Island Living Homes
Oct 9, 20231 min
Everything you need to know about the O'ahu Real Estate Market in September 2023.
O‘ahu Home Sales Slow as Mortgage Rate Rises
September sales volume down by double-digits, properties spend approximately three weeks on market
The O‘ahu single-family home market maintained a 12-month rolling average of over 200 sales, with 232 properties sold last month, reflecting a year-over-year decline of 16.5%. However, the condo market 12-month sales average fell below 400 sales for the first time since January 2021. Three hundred and seventy-six condos sold last month, marking a 24.2% dive in sales volume compared to September 2022.
In September, the median sales price for single-family homes dipped by 4.5% compared to the previous year, reaching $1,050,000 by month-end. Meanwhile, condos experienced a 6.0% year-over-year increase, with a median sales price of $532,500.
“As the third quarter ended, average U.S. mortgage rates held above 7%, reaching the highest level in more than 20 years,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “While the interest rate has presented some challenges, we continue to see strong demand from buyers and sellers who receive offers more than the original asking price.”
Approximately 9% of single-family home sales closed at full asking price, while 38% sold above original asking price.
Meanwhile, 22% of condo sales received full asking price and 20% of condo sales closed above the original asking price." - Source: Honolulu Board of REALTORS® Oahu Monthly Statistical Report - September 2023.
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