April 2023 Monthly Newsletter Email

Median Sales Price for Oahu Condos Reaches Record High

Single family home and condo sales pick up in March after a seasonal slump

Hope your April is going well so far! Much of the same has been happening in the Oahu real estate market. Single family homes are down slightly and condominiums are up. This is possibly due to the fact that some buyers are paying for condominiums in cash but single family homes are still out of reach for cash buyers and thus more affected by the higher interest rates. Closed sales are down and days on market are up across the board showing not as much buyer activity when compared to last year. Interest rates are hovering at about 6.5% when it was half that amount a year ago. Every neighborhood and condominium on Oahu is different so if you have any particular questions or want to talk real estate more specific to you, just shoot me an email back!

April 2023 Market Update Video

Last Month Sales Stats

O‘ahu’s housing market experienced a boost in activity from February to March, with sales rising approximately 36% month-over-month in both single-family home and condo markets. Although year-over-year sales continued to fall short of 2022 – down 26.5% for single-family homes and 33.9% for condos year-over-year – 236 single-family homes and 444 condos sold in March 2023.
 
Median sales prices for March 2023 increased from January and February but were mixed compared to a year ago. The monthly median price for single-family homes declined 5.8% from $1,150,000 in March 2022 to $1,083,750 last month. Meanwhile, the condo median sales price in March set a new record of $536,000, 0.4% above the previous record of $534,000 set in June 2022, and a 4% rise year-over-year.
 
In March 2023, 58.5% of single-family home sales closed at $1,000,000 or more, pushing the median sales price above $1 million. However, the $600,000 to $799,999 price range was one of the few to see a year-over-year increase in sales volume, jumping 70.6% from 17 to 29 single-family home sales compared to the same time last year. Meanwhile, the $800,000 to $999,999 price range accounted for more than a quarter of the month’s sales.

O‘ahu’s real estate market is rapidly changing, and it’s been an active first quarter despite year-over-year declines in some statistics. While we see advantageous conditions for buyers, including fewer bid-ups and longer days on market, prices are still high, which incentivizes sellers to list their property.

Download Full Stats Report

Kuilei Place Application Passed

The Kuilei Place affordable housing application deadline has passed but you can still submit an application and select from leftover units. Reach out to me directly if you have any quesitons on any future projects.

Content Corner

Million Dollar Listing Hawaii - Anaha #2601 (3/3/2 for $3.28M)

What does $23 million get you in Hawaii Loa Ridge?

2406 Oahu Ave #A in Manoa

Kuilei Place Affordable Housing Seminars

Should you use the listing agent or your own agent when buying a property?

Should you put your home on the market if it's not move in ready?

30 Year Fixed vs￼ 7 Year ARM Mortgages

Feds Raise Rates in March to 5%

How To Do a Sell/Buy?

Alia in Kaka'ako

What are the typical closing costs for a transaction?

Why Hawaii Real Estate is the Best Investment

Recent Closings

Kakaako

425 South Street, Unit 302

2 BD   2 BA   1195 SF   $600,000

Mililani

95-640 Hamumu Street, Unit H205

1 BD   1 BA   537 SF   $430,000

We took professional photos and virtually staged the property to make it look a lot more presentable than it actually was. We were there for open house and showed the property to many prospective buyers. We finally found the right one and closed without any additional credits.

Just sold $5,000 over asking! We helped our seller fix up this home by providing the contractors and helping to pick out materials and colors. We managed the renovation process and then when it was completed we took professional photos and advertised digitally on thousands of websites and social media platforms.

Waikiki

1850 Ala Moana Boulevard, Unit 816

0 BD   1 BA   321 SF   $399,000

Kaimuki

1139 9th Avenue, Unit C106

0 BD   0 BA   227 SF   $225,000

We helped our client purchase this property in 2022 for $335,000, and just sold it for $399,000, a $64,000 increase in just under a year! They also earned strong rental income by operating it as a vacation rental during their ownership. This Palms at Waikiki studio produces about $3,000-$5,000 in monthly gross income depending on the season and there are vacation rental management companies that will manage everything for you for about 15%.

Commercial unit sold to a future hair salon. Still one more left if anyone is interested. Fee simple and low monthly fees!

Current Listings

Upper Manoa

2406 Oahu Avenue, Unit A & B

6 BD   0 BA   2880 SF   $2,700,000

Upper Manoa

2406 Oahu Avenue, Unit A

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

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

Real Estate in the News

Alia Kaka'ako almost sold out!

There's still some units available at Alia coming to Kaka'ako in 2026. This development by the Kobayashi Group is highly anticipated. Reach out to me directly to get the floorplans and pricing and schedule a private in person or virtual presentation. Click here to watch this video and learn more about the project.

Compass Luxury Trends 2023

Take a look at some of the most luxurious Compass listings across the country! Click here to view the high end listings week by week.

Alia sales gallery now open! 

"Homebuyers have accepted 6% mortgage rates as the new normal. Robert Reffkin, Compass co-founder and CEO, joins ‘Squawk on the Street’ to discuss the data behind Compass’ quarterly earnings results, if there’s been movement in home prices, and more. Click here to watch his segment.

What is your opinion on the value of your home compared to it's value on Zillow? Enter your address here and let me know your thoughts: Zestimate. 

Could you finish this sentence for me? "If I could sell my house for ______, I would list my home this spring." I'm excited to hear your answer!

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.