November Market Report
O‘ahu Home Sales Remain Sluggish Amid Holiday Season
Median sales prices steady month over month
November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.
Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.
“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos.”
A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.
Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.
