Aloha! I am Kylie Guest, your trusted Hawaii realtor, ready to help you buy or sell your next home,
and this is Oahu’s Real Estate Market Update for October 2023!
*SFH = Single Family Home*
Closed Sales:
SFH: 213 closed sales, narrowing 4.1% from last years’ 222 closed sales
Condo: 399 closed sales, diminishing 8.3% from last years’ 435 closed sales
Average Sales Price:
SFH: $1,304,757, improving 4.9% higher than last years’ $1,243,960, yet, shrinking 3.9% from last months’ $1,357,981
Condo: $670,805, short .9% from last years $676,988, though, expanding 10.3% higher than September’s $608,222
Days on Market:
SFH: About 2 and a half weeks, 18 days on market! Reducing 5.3% from last year’s 19 days, and 10% from September’s 20 days
Condo: 3 weeks, 21 days on market! 10.5% increase from last year’s 19 days, however the same number of days as last month
Active Inventory:
SFH: 626 active listings, 4.3% decrease from last year’s 656. Although, exceeding last month’s 592 by 5.7%
Condo: 1,306 active listings, which is a 9.4% boost from last year’s and last month’s 1,194 listings
What This Means for You:
Buyers:
The decrease in closed sales reflects a more competitive market.
The increase in average sales price and shorter days on market for single-family homes recommends buyers need to act fast and be prepared to make an aggressive offer if they want their desired property.
The boost in active inventory aids buyers with more choices and more negotiating power due to the competition amongst sellers.
Sellers:
The lowering days on market shows homes may sell quickly.
The decline in average price and closed sales suggest there are fewer buyers searching for homes.
The boost in active inventory implies a tougher market for sellers and an increased need for aggressive pricing.
Thank you so much for taking the time to read my market update. I truly appreciate your support! Make sure to join me next week for market updates on the cities of Kahala, Kaka’ako and Hawaii Kai and next month for the following month’s update. Don’t forget to contact me with any questions or if you are ready to buy or sell your next home. Once again, I am Kylie Guest, your trusted Hawaii realtor, ready to help you buy or sell your next home.