Record high median sale price for Condos on Oahu in March 2023
byMalia L. Meenderman/last updatedDecember 8, 2023/instatistics
O’ahu condo prices reach new record high in March 2023
While sales volume slows significantly year over year
The Honolulu Board of REALTORS has released resales figures showing a notable upswing in O‘ahu’s housing market activity from February to March. Both the single-family home and condo markets witnessed a substantial 36% month-over-month increase. However, compared to the same period in 2022, sales fell short, declining by 26.5% for single-family homes and 33.9% for condos year-over-year. In March 2023, a total of 236 single-family homes and 444 condos were sold.
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 | |
|---|---|---|
| March 2023 | 236 -26.5% | $1,083,750 -5.8% |
| March 2022 | 321 | $1,150,000 |
Oahu Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| March 2023 | 444 -33.9% | $536,000 +4.0% |
| March 2022 | 672 | $515,500 |
In March 2023, median sales prices showed mixed results compared to a year ago. The monthly median price for single-family homes declined by 5.8%, dropping 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 at $536,000, marking a 0.4% increase from the previous record of $534,000 set in June 2022, and a 4% rise year-over-year.
More on home sales…
During 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 by 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.
More on condo sales…
While the condo market witnessed fewer sales at nearly all price points in March, the decline occurred disproportionately, with lower price ranges experiencing a greater share of the decrease. Condo sales in the $200,000 to $599,999 price range saw the largest decline last month, dropping to 231 closed sales compared to 392 in the same period one year ago, marking a 41.1% drop. In comparison, condo sales at $600,000 and above experienced only a 25.4% decline, with 185 sales this March compared to 248 sales a year ago.
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, down from 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 spent more time on the market than those in March 2022, with a median of 36 days for single-family homes and 24 days for condos, 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. Combined with additional increases in the lower price points, single-family home listings priced at $899,999 and below saw active inventory more than double, with 163 active listings compared to 74 one 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 listings and pending homes sales…
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.
Malia‘s comments
O’ahu Home Sales Slow
“The higher median sale price for condos is expected especially in light of more higher end condos being built and generally the prices are more affordable than single family homes in this time of increasing interest rates..”
Please contact us to know more about the market and for avenues to buy or sell your property in these changing markets.
