Oahu Homes Sitting on Market Longer in Early 2023
Single-family home median price below $1M for second month in a row
HONOLULU – (March 6, 2023) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for February 2023.
- The Oahu single-family home median price fell by 11 percent from February 2022 to $999,000--the third monthly decline from last year and the second consecutive month that the median was below $1M since July 2021.
- The condo median price decreased by three percent from last year to $480,500. Single-family home sales were down by 30 percent from February 2022, while condo sales declined by 34 percent. Sales typically bottom out in February before picking up again in the spring.
- At the end of February 2023, 585 homes and 1,285 condos were listed for sale, an increase of 57 percent and 20 percent, respectively, from last year. Although active inventory has increased in the past year, it remains historically low. 23.4 percent of single-family homes and 18.6 percent of condos sold for above the list price in February—a measure of competition that is on par with 2019 levels.
- Single-family homes were on the market for a median of 41 days in February, while condos were on the market for a median of 30 days—an increase of 27 days for homes and 16 days for condos from a year ago. However, active listings and pending sales suggest that this jump in Days on Market is a temporary spike rather than a trend.
“The Oahu real estate market notably softened in February, as homes sat on the market longer and instances of multiple offers continued to decrease,” said Chief Operating Officer for Locations Chad Takesue. “However, we did see pending sales trending up, which demonstrates that there is still demand in the marketplace.”
“New listings have been lagging for ten months, as we’ve seen greater hesitation among sellers driven by declining median prices, a reluctance to give up lower financing rates and general economic uncertainty,” he continued. Takesue added that although the Oahu market has moderated since the post-pandemic surge, it’s reassuring to see market activity following seasonal trends.
“As we head into spring, we expect to see a return to typical patterns, with more for-sale inventory and increased competition—similar to market conditions four to five years ago.”
Locations recommends that homebuyers and sellers partner with an experienced Realtor® to better understand the performance of their specific neighborhood market.
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