Market Stats
Trailing 3-Year Market Statistics
| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Total Volume | $158,923,175.00 | $175,255,276.00 | $123,660,360.00 |
| Number of Sales | 74 | 63 | 55 |
| Median $/Unit | $525.67 | $503.93 | $523.46 |
| Median Total SF | 3,712 SF | 4,144 SF | 3,904 SF |
| Median Unit Count | 6 | 8 | 6 |
| Median Age | 1958 | 1959 | 1959 |
| Median Day on Market | 29 | 21 | 18 |
For 2023, our team tracked 55 multifamily transactions on Oahu. The multifamily market on Oahu saw a general decrease in total volume, median sales price, and the number of transactions compared to the previous year. However, there was a significant increase in effective rent, indicating a rise in income potential from multifamily units despite the market's challenges. The central and leeward areas showed relative stability in the number of units and median days on the market, with a notable increase in the number of transactions.
2023 Multifamily Statistics
| Island-Wide (Oahu) | YOY% Change | Honolulu | YOY% Change | Central and Leeward | YOY% Change | |
|---|---|---|---|---|---|---|
| Total Volume | $123,660,360 | -29.40% | $95,087,000 | -30.03% | $24,273,360 | -0.4% |
| Number of Transactions | 55 | -12.70% | 38 | -17.39% | 15 | 25% |
| Median Sales Price | $1,850,000 | -15.90%% | $2,260,000 | -4.74% | $1,275,000 | -27.10% |
| Median Sales Price Per Unit | $274,000 | -8.60% | $301,931.82 | 0.23% | $225,000 | -7.90% |
| Total Number of Units | 6 | -25% | 6 | -25% | 6 | 0% |
| Median Days on Market | 18 | -14.30% | 17 | -15% | 11 | 0% |
| Effective Rent | $1,887 | 23%% |