Single-Family Homes Sales Down

Hawaii Housing Market Report | September 2023

By REAL. Updated Oct 11, 2023. | Hawaii Housing Market Reports | 6 min. read

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In September 2023, Hawaii's housing market showed fewer sales for single-family homes. Additionally, condos took longer to sell across all islands. Nationwide, existing home sales hit a seven-month low due to higher borrowing costs, rising home prices, and fewer homes available for buyers. With mortgage rates staying above 7% since mid-August, it's become harder for people to afford homes. As a result, existing home sales dropped by 0.7% in a month and 15.3% over a year, according to the National Association of REALTORS® (NAR).

To give you a clear picture of the market, we collect data from trusted sources like Hawaii Information Service, HiCentral MLS, Ltd., and the REALTORS® Association of Maui. If you're interested in a buying into new developments, feel free to check out our monthly New Homes Hawaii Report.

Oahu Market Report

Oahu's single-family home market averaged over 200 sales in the past year, with 232 sales last month, down 16.5% year-over-year.

Oahu Housing Market Report - August 2023

Recently listed homes in Kaimuki

Nestled in the highly coveted neighborhood of Kaimuki, this charming property is being offered for the first time by its original owners. Pride of ownership shines through in this well-maintained, semi-renovated home, featuring open beam ceilings and classic Hawaii charm. Situated down a quiet and peaceful lane, you'll love the private and tranquil setting. Perfect for multi-generational living or investment, this home boasts flexible living arrangements with separate entrances: a 3-bedroom, 1 bathroom area with wet bar downstairs and a 3-bedroom, 1.5 bathrooms area with a full kitchen upstairs. Enjoy this turnkey residence as is, or update it to suit your preferences. Sip your morning coffee on the covered balcony, taking in the refreshing tradewinds & lush mountain views. With ample parking for up to 4 cars in the carport and driveway, entertaining guests is a breeze. The spacious backyard is ideal for gardening or hosting get-togethers with loved ones. Just moments to freeway access, parks, trendy eateries, and all that Honolulu has to offer, you’ll be in the center of it all. Don’t miss your chance to call this incredible property in the heart of Kaimuki your forever home.

Home in kaimuki

$1,499,000 | 6 bd, 3 ba | 2,576 sqft

Discover your cozy oasis down a lane off 2nd Ave in Kaimuki! This super adorable 2 bedroom, 1 bathroom cottage is brimming with charm and ready to steal your heart. It is just as cute in person as in the photos. This home features a spacious living area, a bright and airy kitchen, and two comfortable bedrooms. Enjoy your morning coffee on the quaint front lanai or unwind in the private fenced- in back area. There is a parking space in front of the house and street parking. Laundry inside, closet system in the primary, and storage under the house. A low maintenance yard, fully enclosed for your furry friends. This is a nice alternative to condo living without the association fees. Don't miss out on this delightful gem in Kaimuki! NOTE: Courtesy to the neighbors.....please park on the street and walk down the lane. Do not drive down the lane for viewing. Thank you

Home in kaimuki

$820,000 | 2 bd, 1 ba | 600 sqft

Home in kaimuki

$1,650,000 | 4 bd, 3 ba | 2,355 sqft

**NEW PRICE** Welcome Buyers to Kaimuki neighborhood! The house originally built in 1995 for multi-generational living on spacious 8,848 sf level flag lot. Two story main building consists of 4 bedrooms (bonus Diamond Head view from 2 bedrooms) and 2 1/2 baths and attached dwelling area via enclosed lanai has 2 bedrooms and 1 bath with separate entrance and a kitchenette. The sale is strictly AS-IS.

Home in kaimuki

$1,599,000 | 6 bd, 5 ba | 2,516 sqft

Condos saw a 24.2% sales drop compared to September 2022, with 376 sales, marking a drop below 400 for the first time since January 2021.

