Hawaii real estate | luxury homes for sale | find condos in Hawaii
  • Buy
    • All Hawaii homes
    • All Hawaii condos
    • Multi-family homes
    • Hawaii vacant Land
    • Townhouses
    • Oahu popular
      • All Oahu real estate
      • Oahu oceanfront homes
      • Kakaako condos
      • Oahu Open Houses
      • Waikiki condos
      • Kailua homes
      • Lanikai beach homes
      • Honolulu real estate
      • Hawaii kai homes
      • Diamond Head homes
      • North Shore homes
      • Kaneohe homes
      • Ewa real estate
      • Pearl City homes
      • Waipahu homes
      • Makakilo real estate
      • Leeward Oahu homes
    • Maui
      • All Maui real estate
      • Maui open houses
      • Central Maui real estate
      • East Maui real estate
      • North Maui real estate
        • Haiku homes
      • South Maui real estate
        • Kihei real estate
        • Wailea & Makena homes for sale
      • West Maui homes
    • Big Island
      • All Big Island real estate
    • Molokai real estate & homes
      • Lanai island homes
  • Sell with us
  • Rent
  • New Developments
    • New Honolulu condos
    • Mandarin Honolulu
  • Blogs
    • Hawaii House Articles
    • Hawaii Housing prices – statistics
  • Contact
  • About
    • Hawaii House Agents
    • About Hawaii House
    • Become an Agent
  • Login
  • Join
  • Menu Menu

O’ahu home sales drop 43% from last year – April 2023

byMalia L. Meenderman/last updatedDecember 8, 2023/instatistics
O’ahu home sales drop 43% from last year - April 2023

Photo of the Waiea condominium building

Big drop in home sales from last April 2022

Both Homes and condo sales down by a significant amount

As per the latest resale data released by the Honolulu Board of REALTORS®, there was a notable decline in single-family home and condo sales for April, with year-over-year drops of 43.0% and 37.5%, respectively. In comparison to March, the decrease in sales was less severe, showing an 11.9% fall for single-family homes and a 5.4% decrease for condos. Despite the decrease in sales volume, properties sold in April spent less time on the market than the previous month. The median days on the market for condos reduced to 20 days in April from 24 days in March, and for single-family homes, it decreased to 24 days from a median of 36 days in March.

Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

Oahu Single-Family Home Resales

Number of Sales Median Sales Price
April 2023 208  -43% $999,995  -9.5%
April 2022 365 $1,105,000

Oahu Condominium Resales

Number of Sales Median Sales Price
April 2023 420  -37.5% $500,000  -2.0%
April 2022 672 $510,000

The median sales prices in both the single-family home and condo markets experienced modest declines. In April 2023, the median sales price for single-family homes was $999,995, reflecting a 9.5% decrease from the April 2022 median of $1,105,000. In the condo market, the median sales price for April was $500,000, marking a 2.0% decrease from the same time last year when it was $510,000.

More on single-family home sales….

Sales in the single-family home market within the $800,000 to $999,999 price range continued to dominate, constituting nearly one-third of sales in April. Conversely, sales for single-family homes priced at $2,000,000 and above plummeted by 63% from the previous year. For condos, most sales fell within the $300,000 to $399,999 price range, making up 18.3% of total sales in April. However, sales at nearly all price points saw a decline from the previous year.

Approximately 41% of single-family home sales received the full asking price or more, a drop from about 75% in April 2022. Only 25% of sales closed above asking, a significant decrease from 63% one year ago. In the condo market, 44% of sales received the full asking price or more, compared to 65% in April 2022, and approximately 22% of sales closed above asking, down from 44% last year.

New listing volume…

While new listing volume remained consistent with the previous month, it was notably below the volume seen in 2022. The single-family home market added 292 new listings in April, a 31.1% decrease from the previous year, while the condo market added 532 new listings, marking a 26.3% decline from last April.

Inventory levels…

Although both markets maintained higher active inventory levels than a year ago, inventory levels have not increased this year and have slightly weakened from month to month. In the single-family home market, the ‘Ewa Plain and Leeward regions experienced the most significant volume boost in active inventory, rising by 65.5% and 85.7%, respectively, year-over-year. For condos, Waipahu, Hawai’i Kai, and ‘Ewa Plain regions ended April 2023 with active inventory increasing by more than 50% from a year ago.

Pending sales for single-family homes decreased by 26.0% year-over-year but showed a 5.0% improvement from the previous month, with 271 contract signings in April 2023. Diamond Head was the only area to experience a slight increase in pending sales, rising by 7.1% or two listings compared to a year ago. Conversely, condo pending sales fell by 33.9% year-over-year and decreased by 1.4% from the previous month, with 438 contract signings in April 2023. Kailua was the only region to see a slight year-over-year increase, with 16 pending sales compared to 12 in April 2022.

