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November 2023 Market Updates for Oahu

Updated: Jan 9


O‘ahu Home Sales Remain Sluggish Amid Holiday Season

Median sales prices steady month over month



According to resale figures released today by the Honolulu Board of REALTORS®, November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.


Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.


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

reported the following statistics:



“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos.”


A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.


For single-family homes, the $800,000 to $1,199,999 price range experienced the largest decline in sales volume, experiencing a 28% year-over-year decrease with 59 sales compared to 82 in November 2022. Meanwhile, the $500,000 to $799,999 price range surged by 60.9%, with 37 sales. In the condo market, the $200,000 to $499,999 price range slumped by 23% with 127 sales, while sales at most other price points remained relatively consistent.


Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.


“In a cooling market, it’s essential for sellers to reassess their pricing expectations. Partnering with a knowledgeable REALTOR® can assist sellers in maximizing their property’s value and achieving a successful sale,” added Villarmia-Kahawai.


Properties sat longer on the market, though single-family homes and condos continued to mark a median days on market of under a month. Single-family homes had a median days on market of 29 days, up from 18 days in November 2022. Meanwhile, condos had a median days on market of 23 days, reflecting a five-day increase compared to the previous November.


New listings for single-family homes and condos slowed compared to last year, dipping by 7.6% and 13.1%, respectively. While the single-family home market had 672 active listings at month-end, marking a 1.5% year-over-year decrease, active inventory for condos grew by 7.5% year-over-year to 1,337 listings. However, both markets still operated with active inventory levels below pre-COVID figures, plummeting by 32% for single-family homes and 26% for condos compared to November 2019.



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.

Click HERE for the full press release.

Click HERE for the full report.


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