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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118 Properties
Page 1 of 10
$26,995,000
Neighborhood: Diamond Head
5
Beds
7F11/2
Baths
7,324
Sq.Ft.
2022
Year Built
5
Days on Site
202326632
MLS
$2,587,000
Condo: The Park Ward Village
3
Beds
3
Baths
1,554
Sq.Ft.
2025
Year Built
6
Days on Site
202324525
MLS
$29,420,000
Neighborhood: Beachside
8
Beds
10F11/2
Baths
8,178
Sq.Ft.
2012
Year Built
8
Days on Site
202326439
MLS
$2,100,000
Condo: Anaha - 1108 Auahi
2
Beds
2F11/2
Baths
1,650
Sq.Ft.
2017
Year Built
8
Days on Site
202326132
MLS
$2,550,000
Condo: Trump Tower Waikiki
2
Beds
3
Baths
1,665
Sq.Ft.
2009
Year Built
11
Days on Site
202326114
MLS
$3,495,000
Neighborhood: Kamiloiki
7
Beds
6F11/2
Baths
5,118
Sq.Ft.
2023
Year Built
12
Days on Site
202326054
MLS
$2,000,000
Neighborhood: Punchbowl Area
11
Beds
6
Baths
4,370
Sq.Ft.
2021
Year Built
12
Days on Site
202326262
MLS
$2,298,000
Neighborhood: Keolu Hills
7
Beds
4
Baths
2,914
Sq.Ft.
2023
Year Built
17
Days on Site
202326023
MLS
$2,050,000
Condo: Waiea - 1118 Ala Moana
1
Beds
2
Baths
1,139
Sq.Ft.
2016
Year Built
22
Days on Site
202325506
MLS
$2,977,000
Neighborhood: Waimanalo
3
Beds
3
Baths
2,691
Sq.Ft.
2003
Year Built
22
Days on Site
202325819
MLS
Active Under Contract
1388 Kapiolani Boulevard #3603 Honolulu,  HI 96814
$2,150,000
Condo: Sky Ala Moana West
2
Beds
2
Baths
1,141
Sq.Ft.
2023
Year Built
26
Days on Site
202325665
MLS
$4,695,000
Condo: Waiea - 1118 Ala Moana
3
Beds
2F11/2
Baths
2,153
Sq.Ft.
2016
Year Built
26
Days on Site
202325604
MLS

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