Oahu Market Report - December 2023

O'ahu Market Report for December 2023 IN THE NEWS, NATIONALLY: Bidding Wars Erupt as 2024 Kicks off, with Some Listings Seeing Over 30 Offers Would-be homebuyers are once again coming out of hibernation, this time prepared to strike a deal before competition heats up. READ MORE DECEMBER 2023 MARKET REPORT SALES VOLUME: In December 2023, both markets continued their year-over-year decline in sales volume, marking 23 consecutive months of dropping sales for single-family homes and 19 straight months for condos. Throughout 2023, the number of single-family home sales declined at most price points. O‘ahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0% year-over-year. Properties priced at $699,999 and below were the exception, with a 10.7% increase in sales. The majority of these sales in this price range occurred in the Leeward region, accounting for 62%, or a total of 135 sales. Conversely, properties within the $900,000 to $1,399,999 price range slumped by 34.0%, with 543 fewer sales. SALES PRICE: The median price for a single-family home dipped below $1 million, finishing the month at $996,500, a 5.1% decline from December 2022 at $1,049,500. Conversely, condos experienced a slight increase in median sales prices, rising by 1.5% to $510,000 compared to the same time last year. DAYS ON MARKET: Single-family homes marked median days on the market of 18 days, one week faster than December 2022. However, the condo market recorded a median days on the market of 26 days, five days longer than the previous year. NEW LISTINGS: New listings increased by 9.8% year-over-year in the single-family home market, while condo listings decreased by 5.9% compared to December 2022. However, active inventory showed minimal growth from a year ago, indicating buyers will continue to see limited housing inventory in 2024. At the end of December 2023, there were 600 active single-family homes, a modest 0.5% increase from the previous year, and 1,234 active condos, reflecting a 5.5% increase. Source: Honolulu Board of Realtors READ THE FULL REPORT HERE Local Market & Neighborhood Data (CLICK FOR FULL REPORT) Ask the A-TEAM Use the QR Code or this LINK to ask us any Oahu Real Estate Questions you might have. Your question and our answer may be featured in GoKailua Magazine. Thanks for reading! Reach out to us anytime, to discuss what today's market means for you. Contact Us

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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DECEMBER 2023 OAHU NEIGHBORHOOD REPORT
DECEMBER 2023 OAHU MARKET REPORT