May Oahu Market Update

Sales Volume of O‘ahu Homes Picks Up Month-to-Month, Still Down Compared to 2022
Properties in both markets spend longer on the market, approximately three weeks

The sales volume of O‘ahu homes improved month-over-month, rising 26.0% for single-family homes and 4.3% for condos in May. However, closed sales declined 23.8% for single-family homes and 36.3% for condos compared to the same time last year.

The median sales price for a single-family home ($1,109,000) was 3.9% below the current record set in May 2022 ($1,153,500). Similarly, on the condo side, the median sales price dipped modestly by about 2.2% from $516,500 in May 2022 to $505,000 in May 2023.

“Despite lower sales volume, the median prices for O‘ahu properties haven’t changed much over the past year,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Lack of inventory continues to drive demand as more kamaʻāina strive to become homeowners.”

Single-family homes and condos spent two times longer on the market than last year at 21 and 20 days, respectively, compared to 10 days in 2022. More single-family home sales closed at the full asking price or more than in the past seven months. However, this figure changes year-over-year, as approximately 45% of these sales in May received the full asking price or more, compared to about 75% of sales in May 2022. The same is true for condos, as roughly 45% of condo sales closed for the full asking price or more compared to 65% of sales in May 2022.

DM for the complete report.