O’ahu sales of homes and condos down year over year May 2023

May 2023 report

byMalia L. Meenderman/last updatedDecember 8, 2023/instatistics

1350 Ala Moana and Nauru Tower, Oahu home sales

Photo of 1350 Ala Moana on the right and the Nauru Tower on the left

O’ahu Home and condo sales rise from last month and down from a year ago

May sales drop sizably from a year ago (2022)

In the latest resale figures disclosed by the Honolulu Board of REALTORS® today, the month-over-month sales volume for O’ahu homes exhibited positive growth, with a notable increase of 26.0% for single-family homes and 4.3% for condos in May. However, closed sales witnessed a decline of 23.8% for single-family homes and 36.3% for condos when compared to the corresponding period last year.

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

Oahu Single-Family Home Resales

	Number of Sales	Median Sales Price
May 2023	262 -23.8	$1,109,000 -3.9%
May 2022	344	$1,153,500

Oahu Condominium Resales

	Number of Sales	Median Sales Price
May 2023	376 -24.2%	$532,500 +6.0%
May 2022	496	$502,500

The median sales price for Oahu single-family homes in May 2023 was $1,109,000, marking a 3.9% decrease from the previous record set in May 2022 at $1,153,500. Similarly, condo prices experienced a modest dip of about 2.2%, decreasing from $516,500 in May 2022 to $505,000 in May 2023.

Both single-family homes and condos took twice as long to sell, with a market time of 21 and 20 days, respectively, compared to 10 days in 2022. Although more single-family home sales closed at the full asking price or higher than in the past seven months, there’s a notable shift year-over-year. Approximately 45% of these sales in May received the full asking price or more, contrasting with about 75% of sales in May 2022. The trend is similar for condos, where roughly 45% closed at the full asking price or more, compared to 65% in May 2022.

More on Single-family sales…

In the single-family home market, the $700,000 to $1,299,999 price range dominated closed sales in May, accounting for 67%. The ‘Ewa Plain region led in single-family home sales at 25.6%, representing the area’s most substantial sales volume in 2023. The $700,000 to $899,999 price range experienced the largest increase in active inventory in May. While most neighborhoods saw an increase in active inventory, the Leeward region saw the most significant rise, surging by 55.6% to 70 active listings.

More on condo sales….

For condos priced $700,000 and above, there was a 48.5% decrease in sales year-over-year. However, the Kailua region was an exception, experiencing an increase in condo sales volume, with 18 sales in May 2023 compared to 13 sales in May 2022. Most price points for condos saw an increase in active inventory, particularly the more affordable $400,000 to $699,999 range, which saw a 39% uptick.

Malia‘s comments

O’ahu Home Sales Slow

“in spite of there being a drop in home and condo sales there is still a real lack of quality inventory. Homes are selling still particularly quickly at approximately 20 days. Desirable properties in popular neighborhoods still sell fast.”

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