April 2023 Market Updates for Oahu
According to resales figures released today by the Honolulu Board of REALTORS®, April single-family home and condo sales slipped 43.0% and 37.5%, respectively, year-over-year. Compared to March, the slump in sales was less severe, with an 11.9% drop in single-family home sales and 5.4% for condos. Despite fewer sales, properties that sold in April spent less time on market than one month ago. The median days on market for condos was 20 days in April compared to 24 days in March and 24 days for single-family homes compared to a 36-day median in March.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
“We continue to see the market settle following the spike in interest rates and rising inflation,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”
The median sales price also saw modest declines in both single-family home and condo markets. The single-family home median sales price for April 2023 was $999,995, down 9.5% from the April 2022 median of $1,105,000. The condo market ended April at a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year.
Single-family home sales in the $800,000 to $999,999 price range continued to see the highest sales volume, accounting for nearly one-third of sales in April. Meanwhile, single-family home sales in the $2,000,000 and above price range plummeted 63% from last year. Most condos sold in the $300,000 to $399,999 price range, accounting for 18.3% of sales in April. However, nearly all price points experienced a drop in condo sales from a year ago.
Approximately 41% of single-family home sales received full asking price or more, compared to about 75% of sales in April 2022. Only 25% of sales closed above asking compared to 63% one year ago. In the condo market, 44% of sales received full asking price or more compared to 65% in April 2022, and about 22% of sales closed above asking compared to 44% last year.
“It’s important to remember that O‘ahu real estate varies from neighborhood to neighborhood, and the best thing you can do is work with a REALTOR® who can help you evaluate all options and find the best solution for your situation,” added Villarmia-Kahawai.
New listing volume was consistent with last month’s volume, but well below the volume seen in 2022. The single-family home market added 292 new listings in April, falling 31.1% from a year ago, while the condo market added 532 new listings, 26.3% below last April.
Although both markets continued to see more active inventory than a year ago, inventory levels have not increased this year, weakening slightly from month to month. In the single-family home market, the ‘Ewa Plain and Leeward regions experienced the greatest volume boost in active inventory, up 65.5% and 85.7%, respectively, year-over-year. Waipahu, Hawai‘i Kai, and ‘Ewa Plain regions ended April 2023 with condo active inventory rising more than 50% from a year ago.
Single-family home pending sales tumbled 26.0% year-over-year but improved 5.0% over last month, with 271 contract signings in April 2023. Compared to a year ago, the Diamond Head region was the only area to experience a small bump in pending sales—7.1% or two listings— while the Kāne‘ohe region saw pending sales even with last year. Condo pending sales fell 33.9% year-over-year and dipped 1.4% from last month, with 438 contract signings in April 2023. Kailua was the only region to experience a slight year-over-year jump, with 16 pending sales compared to 12 in April 2022.
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports.
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