O’ahu home prices under seasonal pressure in October 2023

byMalia L. Meenderman/last updatedNovember 12, 2023/instatistics

O'ahu home sale prices under seasonal pressure in October 2023

O’ahu Home Sales decline further due to Seasonality and High mortgage rates

October 2023 sales volume falling further under seasonal pressure as well as high interest rates.

Recent data from the Honolulu Board of REALTORS® shows that sales volume stayed steady in October. Both single-family homes and condos saw some decreases compared to last year, with single-family homes down 4.1% and condos down 8.3%. However, the median sales price for single-family homes went up by 4.8% to $1,100,000, while condos saw a slight 1.0% dip, reaching $515,000 by the end of the month.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Single-Family Home Resales

	Number of Sales	Median Sales Price
October 2023	213 -4.1%	$1,100,100 +4.8%
October 2022	222	$1,050,000

Condominium Resales

	Number of Sales	Median Sales Price
October 2023	399 -8.3%	$515,000 -1.0%
October 2022	435	$520,000

Compared to the previous month, sales of single-family homes decreased by 8.2%, while condo sales increased by 6.1%. Year-to-date, sales in both markets dropped by about 29%, with single-family home median prices down 5.1% to $1,050,000 and condo median prices slipping 0.6% to $507,000.

In terms of pending sales, there was a month-over-month drop of 17.2% for single-family homes and 12.4% for condos. Year-over-year, pending sales volume experienced a modest decrease of 3.0% for single-family homes and 5.0% for condos.

Both single-family homes and condos saw a decrease in properties closing at their full asking price or more. For single-family homes, 43% of sales (91 properties) closed at or above the asking price, down from 50% (111 properties) in October 2022. For condos, 38% of sales (151 condos) closed at or above the asking price, down from 48% of sales (208 condos) in October 2022. Most regions in the condo market ended the month with a median sales-to-original-list-price ratio of 100.0% or higher, while only the Kailua and Diamond Head regions did in the single-family home market.

In total, 187 properties—mostly condos—sold for under $500,000. Sales volume for single-family homes in the $800,000-$999,999 range decreased by 25.6% to 29 sales, while those priced over $1,000,000 increased slightly to 127 closings, up from 122 in October 2022. In the condo market, units priced between $500,000 and $599,999 surged by 44.7% year-over-year to 68 sales, whereas condos in the $600,000-$699,999 range saw the most significant decline, with sales falling 27.1% to 35 units compared to 48 in the previous year.

However, both single-family homes and condos remained on the market for less than 30 days, with single-family homes at 18 days and condos at 21 days, compared to 19 days each in October 2022. In the single-family home market, regions with a median above 30 days on the market included Leeward (41), Hawai’i Kai (38), Makakilo (34), and Waipahu (32). For condos, only Leeward and the North Shore had a median above 30 days, at 38 and 37 days, respectively.

Both markets saw an increase in active inventory from September, with a month-over-month increase of 5.7% for single-family homes and 9.4% for condos. New listing volume showed mixed results for the month, with the single-family home market seeing a 4.6% decrease to 272 new listings compared to 285 in October 2022. In contrast, new listing volume in the condo market grew by 6.4%, reaching 566 new listings in October compared to 532 a year ago.

Malia‘s comments

O’ahu Home Sales Slow

“While sales have fallen, there are still many cash sales. Lenders are also getting more and more creative to help Buyers purchase using mortgages and get a lower interest rate. The lack of good inventory has also hampered the real estate market. As we head into the fall there may be more options for people to purchase.”

Please contact us to know more about the market and for avenues to buy or sell your property in these changing markets.

Questions and Answers

Are Oahu home sales falling?

For October 2023 both single-family homes and condos saw some decreases compared to last year, with single-family homes down 4.1% and condos down 8.3%.

Are Oahu house prices going down?

No, for October 2023 the median sales price for single-family homes went up by 4.8% to $1,100,000

Are Oahu condo prices going down?

Oahu condos saw a slight 1.0% dip, reaching $515,000 by the end of the month of October 2023

View our Oahu housing statistics in real time here