Island Living Homes
Jan 83 min
Everything you need to know about the O'ahu Real Estate Market in December 2023.
“Average mortgage rates peaked early in the fourth quarter of 2023 and dipped in November and December,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Though the rates are still higher than this time last year, we saw slight increases in contract signings for both markets, which tells us that buyers are still optimistic and active in their pursuit of a new home.”
“In 2023, O‘ahu’s housing market felt the acute impact of rising mortgage rates and limited inventory. The cooling market activity we first experienced in 2022 carried over in 2023, as sales volume continued to mellow out compared to the frenzy we saw during the COVID-19 pandemic,” Gendrano added.
O‘ahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0%.
Median sales prices for properties dipped modestly. The median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline. Meanwhile, the median sales price for a condo was $508,500, a marginal 0.3% decrease.
Properties spent longer on the market. Single-family homes marked a median of 22 days on market, an 83% increase, and condos marked a median of 21 days on market, up 75%.
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