Oahu Real Estate Market Report for May 2023

In May 2023, we saw an intriguing mix of trends in the Oahu real estate market. The sales volume for both single-family homes and condos improved, indicating a heightened level of activity. However, this increase in volume came with a slight dip in prices and a decline in closed sales compared to the same period last year. This blog post will delve deeper into these trends, providing a comprehensive overview of the current market conditions.

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Oahu Single-Family Homes | Market Stats

For the month of May 2023, the sales volume of single-family homes on Oahu saw a month-over-month increase of 26.0%. However, when compared to the same period last year, closed sales declined by 23.8%. The median sales price was $1,109,000, marking a 3.9% decrease from the record set in May 2022 ($1,153,500).

Homes spent an average of 21 days on the market, twice as long as the previous year. Despite this, more homes closed at the full asking price or more than in the past seven months. However, this figure was lower than the previous year, with approximately 45% of sales in May receiving the full asking price or more, compared to about 75% of sales in May 2022.

The majority of closed sales in May were for homes in the $700,000 to $1,299,999 price range, accounting for 67% of sales. The ‘Ewa Plain region recorded the largest share of single-family home sales at 25.6% (or 67 sales), marking the area’s most significant sales volume so far in 2023.

Active inventory in the $700,000 to $899,999 price range saw the largest increase in May. The Leeward region, in particular, experienced a significant uptick in active inventory, rising 55.6% to 70 active listings.

Oahu Condos | Market Stats

The condo market also experienced changes in May 2023. Sales volume improved month-over-month, rising by 4.3%. However, similar to the single-family home market, closed sales declined by 36.3% compared to the same time last year.

The median sales price for a condo dipped modestly by about 2.2% from $516,500 in May 2022 to $505,000 in May 2023. Condos spent an average of 20 days on the market, twice as long as the previous year.

Approximately 45% of condo sales during the month of May 2023 closed for the full asking price or more, compared to 65% of sales in May 2022. Condos in the $700,000 and up price range experienced a significant 48.5% drop in sales year-over-year.

The Kailua region was the only area to see an increase in condo sales volume, with 18 sales this May compared to 13 sales in May 2022. Most price points for condos recorded an increase in active inventory, with a notable 39% uptick in the more affordable $400,000 to $699,999 price range.

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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!