Everything you need to know about the O'ahu Real Estate Market in November 2023.
O‘ahu Home Sales Remain Sluggish Amid Holiday Season
Median sales prices steady month over month.
November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease. Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.
“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month. However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS.
A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month. Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.
Properties sat longer on the market, though single-family homes and condos continued to mark a median days on market of under a month. Single-family homes had a median days on market of 29 days, up from 18 days in November 2022. Meanwhile, condos had a median days on market of 23 days, reflecting a five-day increase compared to the previous November.
New listings for single-family homes and condos slowed compared to last year, dipping by 7.6% and 13.1%, respectively. While the single-family home market had 672 active listings at monthend, marking a 1.5% year-over-year decrease, active inventory for condos grew by 7.5% yearover-year to 1,337 listings. However, both markets still operated with active inventory levels below pre-COVID figures, plummeting by 32% for single-family homes and 26% for condos compared to November 2019.
If you want to know more about your specific area and what's going on there - let us know! We're always happy to help!