Oahu Real Estate Market Report for April 2023

Oahu April Market Stats on an overhead shot of a mountainous island

The Oahu Real Estate statistics for April 2023 reveal a slight downturn in sales. However, despite the reduction in sales, properties sold in April spent less time on the market than in the previous month. My observations indicate that the market is softer than it was two years ago, with fewer buyers and sellers. I believe we are bouncing around the bottom of this market and this real estate market is going to ebb and flow with economic news.

When a bank goes under, buyers and sellers have hesitation. When there is positive economic news around inflation or interest rates the buying activity picks up. We appear to be moving sideways in our market, I'm guessing one or two months of increased activity and another one or two of slower activity.

Want to see the full market report? Click here to download the .pdf!

Oahu Single-Family Homes | Market Stats

Single-family home sales experienced a year-over-year decrease of 43.0%. Month-over-month sales saw a smaller decrease at 11.9%. The median sales price for a single-family home decreased by 9.5% from the same period last year to $999,950.

Single-Family Home Market Stats with a dining room on the right side

Although inventory levels are higher than a year ago, they have not increased this year and have actually weakened slightly month-over-month. The supply remains severely restricted. However, homes requiring work or repairs linger on the market, providing good buying opportunities for those willing to put in the hard work. This dynamic has resulted in 41% of single-family home sales receiving full asking price or more, with 25% of sales closing above the asking price.

Oahu Single-Family Home Market Stats with mountain on right side

Single-family homes spent a median of 24 days in April, down from 36 days in March. These figures reflect a fairly quick turnover compared to past markets, especially prior to the pandemic. 

Oahu Condos | Market Stats

Condo sales also slipped 37.5% year-over-year. Month-over-month sales for March 2023 saw a less severe decrease with a 5.4% fall.

Oahu condo market stats with living room overlaid on left side

Like the single-family home market, condo inventory levels have not increased this year despite being higher than a year ago. During April 2023, the condo market saw 44% of sales receiving full asking price or more, with approximately 22% of sales closing above the asking price.

Oahu condo market stats with beach overlaid on the left side

Condos spent a median of 20 days on the market in April, a decrease from 24 days in March. Condo prices slipped 2% to $500,000.

Inquire Now

With over 40% fewer people in the market for homes now, there are excellent opportunities for buyers. For sellers, carrying out repairs and renovations is key to maximizing your property's net worth - though remember, this is no substitute for personalized advice. Should you have any Oahu real estate needs or inquiries, we're here to assist. Fill out the form below to get started.

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122 Properties
Page 1 of 11
$7,390,000
Neighborhood: Diamond Head
6
Beds
6F11/2
Baths
5,993
Sq.Ft.
2019
Year Built
4
Days on Site
202411130
MLS
$3,850,000
Condo: Anaha - 1108 Auahi
3
Beds
3F11/2
Baths
2,492
Sq.Ft.
2017
Year Built
5
Days on Site
202411180
MLS
$2,490,000
Neighborhood: Palolo
12
Beds
8
Baths
4,962
Sq.Ft.
2018
Year Built
6
Days on Site
202410781
MLS
Open 5/19
418 halemaumau Street Honolulu,  HI 96821
$2,300,000
Neighborhood: Niu Valley
5
Beds
4
Baths
3,849
Sq.Ft.
2023
Year Built
6
Days on Site
202406106
MLS
2
Beds
2
Baths
1,206
Sq.Ft.
2027
Year Built
6
Days on Site
202411133
MLS
$3,795,000
Condo: The Ritz-Carlton Residences - 383 Kalaimoku
3
Beds
3
Baths
1,606
Sq.Ft.
2014
Year Built
8
Days on Site
202410917
MLS
Open 5/19
1280 Miloiki Street Honolulu,  HI 96825
$3,200,000
Neighborhood: Kamiloiki
7
Beds
6F11/2
Baths
4,837
Sq.Ft.
2023
Year Built
9
Days on Site
202409234
MLS
$2,900,000
Neighborhood: Hahaione-Upper
3
Beds
3F11/2
Baths
1,939
Sq.Ft.
2024
Year Built
11
Days on Site
202407854
MLS
Open 5/19
144 Kaimoani Way Kailua,  HI 96734
$3,950,000
Neighborhood: Beachside
2
Beds
2
Baths
2,046
Sq.Ft.
2000
Year Built
11
Days on Site
202410757
MLS
$19,000,000
Condo: Waiea - 1118 Ala Moana
4
Beds
4F11/2
Baths
4,192
Sq.Ft.
2016
Year Built
12
Days on Site
202410694
MLS
$3,100,000
Neighborhood: Koko Villas
3
Beds
3
Baths
2,177
Sq.Ft.
2005
Year Built
13
Days on Site
202410695
MLS
$2,665,000
Condo: The Park Ward Village
3
Beds
3
Baths
1,554
Sq.Ft.
2026
Year Built
16
Days on Site
202409286
MLS

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