November 2023 Honolulu real estate stats

NOVEMBER 2023

House

Single-Family Market

$1,100,055Median Single-Family Price

180Home Sales

Condo / Townhome Market

$516,179Median Condo Price

310Closed Sales

Honolulu Board of Realtors

SOURCE: HONOLULU BOARD OF REALTORS® RESIDENTIAL RESALES DATA COMPILED FROM HICENTRAL MLS, LTD.

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.
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. This report is provided as a service to HBR members.