O‘ahu home sales fell 2023, falling 26.3% for single-family homes and 28.0% for condos. Median sales prices for properties dipped modestly, though the median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline.
Compared to 2022, in 2023; Properties spent longer on the market compared to last year’s 12-day median. Single-family homes marked a median of 22 days on market, an 83% increase. Condos trailed slightly with an average of 21 days.
Slightly fewer sellers received the original list price for their properties, according to the overall sales price to original list price ratio. The overall sales price to original list price ratio declined, with median ratios of 98.3% for single-family homes and 98.6% for condos, despite continued competition in some pockets of the market due to low inventory.
Single-family home listings fell by 20.2% to 3,324 in 2023, contract signings were also down, 18.7% to 2,796. Fewer sales closed above asking price, with only 29% of single-family homes closing for over asking compared to 50% in 2022.
In 2024, experts remain optimistic that the real estate market will improve, with rates already dropping and the Fed signaling that the rate decrease are to come in the new year.