May 2023 Monthly Newsletter Email

O‘ahu Home Sales Slow in April While Days on Market Improves from Last Month

Single-family home and condo sales volume, median prices, new listings dip compared to 2022

Hope your may is going well. Summer is right around the corner and the Oahu real estate market feels like it's picking back up! Home prices haven't been fluctuating as much here than on the mainland. What is your opinion on the value of your home compared to the value on Zillow? And to your address here and let me know your thoughts: Zestimate. Lets dive into some of last months numbers.

May 2023 Market Update Video

Last Month Sales Stats

April single-family home and condo sales on O‘ahu slipped 43.0% and 37.5%, respectively, year-over-year, but only 11.9% and 5.4% since last month. Despite fewer sales, properties that sold in April spent less time on the market than one month ago. The median days on market for condos was 20 days in April compared to 24 days in March and 24 days for single-family homes compared to a 36-day median in March. Our April Monthly Statistics Report shows:
Single-family home sales in the $800,000 to $999,999 price range continued to see the highest sales volume, accounting for nearly one-third of sales in April.
Most condos sold in the $300,000 to $399,999 price range, accounting for 18.3% of sales in April. However, nearly all price points experienced a drop in condo sales from a year ago.
The single-family home median sales price for April 2023 was $999,995, down 9.5%. The condo market ended April with a median sales price of $500,000, representing a 2.0% decrease from the $510,000 median the same time last year.
Approximately 41% of single-family home sales and 44% of condo sales received full asking price or more.
Although both markets continued to see more active inventory than a year ago, inventory levels have not increased this year, weakening slightly from month to month.
We continue to see the market settle following the spike in interest rates and rising inflation. Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.

Download Full Stats Report

2184 Round Top Drive $3.5M!

Million Dollar Listing Hawaii: Click above to watch our tour of 2184 Round Top Drive listed at $3.5M! Featured in 2013 HI Luxury Magazine, this Makiki Heights 2-story home on lower Round Top Dr. has a modern minimalism open floor plan, insulated skylights that flood the interior with natural light; Great Room ideal for entertaining & musical events; wood burning fireplace, an elevator, large lanai, dining, family & office alcoves seamlessly connected, large kitchen with center island, Sub-zero refrigerator, Wolf double oven & gas stove. A Mondrian-inspired 39-ft indoor UV sanitized lap pool with automatic cover, 3-car garage with EV charger plus 4 open parking. 36-panel owned PV system, separate solar panels for swimming pool to keep water at ambient temperature.

Hawaii Food & Wine Festival 2023

With Hawaii's Governor Josh Green at the Hawaii Food & Wine Festival 2023 launch event! Oahu's events will be Nov 2-5, 2023. Tickets go on sale May 17th. As a board member I can help get you bulk tickets to any HFWF event. Email me back and let me know which event you are interested in attending! Click here for more info on the event which helps to support culinary and agricultural education, sustainability, and cultural programs here in Hawaii.

Content Corner

Would you want this bathroom? Lanikai in all its glory 😍

Ben Fieman - Compass Hawaii Real Estate (Founding Agent)

2406 Oahu Ave #B in Manoa Just Sold for $1.28M!

Home Inspections Explained!

What is Compass Concierge?

When is the best time to buy or sell real estate?

Sell Stay Buy Program

Every listing should have some sort of staging!

Recent Closings

Upper Manoa

2406 Oahu Avenue, Unit B

3 BD   3 BA   1440 SF   $1,280,000

Kakaako

720 Kapiolani Boulevard, Unit 403

2 BD   2 BA   1066 SF   $910,000

We used nearly $75,000 from Compass Concierge to fix up the property which included brand new flooring, fresh coat of paint, professional staging, new split AC units, and other electrical and plumbing work to make the home move in ready. This allowed us to achieve a much higher sales price without our buyer having to pay anything out of pocket. The borrowed amount was repaid at the close of escrow, dollar for dollar and with no extra fees or interest.

Original list price was $1,208,000 but we helped our buyer get this unit for $910,000, with nearly $15,000 in seller credits, that's $313,000 or 26% below original asking! How did we do it? We originally saw this unit late last year and submitted a low offer but backed it up with research. The seller rejected our offer but we still kept in touch. Circumstances changed where the seller needed to sell and they couldn't find another buyer so they came back to us. We stood our ground and sure enough went into escrow and closed in just 2 weeks.

Current Listings

Kaimuki

3032 Harding Avenue

4 BD   0 BA   1352 SF   $1,080,000

Upper Manoa

2406 Oahu Avenue, Unit A

3 BD   3 BA   1440 SF   $1,350,000

Rented out for the next year at $4600/mo, great investment property!

Fell out of escrow multiple times but just found a good backup buyer.

Honolulu

1212 Punahou Street, Unit 908

0 BD   0 BA   0 SF   $450,000

Waikiki

201 ʻŌhua Avenue, Unit MAKAI 1906 (NUC)

0 BD   0 BA   0 SF   $500,000

Selling the fee only, opposite of leasehold.

Selling the fee only, opposite of leasehold.

Good Buys

Waikiki

1777 Ala Moana Boulevard, Unit 1331

1 BD   1 BA   500 SF   $780,000

Moiliili

2011 Lime Street

0 BD   0 BA   0 SF   $1,898,000

Nice fixer upper vacation rental! Schedule your showing with me today.

Perfect for a Bill 7 apartment zoned development.

Real Estate in the News

Compass x Sports/Entertainment

Compass' Sports & Entertainment Division was created to serve the distinct needs of high-profile athlete and celebrity buyers and sellers. Click here for more information.

Luxury at Compass

Over the past several years, demand for homes there has increased and prices have ballooned, according to local agent Jonathan Spears with Compass. Click here to view the high end listings week by week.

What is your opinion on the Oahu real estate market? Email me back I'd love to hear your thoughts!

Reach out to chat!

Ben Fieman

Top 1% Real Estate Agent on Oahu
$150M+ sales, 200+ transactions

Realtor Broker | RB-23470 | MBA
Compass Hawaii, Founding Agent

M: 808.400.7007
E: Ben@Fieman.com
W: www.Fieman.com

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.