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.

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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.

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