Oahu Real Estate Market Picked Up in March 2023

Oahu Real Estate Market Picked Up in March 2023

Median condo price hits new high

HONOLULU – (April 6, 2023) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for March 2023.

• The Oahu single-family home median price fell by 5 percent in March from a year ago to $1,096,250, topping $1M for the first time since December 2022. The condo median price increased by four percent to $535,500—a record high. Month-to-month, median prices for both homes and condos jumped by 11 percent from February 2023. 
• Single-family home sales declined by 28 percent from last March, while condo sales fell by 35 percent. However, sales are trending up and following typical seasonal patterns. 
• At the end of March 2023, 575 homes and 1,201 condos were listed for sale, an increase of 48 percent and 25 percent, respectively, from last year. Although active inventory has increased in the past year, it remains historically low. 
• 28.8 percent of single-family homes and 22.6 percent of condos sold for above the list price in March—in line with 2018 and 2019 market conditions. 
• Single-family homes were on the market for a median of 37 days in March, while condos were on the market for a median of 24 days—an increase of 27 and 16 days, respectively, from extremely low levels a year ago.

“After a slow start to the year, we’re beginning to see signs of the Oahu real estate market returning to more seasonal patterns this spring,” said Chief Operating Officer for Locations Chad Takesue. “In March, median prices for single-family homes and condos increased by 11 percent over the previous month, while sales increased by 35 percent and Days on Market dropped by six days. The condo median price also reached a new high—pushed up in part by homebuyers who have been priced out of the single-family home market.”

“Rising prices, sales and bid-ups, along with falling Days on Market, point to continued buyer demand, despite higher borrowing costs,” Takesue added. “Lack of for-sale inventory also remains a challenge, even as new listings increased in March."

Locations recommends that homebuyers and sellers partner with an experienced Realtor® to better understand the performance of their specific neighborhood market.