MARKET STATS

APRIL 2023

Honolulu Real Estate Market Sees Significant Drop in April Sales for Single-Family Homes and Condos, but Properties Selling Faster Than Previous Month

According to resales figures released today by the Honolulu Board of REALTORS®, April single family home and condo sales slipped 43.0% and 37.5%, respectively, year-over-year.

Compared to March, the slump in sales was less severe, with a 11.9% drop in single-family home sales and 5.4% for condos. Despite fewer sales, properties that sold in April spent less time on market than one month ago. The median days on market for condos was 20 days in April compared to 24 days in March and 24 days for single-family homes compared to a 36-day median in March.

Single-family home sales in the $800,000 to $999,999 price range continued to see the highest sales volume, accounting for nearly one-third of sales in April. Meanwhile, single-family home sales in the $2,000,000 and above price range plummeted 63% from last year. Most condos sold in the $300,000 to $399,999 price range, accounting for 18.3% of sales in April. However, nearly all price points experienced a drop in condo sales from a year ago.

The median sales price also saw modest declines in both single-family home and condo markets. The single-family home median sales price for April 2023 was $999,995, down 9.5% from the April 2022 median of $1,105,000. The condo market ended April at a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year.

Approximately 41% of single-family home sales received full asking price or more, compared to about 75% of sales in April 2022. Only 25% of sales closed above asking compared to 63% one year ago. In the condo market, 44% of sales received full asking price or more compared to 65% in April 2022, and about 22% of sales closed above asking compared to 44% last year. New listing volume was consistent with last month’s volume, but well below the volume seen in 2022. The single-family home market added 292 new listings in April, falling 31.1% from a year ago, while the condo market added 532 new listings, 26.3% below last April.

Although both markets continued to see more active inventory than a year ago, inventory levels have not increased this year, weakening slightly from month to month. In the single-family home market, the ‘Ewa Plain and Leeward regions experienced the greatest volume boost in active inventory, up 65.5% and 85.7%, respectively, year-over-year. Waipahu, Hawaii Kai, and ‘Ewa Plain regions ended April 2023 with condo active inventory rising more than 50% from a year ago.

Courtesy of the Honolulu Board of RealtorsO‘ahu’s Housing Market Sees Month-Over-Month Sales Boost in March 2023, but Year-Over-Year Sales Continue to Decline

O‘ahu’s housing market experienced a boost in activity from February to March, with sales rising approximately 36% month-over-month in both single-family home and condo markets. Although year-over-year sales continued to fall short of 2022 – down 26.5% for single-family homes and 33.9% for condos year-over-year – 236 single-family homes and 444 condos sold in March 2023.

Median sales prices for March 2023 increased from January and February but were mixed compared to a year ago. The monthly median price for single-family homes declined 5.8% from $1,150,000 in March 2022 to $1,083,750 last month. Meanwhile, the condo median sales price in March set a new record of $536,000, 0.4% above the previous record of $534,000 set in June 2022, and a 4.5% rise year-over-year.

In March 2023, 58.5% of single-family home sales closed at $1,000,000 or more, pushing the median sales price above $1 million. However, the $600,000 to $799,999 price range was one of the few to see a year-over-year increase in sales volume, jumping 70.6% from 17 to 29 single-family home sales compared to the same time last year. Meanwhile, the $800,000 to $999,999 price range accounted for more than a quarter of the month’s sales.

Most single-family homes and condos continued to close for less than the original asking price. In March, approximately 35% of single-family homes closed at full asking price or more, compared to around 74% in March 2022. In the condo market, 41% of condos sold at the full asking price or more compared to 65% in March 2022.

Properties sold in March 2023 were on the market longer than those in March 2022. Median days on market for single-family homes was 36 days and for condos 24 days, compared to a 9- day median in both markets one year ago.

In the single-family home market, active inventory in the $800,000 to $899,999 range saw the most significant change, with approximately triple the number of listings at 76, compared to 25 a year ago. For condos, the increase in active inventory was mainly in the $400,000 and above range, where the number of available listings increased by 39% year-over-year.

New listing volume improved from February to March, up 25.8% month-over-month for single-family homes and 14.5% for condos. Still, new listings continued to see year-over-year declines, and the first quarter ended with total new listings down approximately 28% in both markets compared to the first quarter of 2022.

Pending sales increased from a month ago, with 258 contract signings in the single-family home market and 444 in the condo market. Compared to February, this increased by 18.9% for single-family homes and 11.3% for condos. However, pending sales volume fell short by more than 30% year-over-year in both markets.

Courtesy of the Honolulu Board of Realtors