January Market Report
New Year Sees Home Sales Fall by Half, Median Sales Prices Dip Modestly
Single-family home median sales price falls below $1 million
The new year began with closed sales of O‘ahu properties falling significantly year-over-year, with single-family homes dropping 54.0% and condos declining 50.2%. After 17 consecutive months of single-family home prices reaching $1,000,000 or more, January ended with a single-family home 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.
“The median sales price for a single-family home on O‘ahu fell below the $1,000,000 mark because costlier financing is placing some downward pressure on prices,” says Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Sellers are having to adjust their approach as buyer demand wanes due to elevated interest rates.”
Properties are spending a median of 24 days on the market, roughly double the time compared to last year when the median for single-family homes was 12 days, and the condo median was 14 days. New listings are also slowing, 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.
