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

Home in kaimuki

$1,597,000 | 4 bd, 3 ba | 1,900 sqft

There are no showings until the first open house on Sunday, November 17th. Welcome to 1045 4th Avenue, a rarely available single-family home in Kaimuki. This charming three-bedroom, one-and-a-half-bathroom home features a classic layout ready for you to move in or to be updated to your preferences. Conveniently located near shopping, schools, and freeway access. The number of bathrooms and square footage do not match tax records.

Home in kaimuki

$938,000 | 3 bd, 2 ba | 816 sqft

Huge price reduction. Rarely available great Kaimuki location on 16th Avenue. Large home, 2647 square feet under roof, 4 bedroom, 3.5 bath, 5013 square ft. lot, priced at appraisal. Easy to show with short notice. Sellers are motivated. Will consider reasonable offers. Sold "As Is"

Home in kaimuki

$1,350,000 | 4 bd, 4 ba | 2,577 sqft

Welcome to the highly desirable neighborhood of Kaimuki! First time on the market after three generations! This well loved, family home, has been extensively renovated for immediate occupancy, or bring your creativity to potentially make this property a multi generational or multifamily home. Classic charm with modern touches, including a new roof, new driveway, upgraded electrical, partially upgraded plumbing, new paint and flooring throughout, and lovely landscaping for future fun, or home gardening projects. Conveniently located, close to universities, libraries, public and private schools, parks, beaches, world-renowned shopping destinations and famous local favorite restaurants and coffee shops. Minutes from Downtown Honolulu. Enjoy this property that shows pride of ownership, with owner occupant neighbors. **Absolutely No Trespassing** Visitors by appointment only or open house only. Property info does not match tax records. **Buyer to do own due dillegence**

Home in kaimuki

$1,650,000 | 5 bd, 3 ba | 2,400 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

Experience the ultimate marina-front lifestyle in this extensively remodeled 3bd, 3bth end-unit townhome which features a versatile den complete with its own full bath. Boasting down-to-the-stud renovations, including fully permitted electrical, plumbing, insulation and sewer line, this home features custom design elements such as elegant built-ins, tension cable railings, quartz countertops, custom cabinetry and moldings. Fleetwood sliders open to a private lanai with breathtaking marina and mountain views. Split AC, recessed lighting, Milgard windows, and hardwood and porcelain floors enhance the spaces. The bathrooms feature touches like river rock shower floors while the vaulted ceiling in the primary bedroom and numerous custom work throughout add a touch of luxury. The private dock allows for kayak/paddleboard launching or parking your boat just steps from the lanai. Located near the entrance to Hawaii Kai, close to shopping, restaurants, and recreation. Amenities include a pool, rec area, BBQ + more. Whether enjoying sunset views from your lanai or the cooling trade winds, this is a rare opportunity to embrace marina-front living in its finest turnkey condition.

Townhome in moorings

$1,425,000 | 3 bd, 3 ba | 1,609 sqft

Ali'i B is the prize Penthouse in Hokua, the top luxury condominium in Kaka'ako. Ali'i B is a custom designed & built home at the crest of Hokua's rooftop, featuring two stories of interior living and entertaining space over 5800sf. The first floor includes 3 bedrooms, 3.5 baths, executive office, formal living & dining room, family space adjacent to a dream chef's kitchen, and laundry room, with a service entry off the kitchen. It also includes an incredible 1680sf of lanai space (two separate rooftop lanai's) complete with whirlpool spa and outdoor shower. The second floor is an entertaining mecca including a full kitchen, with grill top, wine storage, bar, and more. The 180 degree views of the south shores of Oahu and Diamond Head are unparalleled. There is a large storage room adjacent to the parking stalls included in the sale.

Condo in hokua at 1288 ala moana

$15,888,000 | 3 bd, 4 ba | 4,146 sqft

This beautiful unit at Keola La'i has the perfect blend of comfort and convenience! Enjoy breathtaking city, mountain, and ocean views right from home. Featuring 2 spacious bedrooms, 2 bathrooms, and in-unit washer/dryer, and 2 parking spaces, this pet-friendly condo is move-in ready! Great amenities including pool, BBQ area, exercise room, whirlpool, and recreation area. 24-hour security and on-site security guard. Excellent location right on the bus line, and near Downtown Honolulu, the airport! Also located just minutes from Kaka'ako, SALT, Ward Village, and Ala Moana Shopping Center. You'll be close to supermarkets including Whole Foods and H Mart, farmers markets, entertainment, shopping and many popular restaurants!

Condo in keola lai

$810,000 | 2 bd, 2 ba | 1,022 sqft

Condo in victoria place

$5,263,000 | 3 bd, 3 ba | 1,758 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.