Recently listed condos for sale in Honolulu

This Moana Pacific property offers spectacular views of the shimmering ocean & nearby sparkling buildings. Upon entering this inviting home, one is induced to enjoy a calming effect by its physical & visual spaciousness, natural light & seclusion. This property is an oasis with superb access to the best that Honolulu has to offer. Delight in the easy access to Ala Moana Beach Park, world class shopping dining at Ala Moana, Kakaako & Waikiki. Take in the huge assortment of recreational options, medical services & access to Honolulu's Financial District. Located in the Diamond Head building, this home is in excellent condition, has floor to ceiling windows & central a/c. A cozy den creates a great space for an office or study. Entertaining in this home is impressive with its inviting layout & views. Also entertain on the 6th floor deck in one of the BBQ cabanas. Play a game of tennis or pickleball on the courts, compete in the batting cage or on the putting green. Other amenities include a playground, fitness center, theater for private events, intimate lounge areas, on-site management & security. 2 parking stalls included. Transform your life & see this home for yourself!

Condo in moana pacific

$888,000 | 2 bd, 2 ba | 1,113 sqft

Rare opportunity to indulge in Hawaii's most breathtaking panoramic views! Welcome to Mt Terrace, where the perfect blend of comfort, convenience, & natural beauty merge. Nestled in one of the most desirable neighborhoods on Oahu, this expansive 1,644 sqft 2 bed/2 bath luxury condo on the 7th floor is arguably the most sought after stack in the building boasting unobstructed views of the Pacific Ocean, Koko Marina, & Koko Head. Entering the condo, you are greeted by a spacious living area free of popcorn ceiling & floor-to-ceiling double pane windows providing a peaceful atmosphere. This 24 hour secured oasis has a patrolling concierge to ensure peace of mind. With guest & street parking, host your favorite people at the outdoor BBQ & entertainment area. Stay active with a wealth of amenities, including a gym, racquetball court, swimming pool, & sauna. Offering an abundance of outdoor activities just moments away, such as hiking, surfing, kayaking & more, Mt Terrace ensures that adventure and relaxation are always within reach. With direct access to Kalanianaole Hwy, indulge in the variety of restaurants and shops that East Oahu has to offer. Your sanctuary in paradise awaits!

Condo in mt terrace

$995,000 | 2 bd, 2 ba | 1,644 sqft

Preferred ground floor unit featuring high ceilings, enclosed garage, large private patio with slate tiles. Must see to appreciate! Amenities include swimming pool, BBQ area, recreation room and gazebo garden area. Located just minutes from Costco, Post office, restaurants, parks, famous hikes and beautiful beaches and much more!

Townhome in lalea at hawaii kai 4

$830,000 | 2 bd, 2 ba | 908 sqft

Rarely available and highly sought after 3 bedroom 2.5 bath townhouse in the gated Hawaii Kai Peninsula. This corner unit in "The Villas" is well maintained with a welcoming covered lanai area and a two car spacious garage. Interior features include luxury vinyl flooring, newer range, dishwasher and central AC. Downstairs features the kitchen, living room and half bath. The main bedroom includes 2 walk-in closets and a spacious bath with a double sink. All countertops throughout are granite. The other monthly fees include the Marina Fee of $$45.83 and Sewer of $65.67. The complex is pet friendly, includes a pool, spa, wading pool, meeting/party room, playground, exercise room, gazebo, picnic tables, BBQ's, large grassy areas, boat dock(pending availability), a marina promenade, and 24/7 security. The Hawaii Kai Peninsula a safe, secure, family oriented community. Only minutes away is Kaiser High School, Fire Station, Costco, Safeway, Long's, City Mill, Petco, Banks, Kaiser Permanente Clinic, doctors, dentists, and numerous restaurants. The sale is subject to a lease until 12/31/24, but are actively looking for another rental. This unit is a must see!

Townhome in peninsula at hawaii kai 1

$1,150,000 | 3 bd, 3 ba | 1,671 sqft

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Maui Market Report

On Maui, new listings increased by 12.6%, but pending sales dropped 26.8%. Inventory decreased by 17.3%, with a median price of $1,294,500, a 27.3% increase. Time on the market shortened by 6.3%, and there's a 12.1% increase in supply.

Maui Housing Market Report - August 2023

In Maui's condo market, new condo listings jumped 35.1%, but pending sales fell by 38.1%. Condo inventory increased by 22.7%. The median condo price is $789,500, down 1.3%. Time on the market for condos increased by 40.5%, and there's a substantial 130.8% increase in supply.