Oahu Market Report - April 2023

Aloha! Below is the O'ahu Market Report for April 2023. Read on for more details and a REMINDER: JOIN the A-TEAM & SEE "THE LUCKY PENNY" 🎭 Lanikai Mortgage Players 🎭

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APRIL 2023 MARKET REPORT

Number of sales still down from last year and properties moving quickly, due to low inventory. Median Single Family sales prices DOWN from uptick last month, but UP from February 2023. Single-family home and condo sales volume, median prices, new listings dip compared to 2022 SALES M-O-M: April single-family home and condo sales on O‘ahu slipped 43.0% and 37.5%, respectively, year-over-year, but only 11.9% and 5.4% since last month. DAYS ON MARKET M-O-M: Despite fewer sales, properties that sold in April spent less time on the 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. PRICES Y-O-Y: The single-family home median sales price for April 2023 was $999,995, down 9.5%. The condo market ended April with a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year. Our April Monthly Statistics Report also show: 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. 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. Approximately 41% of single-family home sales and 44% of condo sales received full asking price or more. 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. “We continue to see the market settle following the spike in interest rates and rising inflation. Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”

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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