Oahu Market Report - May 2023

Aloha! Below is the O'ahu Market Report for May 2023. Read on for more details

MAY 2023 MARKET REPORT

The sales volume of O‘ahu homes improved month-over-month, rising 26.0% for single-family homes and 4.3% for condos in May. However, closed sales declined 23.8% for single-family homes and 36.3% for condos compared to the same time last year. SALES M-O-M: Single-family homes median price increases to $1,109,000 from April's median $999,995 but is down 3.9% from May 2022. Condos in May are similar to April with the median sales price at $505,000 compared to $500,000 in April. DAYS ON MARKET M-O-M: Despite fewer sales, properties that sold in May spent similar amount of time on market than one month ago. The median days on market for condos was 20 days in May the same as April and 21 days for single-family homes compared to a 24-day median in April. PRICES Y-O-Y: The single-family home median sales price for May 2023 was $1,109,000, down 3.4%. The condo market ended May with a median sales price of $505,000, representing a 2.2% decrease from the $516,500 median the same time last year. Our May Monthly Statistics Report also shows: Single-family homes in the $700,000 to $1,299,999 price range accounted for the majority of closed sales in May, at 67%. Meanwhile, condos in the $700,000 and up price range experienced a 48.5% drop in sales year-over-year. Approximately 45% of single-family home sales the same as condo sales received full asking price or more. 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. “The market is starting to warm up again slightly. We still see interest rates holding with an average around 7% and rising inflation. However even with a lack of inventory, sales momentum is picking up and median prices are slightly increasing"

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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