Market Report August 8, 2023

Oahu Real Estate Market Report – July 2023

Diamond Head Real Estate, Oahu, Hawaii

Summer Slump in Honolulu Real Estate Sales Continues Amidst Rising Borrowing Costs

According to resale figures released today by the Honolulu Board of REALTORS®, both single-family homes and condos experienced a slump in sales as elevated borrowing costs continued to dampen summer buying activity. Single-family home sales fell by 28.2%, and condo sales dropped by 18.5% compared to the same time last year. In both markets, properties that sold in July spent a median of 16 days on the market, just a slight jump up from July 2022, where single-family homes had a median of 11 days and condos had 12 days.

Median sales prices were stable year-over-year, with single-family homes down 1.6% to $1,090,000 and condos even at $500,000. Approximately 53% of single-family home sales closed for the full asking price or more, compared to 65% a year ago. In the condo market, 47% of sales received the total asking price or more compared to 60% of sales in July 2022.

The market also experienced a decline in new listings, with a 28.8% year-over-year drop for single-family homes and a 15.4% fall for condos. However, active inventory for single-family homes and condos remained relatively unchanged from the previous year, with a modest 2.6% growth in active single-family home listings and 9.9% in active condo listings.

Despite a weakening in contract signings from a year ago, July 2023 saw a 6.9% month over-month hike for single-family homes and a 1.4% bump for condos. There were 247 pending sales for single-family homes and 421 for condos during the month. Notably, Ewa Plain, Waipahu, and Pearl City saw increased contract signings for single-family homes, with growth rates of 18.5%, 18.8%, and 13.3%, respectively. The Leeward region stood out for condos, experiencing a significant 92.3% boost in contract signings year-over-year. Ewa Plain condo pending sales remained steady year-over-year but rose by 38.2% from June to July.

Courtesy of the Honolulu Board of Realtors


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