February Market Report
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.