Oahu Real Estate Market Report for October 2023
The Oahu real estate market during October 2023 displayed mixed trends for single-family homes and condos. While both property types saw a decline in year-over-year sales volumes, single-family homes experienced a rise in median sales prices. This contrasts with the condo side of the market for year-over-year, which showed a slight decrease in price. The monthly dynamics differed in terms of sales, with Single-Family Home sales dipping as condo sales increased.
Oahu Single-Family Homes | Market Stats
Oahu Single-Family Homes for the month of October 2023 saw a moderate decline in sales compared to the previous year, down 4.1% at 213 closed sales. Despite this, the median sales price increased by 4.8% to $1,100,000 when compared to October 2022.
Pending sales volume year-over-year saw a slight decrease of 3%, though single-family homes priced over $1,000,000 saw a slight increase in closed sales - up to 127 in October 2023 from 122 in October 2022. The largest dip in sales volume for single-family homes occurred in the $800,000 to $999,999 price segment, dipping 25.6% to 29 sales.
On the month-over month side, single-family homes saw pending sales volume fall by 17.2%. Median days on the market still remains under 30 days for most Single-Family Home regions of Oahu, at 18 days for October 2023 compared to 19 days in October 2022. The single-family home market has seen a 4.6% decrease in new listings compared to the prior year.
Oahu Condos | Market Stats
The condo market for Oahu saw a moderate decline of 8.3% in closed sales year-over-year, at 399 total closed sales for October 2023. The Median Sales Price for condos also saw a slight dip, down 1% from the prior year to $515,000.
Pending sales volume for condos year-over-year saw a decrease of 5%, with condos priced between $600,000 and $699,999 seeing the largest decline at 27.1% fewer sales than the previous year. On the flipside, units priced between $500,000 and $599,999 saw a jump in closed sales of 44.7% year-over-year at 68 sales for October 2023.
Condos saw pending sales volume decrease by 12.4% month-over-month. Most condo regions of Oahu are maintaining a median of under 30 days on the market, at 21 days for October 2023 compared to 19 days in October 2022. In contrast to the Single-Family Home market, the condo market has seen a 6.4% increase in new listings compared to the prior year.
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!