000 in May 2023.

“Despite lower sales volume, the median prices for Oahu properties haven’t changed much over the past year,” said the President of the Honolulu Board of REALTORS®. “Lack of inventory continues to drive demand as more kamaʻāina strive to become homeowners.”

Single-family homes and condos spent two times longer on the market than last year at 21 and 20 days, respectively, compared to 10 days in 2022. More single-family home sales closed at the full asking price or more than in the past seven months. However, this figure changes year-over-year, as approximately 45% of these sales in May received the full asking price or more, compared to about 75% of sales in May 2022. The same is true for condos, as roughly 45% of condo sales closed for the full asking price or more compared to 65% of sales in May 2022.

“Competition among buyers appears to be waning compared to 2022. However, more than a third of sellers continue to receive their full asking price or more in these market conditions,” added the HBR President.

Single-family homes in the $700,000 to $1,299,999 price range accounted for the majority of closed sales in May, at 67%. The ‘Ewa Plain recorded the largest share of single-family home sales at 25.6% (or 67 sales), representing the area’s most significant sales volume so far in 2023. Active inventory in the $700,000 to $899,999 price range experienced the largest increase in May. While active inventory increased in most neighborhoods, the Leeward region marked the most significant uptick, rising 55.6% to 70 active listings.

Meanwhile, condos in the $700,000 and up price range experienced a 48.5% drop in sales year-over-year. The Kailua region was the only area to see an increase in condo sales volume, with 18 sales this May compared to 13 sales in May 2022. Most price points for condos recorded an increase in active inventory, with a 39% uptick in the more affordable $400,000 to $699,999 price range.

{source: Honolulu Board of Realtors 2023}