Oahu Real Estate Market Report for December 2023
Aloha, Welcome to the 2023 December Market Report by List Sotheby's International Realty!
Over the course of 2023, Oahu home and condo sales fell more than a quarter. Despite this, the median sales price for both property types only had a modest dip. Overall, 2023 was a slower year than 2022, with properties spending longer on market and slightly fewer sellers receiving the original list price for their sales. Some small pockets of the market are continuing to see competition due to low inventory, however.
Oahu Single-Family Homes | Market Stats
Closing out the year, Oahu single-family home sales saw a 9.9% decline for December 2023 when compared to December 2022. The median sales price for these properties also saw a dip, though only by 5.1% - coming to $996,500 for the month. Buying activity seems to have dampened largely due to higher borrowing costs, with single-family home contract signings down 18.7% to 2,796 when comparing the year of 2023 as a whole to 2022.
For the year of 2023, single-family home sales have declined at most price points. The exception to this is properties in the price range of $699,999 and below, which saw a 10.7% increase in sales. The majority of the sales at this price point occured in the Leeward region. Meanwhile, properties in the $900,000 to $1,399,999 saw a decline of 34% over the entire year.
Despite this, 98.3% of sellers received their original list price when the sale was closed, and 29% of single family-home sales for the year were sold at or above the asking price. Single-family homes for December 2023 stayed on the market a median of 18 days, with 182 closed sales for the month.
Oahu Condos | Market Stats
On the condo side of the market, properties have seen a decline in closed sales of about 24.4% for December 2023 when compared to December 2022. Despite this, condos have seen a slight increase in median sales price for the same period, up 1.5% to $510,000.
For the year of 2023, Condo sales have declined at all price points and declined 28.0% overall. Kailua was the smallest decline, receiving only two fewer sales than the previous year. Of the condo sales in 2023, 21% of properties were sold at or above their asking price.
At the end of December 2023, there were a total of 1,234 active condo listings and sellers received approximately 97.9% of their original list price,
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!