Oahu Real Estate Market Report for November 2023

An aerial shot over Honolulu with Diamond Head crater in the background on the left

Aloha! The Oahu real estate market has seen a slight decline in activity for the month, on both sides of the market. Active listings for single-family homes have taken a slight dip, though active listings are up for condos. New listings have slowed for both condos and single-family homes, as single-family homes see a slight decline in median price year-over-year and condo see a slight increase in median price for the same period.

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Oahu Single-Family Homes | Market Stats

Single-Family home sales for the month of November 2023 saw a moderate decline of 6.3% compared to November 2022. The year-over-year median sales price dipped to match, down by 4.3% to $1,100,055. November 2023 ended with 672 active single-family home listings, down 1.5% year-over-year.

A living room on one side with single-family home market stats November 2023 vs November 2022 on left

The price range of $800,000 to $1,199,999 for single-family homes experienced a decrease in sales volume of 28% year-over-year, from 82 is November 2022 to 59 in November 2023. In the price range of $500,000 to $799,999 there was an increase in sales of 60.9% year-over-year, with 37 sales.

3 palm trees on right side, November 2023 market stats on left

21% of transactions closed above the original asking price for single-family home sales in November 2023, down from 31% closing above the asking price the year before. Properties in the past month had a median days on market of 29 days, up from 18 median days on market the year before in November 2022.

Oahu Condos | Market Stats

The Oahu condo market saw a lot of similarities to the single-family home market, with sales for November 2023 seeing an 8.8% decrease compared to November 2022. Despite this, condos saw a year-over-year in the median price by 7.5% for November 2023, up to $516,179. The month ended with 1,337 condo listings, up by 7.5% year-over-year.

Picture from the kitchen of a condo overlooking town

Sales in most condo price ranges stayed consistent year-over-year, with the largest decrease occuring between the $200,000 and $499,999 price points - down 23% at 127 sales. Similar to the single-family home side of the market, less condo sales closed above original asking price than last year - down to 19% for November 2023 compared to almost a quarter in November 2022.

Photo of Honolulu condos with mountains veiled in clouds in the background

Condos had a median days on market of 23 days, up five days compared to November in the previous year. New listings have slowed compared to last year, with new listings in November 2023 down by 13.1% compared to November 2022.

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