O‘ahu Home Sales Update - A Look at the Market

I wanted to share some insights on the current state of the O‘ahu housing market. It's interesting to note that while year-over-year closed sales of single-family homes and condos have declined, there have been some positive developments when we look at the month-to-month changes.

Compared to last year, closed sales for single-family homes dropped by 19.7%, and condo sales saw a 16.9% decrease. However, when we shift our focus to the past month, there's a silver lining for single-family homes, with a notable 12.5% increase in sales. Condo sales, on the other hand, remained stable.

In terms of median sales prices, there are some fluctuations. Single-family homes have experienced a slight dip compared to 2022, with a 1.4% decrease, setting the median sales price at $1,110,000. Meanwhile, condos have shown a positive trend, with a 3.3% increase, bringing the median sales price to $515,000. Looking at the year-to-date perspective, both single-family homes and condos have seen declines in their median sales prices, at 5.7% and 1.6%, respectively.

It's worth noting that a significant portion of homes (around 33% of single-family homes and approximately 26% of condos) sold above their original list price, with sellers receiving close to their initial asking prices.

When we break down sales volumes by price range, there are some interesting trends. For single-family homes, those priced between $900,000 to $1,199,999 witnessed a decline in sales volume by 39.2%, while the more affordable range of $600,000 to $899,999 experienced a 13.1% increase. For condos, the $100,000 to $499,999 price range saw the most substantial drop in sales volume, falling by 24.3% year-over-year, while higher price points remained relatively stable.

In terms of inventory, there's been a noticeable increase in single-family homes priced at $799,999 and below, with a 33.8% rise compared to last year. The Kāne‘ohe and Leeward regions have seen the largest growth in active inventory units, with year-over-year increases of 52.9% and 16.7%, respectively. Condo inventory has also seen growth at most price points, with the majority of active listings falling within the $300,000 to $699,999 range, reflecting a 20.7% increase compared to the previous year.

The O‘ahu housing market continues to evolve, with variations in sales and prices across different segments. If you have any questions or would like to explore the market further, please feel free to reach out.