Oahu Market Report - March 2023

Aloha! Below is the O'ahu Market Report for March 2023. Read on for more details and a REMINDER: 🌸 Lei Po'o Workshop 🌸

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MARCH 2023 MARKET REPORT

* Median Sales Price for O‘ahu Condos Reaches Record High * Single-family home and condo sales pick up in March after a seasonal slump SALES M-O-M: O‘ahu’s housing market experienced a boost in activity from February to March, with sales rising approximately 36% month-over-month in both single-family home and condo markets. SALES Y-O-Y: Although year-over-year sales continued to fall short of 2022 – down 26.5% for single-family homes and 33.9% for condos year-over-year – 236 single-family homes and 444 condos sold in March 2023. PRICES M-O-M: Median sales prices for March 2023 increased from January and February but were mixed compared to a year ago. PRICES Y-O-Y: The monthly median price for single-family homes declined 5.8% from $1,150,000 in March 2022 to $1,083,750 last month. Meanwhile, the condo median sales price in March set a new record of $536,000, 0.4% above the previous record of $534,000 set in June 2022, and a 4% rise year-over-year. In March 2023, 58.5% of single-family home sales closed at $1,000,000 or more, pushing the median sales price above $1 million. However, the $600,000 to $799,999 price range was one of the few to see a year-over-year increase in sales volume, jumping 70.6% from 17 to 29 single-family home sales compared to the same time last year. Meanwhile, the $800,000 to $999,999 price range accounted for more than a quarter of the month’s sales. “O‘ahu’s real estate market is rapidly changing, and it’s been an active first quarter despite year-over-year declines in some statistics. While we see advantageous conditions for buyers, including fewer bid-ups and longer days on market, prices are still high, which incentivizes sellers to list their property.”

Source: Honolulu Board of Realtors

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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