Oahu Market Report - January 2023

Aloha! Here's the O'ahu Market Report for January 2023. Read on for more details.

Single-Family Home Median Prices Fall Below $1 Million for January 2023 began with the number of closed sales of O'ahu properties falling significantly, year-over-year. Single-family homes dropped 54.0% and condos dropped 50.2%. After 17 consecutive months of single-family median home prices at $1,000,000 or over, January 2023 ended with a median sales price of $970,000, representing a 7.6% decline compared to January 2022. The condo market also saw the median sales price dip 2.9% to $495,000. Both single-family homes and condos are spending a median of 24 days on the market, about double the time, compared to last year, January, when the median for single-family homes was 12 days and 14 days for condos. The number of new listings has also decreased for January, year over year, dropping 16.3% for single-family homes and 21.5% for condos. Despite this, active inventory continues to grow compared to 2022, up 77.2% in the single-family home market and 23.7% in the condo market. Source: Honolulu Board of Realtors

Thanks for reading! Reach out to discuss what today's market means for you.

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.

marketingcenter--