Oahu Market Report - February 2023

Aloha! Here's the O'ahu Market Report for February 2023. Read on for more details and a reminder: Beach Cleanup at Kalama's Saturday, March 25, 2023 7:30-9am Sign-up/Info Here

O‘ahu Home Sales Pick Up Month-to-Month, Prices Decline Year-Over-Year SALES Y-O-Y: Closed sales of single-family homes and condos DOWN 28.2% and 33.1%, respectively compared to February 2022. SALES M-O-M: Number of Single-family home sales UP 15.3%, and condo sales UP by 18.2% compared to January 2023. DOM: For single-family homes median days on market nearly quadrupled, skyrocketing to 47 days compared to 13 days in February 2022. The median days on market for condos doubled to 28 days compared to 14 days a year ago. PRICES: Median sales prices in both markets are DOWN, dipping 12.3% for single-family homes from $1,125,000 to $987,000 compared to 2022. The condo market experienced a modest 3.4% decline from $497,000 to $480,000. Roughly 189 O‘ahu properties sold for under $500,000 in February.

Source: Honolulu Board of Realtors

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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