Malia‘s comments

O’ahu Home Sales Slow

“Despite these dramatic numbers, it is important to note that 41% of sales received the full asking price or better. Despite what appears to be a decline market, demand is still very strong.”

Please contact us to know more about the market and for avenues to buy or sell your property in these changing markets.

© Copyright 2004-2023 Hawaii House® & related marks are registered trademarks of Hawaii House® Inc. | Rb18339 | Terms & disclosure | Privacy | Phone: 1-808-394-9779 | Email us | Made in Hawaii
  • Pinterest
  • Instagram
  • Facebook
  • Mail
Hawaii Five-0: Locations and real estate146 Hoahana place luxury house for sale146 Hoahana Place, Napali Haweo – Elegant Luxury House with Stunning View...
Scroll to top

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies and the terms and conditions laid out in the Privacy Policy

OK

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Google Analytics Cookies

These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.

If you do not want that we track your visit to our site you can disable tracking in your browser here:

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Other cookies

The following cookies are also needed - You can choose if you want to allow them:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

Privacy Policy
Accept settingsHide notification only
Registration
Log in with Facebook
Log in with Google
or
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Forgot a password?
Don't have an account? Sign up
Sign up with Facebook
Sign up with Google
or
Sign up with Email
Have an account? Log in
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
By signing up, I agree to Hawaii House's Terms of use & Privacy Policy

Conditions, Terms of Use and Agency Disclosure of  https://www.hawaii.house

Welcome our Hawaii House site. Hawaii.house is the search engine portal of Hawaii House Inc., a real estate brokerage firm licensed to conduct business in the State of Hawaii provide the hawaii.house web site (the “Web Site” ) and related services to you (“User” ), subject to the following terms and conditions of use (“Terms and Conditions”). Please read the Terms and Conditions carefully before accessing or using the Web Site.

By accessing or using the Web Site, you are agreeing to be bound by the Terms and Conditions. If you do not agree with the terms and conditions, you may not access or otherwise use the web site.  By accessing this website you are acknowledging the formation of a lawful relationship between you (the “customer”) and Hawaii House Inc.

Privacy
Please review our Privacy Policy, which governs the protection and use of any personal information you may provide to us. Our full privacy policy may be viewed at https://www.hawaii.house/privacy-policy.

Agency Disclosure
Some of the active listings appearing on this site may be listed by other REALTORS®. If you are interested in those active listings, our company may represent you as the buyer’s agent. If the active listing you are interested in is our company’s active listing, you may speak to one of our agents regarding your options for representation.

Copyright
All content on this Web Site, including sales and rental listings, text, graphics, photographs, logos, images, audio clips, video clips, digital downloads, and data compilations (the “Content”) is the property of Broker or its third party content suppliers and licensors and is protected by United States and international copyright laws. All software used on this site is the property of Broker or its software suppliers and is protected by United States and international copyright laws.  “Users” acknowledge that the listing data is owned by HiCentral MLS, Ltd and that the data is copyrighted 2014. 

Pictures seen in the MLS are copyrighted(2014) and owned by HiCentral MLS, Ltd.  Pictures seen elsewhere on the site are copyrighted 2014 by Hawaii House Inc.  Logos seen on the site, such as for Hawaii House Inc. are also copyrighted and protected by a trademark with the United States Patent and Trademark Office. Permission is not granted for any and all reproductions of any pictures, images, video clips, digital recordings, data complications, text and graphics seen on this site.  Any reproduction of said materials will result in legal action.

Trademarks
The name Hawaii House and Hawaii House Inc. and its related logos, are registered trademarks of Hawaii House Inc. They may not be used in conjunction with any product or service which is not offered by Broker, is likely to cause confusion among customers, or in any manner that disparages or discredits Broker. Any other trademarks not owned by Broker that appear on this Web Site are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Broker.

Scope of Use

This Web Site and its Content, including the rental and sales listings on it (the “Listings”), is solely intended to assist individual customers and real estate brokers in contacting Broker and its agents concerning Listings and other services of Broker. All users acknowledge that they have a bona fide interest in the purchase, sale or leasing of real estate in the state of Hawaii and that any and all data they get from the the website is for their own personal, non-commercial use..  You may not contact a Listings’ owner directly. You may not sell, copy, distribute, license, transfer, publish, display, link to another website, transmit, download, store, post, enter into a database or in any way exploit the Content, including the Listings, in whole or in part. No person, including without limitation any real estate broker or real estate professional, may market or make commercial use of Broker’s Listings or Content in any way, including without limitation, advertising Broker’s Listings, copying Broker’s Listings for its own commercial use or use on other websites or in marketing materials, or contacting directly Broker’s customers or Listings’ owners. Any real estate broker who uses an individual Listing for its customer must first enter into Co-Brokerage Agreement or Referral Agreement with Broker. No one may use any Content or Listing in violation of the rules of Hicentral MLS, Ltd.. Any such improper action is expressly prohibited by law, and may result in civil and/or criminal penalties. Violators will be prosecuted to the full extent of the law.

