Sales volume dipped for both single-family homes and condominiums in March after a two-month hiatus from the declines that accompanied rising interest rates.
Overall, Oahu’s housing market remained sluggish.
Single-family home resales last month fell 2.5% to 230 from 236 in March 2023, according to figures released Saturday by the Honolulu Board of Realtors, which uses data collected from its computerized Multiple Listing Service system.
Condominium resales dropped 22.5% to 344 from 444 in March 2023.
Sales volume had briefly improved in January and February after December, which marked 23 consecutive months of dropping sales for single-family homes and 19 straight months for condos.
The median price for a single-family home on Oahu in March rose to $1.1 million, up 1.5% from $1.08 million in March 2023. However, the median sales price for a condominium in March on Oahu fell to $500,000, a 6.7% decrease from $536,000 in March 2023. The median price represents the point where half of the listed prices are higher and the other half are lower.
Single-family homes spent 31 days on the market in March, which was five days shorter than March 2023. Condominiums spent 29 days on the market, which was five days longer on the market than in March 2023.
New listings in the single-family home market declined to 291, down .07% from 293 in March 2023. However, condominiums listings rose 22.1% to 647 from 530 in March 2023.
Fran Gendrano, president of the Honolulu Board of Realtors, said in a statement,“Elevated mortgage rates have prompted another slowdown in market activity. However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”
March’s results contributed to a first-quarter sales volume rise of 6.1% for single-family home resales which rose to 593 from 559 in first quarter 2023. Condominium resales during the first quarter fell 7.1% to 970 from 1,044 during first quarter 2023.
The median sales price for a single- family home in the first quarter rose to $1.07 million, up 4.4% from $1.025 million in the first quarter of 2023. The median sales price for a condominium in the first quarter increased 1% to $505,000, up from $500,000 in the first quarter of last year.
Single-family homes spent 29 days on the market in March, which was seven days shorter than March 2023. Condominiums spent 32 days on the market, which was seven days longer than in March 2023.
During the first quarter, new listings for single-family homes rose 9.7% to 871 from 794 in March 2023. New listings for condominiums increased to 1,761, up 16.2% from 1,516 in March 2023.
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Allison Schaefers, aschaefers@staradvertiser.com
