Oahu Home, Condo Sales Down in September 2023

What Happened in the Oahu Real Estate Market in September 2023?

As we head into the last quarter of year, the Oahu real estate market continues to move at a steady pace,” said Chief Operating Officer for Locations Chad Takesue. “While several large mainland markets have reported increased inventory and signs of softening, Oahu for-sale inventory is holding flat, while new inventory is still lagging—keeping us in sellers’ market territory,” he added.

Market trends throughout the summer and into fall continue to point to competitive conditions for buyers. Demand for Oahu homes and condos is strong, although tempered by interest rates above 7%.

“Rising mortgage interest rates are influencing both buyer and seller behavior; however, buyer demand remains strong. On a positive note, buyers who have a need to move may find less competition, particularly in the condo market where inventory is a bit higher. In neighborhoods where inventory growth is nominal, sellers can expect reduced competition from other sellers, assuming they price well for the market,” said Takesue.

Key Takeaways from the September 2023 Locations Oahu Real Estate Report

New to real estate market data terms? See our glossary.

• The September 2023 Oahu single-family median home price of $1,050,000 dipped five percent from the previous year, while the median condo price of $535,000 rose six percent over the same time. Median prices for both homes and condos have been mostly flat in 2023; however, home prices have shown a slight increase since the beginning of the year, and now condo prices also appear to be trending up. 
• Sales were down 18 percent in September for single-family homes and 24 percent for condos from a year ago. The trend of sales is settling into typical seasonal patterns at a level about 1/3 lower than the previous two years. 
• At the end of September, 618 homes and 1,245 condos were available for sale—six percent fewer homes and four percent more condos from last year; sellers continue to be constrained by current market conditions. 
• Months of Remaining Inventory (MRI) is flat at 2.8 months for homes and up slightly at 3.1 months for condos. Although this measure has been edging upward due to constrained sales, the market still favors sellers. 
• Single-family homes were on the market for a median of 19 days in September, while condos were on the market for a median of 22 days. This measure—Days on Market—is settling into seasonal trends. 
• Continued buyer demand is also keeping market times low. Competition among buyers continued in September, with four in 10 homes and one in five condos sold for above the asking price in a competitive bidding situation. 

What Happened in Oahu Single-Family Home Markets in September 2023?

Market statistics can vary greatly by neighborhood, so it's important to consult a knowledgeable Realtor who has access to market-level data.

Here's a detailed breakdown of key Oahu single-family home market areas: 

West Honolulu Homes

Sales dropped by 32%, with a median price decrease of 5% to $1,000,000. DOM increased by 31%, reaching 17 days. Bid-Up % decreased by 29.8%, indicating lower competition. MRI increased to 3.0 months. Active listings also decreased by 42%. This area follows the overall trend of a cooling market, more opportunity for buyers.

Nuuanu-Makiki Homes

Sales decreased by 49%, and median prices dropped by 9%. DOM increased by 79% to 25 days. Bid-Up % significantly increased by 31%. MRI increased to 5.0 months. Active listings dropped by 26%. This market area is experiencing a buyer's market with increased competition among buyers.

Manoa Homes

Sales decreased by 33%, with only a 3% decrease in median prices. DOM increased by 8%. Bid-Up % decreased by 37.7% and MRI increased to 3.3 months. Active listings increased by 12%. Despite some fluctuations, this market area remains fairly balanced.

Kaimuki Homes

Sales dropped by 43%, with median prices remaining unchanged. DOM increased by 23%, and Bid-Up % decreased by 36.3%. MRI increased to 2.7 months. Active listings remained steady. Kaimuki reflects a balanced market, albeit with fewer sales.

Waialae-Kahala Homes

Sales decreased by 35%, and median prices dropped by 9%. DOM increased by 75%, and Bid-Up % decreased by 29.7%. MRI increased to 3.7 months. Active listings decreased by 33%. The market favors buyers with reduced competition.

East Oahu Homes

Sales decreased by 30%, with median prices increasing by 4%. DOM increased by 17%, and Bid-Up % increased by 48.6%. MRI increased to 4.2 months. Active listings remained unchanged. This market area leans towards sellers with increased competition.

