April Market Report
O‘ahu Home Sales Slow in April While Days on Market Improves from Last Month
Single-family home and condo sales volume, median prices, new listings dip compared to 2022
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. 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.
Our April Monthly Statistics Report shows:
- 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.
- 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.
- 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,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “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.”