No Warranties
All information on the Web Site is provide to Users on an “as is”, “as available”, and “believed accurate” basis without warranty of any kind either express or implied. All information is subject to errors, or change or withdrawal without notice.

Broker does not warrant or make representations regarding the results that may be obtained by using the Web Site or as to the reliability, accuracy or currency of any information, content or service acquired by use of the Web Site. Listings may be withdrawn from the market at any time and are subject to errors, omissions, and prior sale or rental without notice. Broker does not warrant that the Web Site, its servers, or e-mail transmitted by Broker is free of viruses or other harmful components.

Content may be updated, changed, modified, or withdrawn at any time. Use of the Web Site and the Content is at your sole risk. Neither Broker, the Content providers, or any person involved in the creation, production, distribution of this Web Site warrant that the functions contained in this Web Site will be uninterrupted or error-free, that defects will be corrected, or that the server that makes the Content available will be free of viruses or other harmful components.

Limitation of Liability
Broker, its directors, officers, employees, agents, vendors, and suppliers shall not be liable for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with access to or use of the Web Site or the Listings, even if Broker has been advised of the possibility of such damages.

Indemnification
You agree to indemnify, defend and hold harmless Broker, its officers, directors, employees, affiliates, and agents, from and against all losses, expenses, damages and costs, including reasonable attorneys’ fees, resulting from your violation of these Terms and Conditions.

Terms of Use and Content modifications
Broker reserves the right, in its sole discretion, to modify, alter or otherwise update these Terms and Conditions at any time. By using this Web Site after Broker has posted notice of such modifications, alterations or updates, you agree to be bound by such revised Terms and Conditions. In addition, Broker reserves the right to make improvements and/or changes in the Content of the Web Site at any time.

Violations of Terms and Conditions of Use

Broker reserves the right to seek all remedies available by law and in equity for violations of the Terms and Conditions set forth in the Web Site, including the right to block access from a particular Internet address to the Web Site. Broker shall have the right to block your access to the Web Site and to seek injunction relief.

Linked Internet Sites
As a customer service, Broker may offers links to other sites. Broker does not assume any responsibility for those sites or their privacy policies and provides those links solely for convenience of Broker’s visitors. If you link to any other sites, you must do so at your own risk and may rely only on their terms and conditions and privacy policies. The inclusion of any link does not imply a recommendation or endorsement by Broker of the linked site.

 Authorization
We authorize HiCentral MLS, Ltd. and its other MLS participants or their representatives, to access this site for purposes of verification of compliance with MLS rules and to monitor participants displayed listings.  All Participants and their authorized representatives must acknowledge to Hawaii House Inc. of their access and log in name to the Hawaii.house website.

Furthermore…

THE REGISTRANT ACKNOWLEDGES ENTERING INTO A LAWFUL CONSUMER-BROKER RELATIONSHIP WITH THE PARTICIPANT;

ALL INFORMATION OBTAINED BY THE REGISTRANT FROM THE VOW IS INTENDED ONLY FOR THE REGISTRANT’S PERSONAL, NON-COMMERCIAL USE;

THE REGISTRANT HAS A BONA FIDE INTEREST IN THE PURCHASE, SALE, OR LEASE OF REAL ESTATE OF THE TYPE BEING OFFERED THROUGH THE VOW;

THE REGISTRANT WILL NOT COPY, REDISTRIBUTE, OR RETRANSMIT ANY OF THE INFORMATION PROVIDED EXCEPT IN CONNECTION WITH THE REGISTRANT’S CONSIDERATION OF THE PURCHASE OR SALE OF AN INDIVIDUAL PROPERTY;

THE REGISTRANT ACKNOWLEDGES THE MLS’S OWNERSHIP OF, AND THE VALIDITY OF THE MLS’S COPYRIGHT IN, THE MLS DATABASE;

THE MLS, AND OTHER MLS PARTICIPANTS OR THEIR DULY AUTHORIZED REPRESENTATIVES, ARE AUTHORIZED TO ACCESS THE VOW FOR THE PURPOSES OF VERIFYING COMPLIANCE WITH MLS RULES AND MONITORING DISPLAY OF PARTICIPANTS” LISTINGS BY THE VOW.

Our disclaimer

Accept
Decline
Welcome to Hawaii House!
Please view your email box and confirm your account.
Finish registration
\n-->