Oahu Single-Family Home Median Price Drops Below $1M for First Time in 19 Months in January 2023
Condo median falls under $500,000
HONOLULU – (Feb. 6, 2023) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for January 2023.
- The Oahu single-family home median price fell by six percent from January 2022 to $985,500--the second month-to-month decline and the first time the median was below $1M since July 2021. The condo median price decreased by four percent from last year to $490,000.
- Single-family home sales were down by 52 percent from January 2022, while condo sales declined by 50 percent. Although January sales are typically among the lowest of the year, the drop in condo sales last month is greater than usual.
- Single-family homes were on the market for a median of 25 days in January, echoing pre-pandemic market conditions. Condos sold in a median of 23 days—an increase of 9 days from a year ago. Buyer competition continues to soften from the peak in 2021.
- About one in three single-family homes and one in four condos sold for above asking in January. Months of Remaining Inventory (MRI) was at 2.1 months for single-family homes—more than double that of the previous January—and 2.5 months for condos. Despite increasing from a year ago, Months of Remaining Inventory remains historically low, indicative of continued sellers-market conditions.
“After 12 months of declining sales, we’re seeing more of the effects of the slowing market on median home prices,” said Chief Operating Officer for Locations Chad Takesue. “For the first time since the summer of 2021, the single-family home median price dipped below $1M—a sign of reduced buyer competition.”
“Although competitive pressures have fallen from the pandemic-economy surge of late 2020 to early 2022, Oahu is still a seller’s market,” Takesue continued. “We continue to see strong demand from both local and overseas buyers, and limited for-sale inventory and developable land insulates our market from some of the vulnerabilities seen in many Mainland markets.”
“Mortgage rates eased slightly last week to 6.09%, but could rise again soon if inflation persists,” said Takesue. “However, with new loan products and borrowing strategies, prospective buyers may be able to lower their financing costs.
A knowledgeable Realtor® can recommend lenders and qualifying properties.” 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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