Hawaii Kai Homes

Sales decreased by 42%, and median prices dropped by 6%. DOM increased by 17%, and Bid-Up % decreased by 35.2%. MRI increased to 2.8 months. Active listings decreased by 41%. Hawaii Kai is currently showing reduced competition.

Kailua Homes

Sales decreased by 30%, with median prices increasing by 2%. DOM increased by 33%, and Bid-Up % decreased by 30.8%. MRI increased to 2.2 months. Active listings increased by 8%. The market in Kailua is balanced.

Kaneohe Homes

Sales decreased by 30%, with only a 2% decrease in median prices. DOM increased by 55%, and Bid-Up % decreased by 39.1%. MRI increased to 2.2 months. Active listings remained unchanged. Kaneohe's market is leaning towards buyers with less competition.

North Shore Homes

Sales decreased by 37%, and median prices dropped by 1%. DOM increased by 33%, and Bid-Up % decreased by 23.4%. MRI increased to 4.7 months. Active listings decreased by 34%. The North Shore market has the highest remaining inventory for homes.

Leeward Homes

Sales decreased by 24%, and median prices dropped by 2%. DOM increased significantly by 171% to 38 days. Bid-Up % decreased by 28.2%. MRI increased to 3.7 months. Active listings decreased by 47%. The Leeward area shows reduced competition.

Ewa Homes

Sales decreased by 39%, with median prices dropping by 3%. DOM increased by 220% to 32 days. Bid-Up % decreased by 28.9%. MRI increased to 2.4 months. Active listings decreased by 54%. Ewa is currently showing less competition.

Makakilo Homes

Sales decreased by 46%, with a marginal 1% increase in median prices. DOM increased by 109% to 23 days. Bid-Up % decreased by 30.9%. MRI increased to 3.4 months. Active listings increased by 17%. Makakilo's market is balanced.

Waipahu Homes

Sales decreased by 31%, with a 4% decrease in median prices. DOM increased by 73% to 19 days. Bid-Up % decreased by 31.2%. MRI decreased to 1.5 months. Active listings decreased by 52%. Waipahu is a market with reduced competition.

Mililani Homes

Sales decreased by 36%, with median prices remaining stable. DOM increased by 59% to 18 days. Bid-Up % decreased by 35.5%. MRI increased to 1.5 months. Active listings decreased by 40%. Mililani's market is balanced, leaning towards buyers.

Pearl City-Aiea Homes

Sales decreased by 24%, with an 8% decrease in median prices. DOM increased by 45% to 16 days. Bid-Up % decreased by 40.2%. MRI increased to 1.9 months. Active listings decreased by 42%. Pearl City-Aiea still shows competitive conditions.

What Happened in Oahu Condo Markets in September 2023?

Here's a detailed breakdown of key Oahu condo market areas: 

Salt Lake Condos

Condo sales decreased by 50%, with median prices slightly dropping by 1%. DOM increased by 7%, and Bid-Up % decreased by 23.4%. MRI increased to 2.6 months. Active condo listings increased significantly by 55%. Salt Lake's condo market is now showing improved conditions for buyers.

Downtown-Nuuanu Condos

Condo sales decreased by 36%, with median prices dropping by 3%. DOM increased by 104% to 27 days. Bid-Up % decreased by 14.3%. MRI increased to 2.6 months. Active condo listings decreased by 26%. Downtown-Nuuanu shows improved buyer's conditions, even with fewer listings.

Ala Moana-Kakaako Condos

Condo sales decreased by 31%, with median prices dropping by 5%. DOM increased by 35% to 31 days. Bid-Up % decreased by 11.7%. MRI increased to 5.2 months. Active condo listings increased by 3%. Ala Moana-Kakaako's condo market favors buyers more than other markets.

Makiki Condos

Condo sales decreased by 37%, with median prices remaining stable. DOM increased by 29% to 18 days. Bid-Up % decreased by 21.6%. MRI increased to 3.1 months. Active condo listings increased by 10%. Makiki's condo market is balanced, leaning more towards buyers than last year.

