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February Market Report

February Market Report

March 6, 2023 9:32 pm

O‘ahu Home Sales Pick Up Month-to-Month, Remain Down Year-Over-Year
Single-family homes are taking nearly four times longer to sell, and condos are taking two times longer to sell compared to 2022.
O‘ahu’s housing market remained sluggish in February, with closed sales of single-family homes and condos down 28.2% and 33.1%, respectively. However, single-family home sales rose 15.3%, and condo sales increased by 18.2% compared to January 2023.

Median sales prices in both markets declined, 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.

In February 2023, single-family homes nearly quadrupled the median days on market, 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.

“O‘ahu’s housing market is in a very different place from a year ago, with activity calming across all facets. Notably, properties are spending significantly longer on the market before closing,” says Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Average mortgage rates began to dip heading into February but started to tick higher throughout the month, weakening buyer purchasing power compared to one year ago.”

*Info courtesy of Honolulu Board of Realtors.

 

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“

I just wanted to pass along high praise and appreciation for your Realtor, Eric Olson. He helped me to sell a condo last year and just closed on a house that my family and I are thrilled about! Eric was friendly, knowledgeable, and accessible throughout the process and a pleasure to work with. Good all around experience with Eric and Carvill Sotheby’s.

- Honolulu Home Seller

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“Patty Bell is the best realtor we’ve ever dealt with…..calm, professional, gets things done with ease…..even when it takes overcoming obstacles. We have used Patty for 3 transactions over the years, and she is consistently outstanding!”

- Kailua Home Seller

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“Scott, our faith in your performance has easily been confirmed by your results. Thank you to each person involved. I have been in the Homebuilding Industry for 12+ years and, honestly, never seen the speed and quality of the results you have provided for us.”

- Kailua Home Seller

“

“It’s been a pleasure working with Kelly and Scott, who are experienced, professional, honest, and at the same time, friendly. I have worked with a number of realtors on different transactions, in different cities, and I find them outstanding.”
- Kailua Home Seller

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“I wish to commend Nancy Young-Vieira on the manner in which she handled the recent sale of our Wahiawa home. We were impressed by her attention to detail and her knowledge of the market during these present times. She is professional in every way and walked us through every step of the process. Thank you for having such a well seasoned and pleasant agent as Nancy.”

Wahiawa Home Seller
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“

John Schamber recently acted as our agent to market and sell our architecturally signficant home in Honolulu. John was great during the sales process-the utmost professional, granular, and balanced. We soon had three offers on the property and he navigated the transaction to a smooth closing. We wholeheartedly recommend John as an agent.

- Honolulu Home Seller

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“This is our 4th transaction with Ann…and in each one she was the quintessential professional with extraordinary integrity and skills.  Ann sets a high standard in her field.  It is a pleasure and privilege to work with her.  We appreciate being challenged and being heard…a balance Ann handle’s oh so well.”

Kailua Home Buyer
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“

There are so many nuances to buying a home and it was great having Mike to answer all my questions throughout the journey. We will definitely be working with him again. In fact, I will occasionally shoot him an email about areas I am interested for the future of my family. Mike has been happy to educate me on areas of interest and discuss a buying strategy. All in all I would happily recommend Mike Dilks.

- Oahu Home Buyer

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“We found Maureen O’ Guin an absolute pleasure to work with. I don’t think we could have found a better realtor for us. She listened to us carefully regarding what we were looking for in a house, and quickly identified properties that fit our specifications.”

- Honolulu Home Buyer

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