Oahu Real Estate Market Report – June 2023

Honolulu Housing Market Sees 4.5% Drop in Median Sales Prices, Declining Sales, and Increased Inventory

According to resales figures released today by the Honolulu Board of REALTORS®, the monthly median sales price for both single-family homes and condos fell 4.5% year-over-year. The single-family home monthly median sales price in June was $1,050,000, and $510,000 for condos. Single-family home sales dropped 30.5%, and condo sales dove 24.9% compared to the same time last year. However, the market pace remained relatively quick, with most properties entering a contract in just over two weeks.

There was a noticeable impact on pending sales, with contract signings declining in both markets year-over-year and month-over-month as average mortgage rates rose in June. In the single-family home market, pending sales fell 24.3% year-over-year and 10.5% month over-month.

The condo market experienced a pending sales slump of 17.2% from June 2022 and 18.1% from a month ago. Throughout June, contract signings totaled 231 for single-family homes and 415 for condos.

Although both markets experienced double-digit sales growth from the first quarter of 2023 to the second—up 28.4% for single-family homes and 27.2% for condos—sales were approximately one-third down from a year ago for both the second quarter and year-to-date.

Through 2023, prices have somewhat steadied from the rapid rise seen through 2021 and the first half of 2022. Midyear, the single-family home year-to-date median sales price stood at $1,050,000, down 5.5% from the 2022 median price of $1,111,211. Similar to 2022, the $800,000 to $999,999 range accounted for a notable portion of single-family home sales in June 2023 and year-to-date at approximately 31% and 29%, respectively. The year-to-date condo median sales price was $500,000, just 2.9% below the June 2022 year-to-date median of $515,000.

The first half of the year saw 337 single-family homes, approximately 26% of sales, that closed for more than the original asking price, compared to 1,189 single-family homes or 61% of sales over the same period last year. Fourteen percent of single-family home sales received full asking price compared to 13% last year. In the condo market, 502 or 21% of sales closed above the original asking price compared to 1,589 condo sales or 43% in the first half of 2022. The share of condo sales that received full asking price was 21% year-to-date compared to 19% last year.

At the end of last month, active inventory was up in both markets compared to the same time last year. June 2023 ended with 605 active single-family homes, a 14.8% year-over-year increase, and 1,159 active condos, a 16.1% increase from a year ago. However, compared to pre-pandemic active inventory levels in 2019, single-family home inventory remained down more than 40%, while condo inventory was down more than 30%.

Courtesy of the Honolulu Board of Realtors

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