Waikiki Condos

Condo sales decreased by 24%, with median prices dropping by 3%. DOM increased by 37% to 26 days. Bid-Up % decreased by 18.5%. MRI increased to 4.5 months. Active condo listings increased by 6%. Waikiki's condo market, the largest on Oahu, is still very active.

Kapiolani-University Condos

Condo sales decreased by 36%, with a 2% increase in median prices. DOM increased by 17%, and Bid-Up % decreased by 23.1%. MRI increased to 2.7 months. Active condo listings decreased by 5%. Kapiolani-University's condo market is balanced.

Diamond Head-Kahala Condos

Condo sales decreased by 34%, with median prices increasing by 8%. DOM increased by 27%, and Bid-Up % decreased by 18.6%. MRI increased to 2.8 months. Active condo listings increased by 5%. Diamond Head-Kahala's condo market is balanced, with some room for sellers to benefit.

Hawaii Kai Condos

Condo sales decreased by 30%, with median prices increasing by 7%. DOM increased by 95%, and Bid-Up % decreased by 24.3%. MRI decreased to 1.5 months. Active condo listings decreased by 53%. Hawaii Kai's condo market shows improved conditions for buyers.

Kailua Condos

Condo sales decreased by 4%, with a 2% decrease in median prices. DOM increased by 57%, and Bid-Up % decreased by 28.8%. MRI increased to 1.8 months. Active condo listings increased by 33%. Kailua's condo market is balanced.

Kaneohe Condos

Condo sales decreased by 40%, with a 5% decrease in median prices. DOM increased by 72%, and Bid-Up % decreased by 33.6%. MRI increased to 1.6 months. Active condo listings increased by 19%. Kaneohe's condo market shows improved conditions for buyers.

Leeward Condos

Condo sales decreased by 31%, with median prices increasing by 4%. DOM increased by 105%, and Bid-Up % decreased by 25.6%. MRI increased to 3.3 months. Active condo listings increased by 12%. Leeward's condo market is balanced.

Ewa Condos

Condo sales decreased by 41%, with a 1% decrease in median prices. DOM increased by 100% to 18 days. Bid-Up % decreased by 33.3%. MRI increased to 1.9 months. Active condo listings decreased by 3%. Ewa's condo market shows improved conditions for buyers.

Makakilo Condos

Condo sales decreased by 31%, with a 1% increase in median prices. DOM increased by 100% to 18 days. Bid-Up % decreased by 49.6%. MRI increased to 1.3 months. Active condo listings remained stable. Makakilo's condo market is balanced.

Waipahu Condos

Condo sales decreased by 37%, with median prices remaining stable. DOM increased by 79%, and Bid-Up % decreased by 39.6%. MRI increased to 1.6 months. Active condo listings increased by 18%. Waipahu's condo market shows improved conditions for buyers.

Mililani Condos

Condo sales decreased by 28%, with median prices decreasing by 1%. DOM increased by 30%, and Bid-Up % decreased by 44.4%. MRI increased to 1.4 months. Active condo listings increased by 17%. Mililani's condo market shows better conditions for buyers while still very competitive.

Pearl City-Aiea Condos

Condo sales decreased by 34%, with a 1% increase in median prices. DOM increased by 30%, and Bid-Up % decreased by 37.8%. MRI increased to 1.7 months. Active condo listings increased by 15%. Pearl City-Aiea's condo market shows competitive conditions.

Summary

In conclusion, Oahu's real estate market in 2023 shows varying conditions across different market areas. It's crucial for potential buyers and sellers to analyze these market conditions carefully and consider their individual goals and preferences when navigating the Oahu real estate landscape.

Glossary

• Active Listings: Count of MLS listings with "Active" status on the last day of the period. 
• Bid-Up %: The percent of sales that were bid-up over asking price in competitive offers. 
• Days on Market (DOM): Median number of days between listing date and escrow date, for all properties sold in the period. 
• Months of Remaining Inventory (MRI): The number of months it would take to sell out the current active inventory at the recent rate of sales. A balance point between supply and demand is considered to be around 6 months, so MRI below 6 months indicates more of a sellers market and MRI above 6 months indicates more of a buyers market.

Back to top