July 2023 Honolulu real estate stats

July 2023

House

Single-Family Market

$1,109,000Median Single-Family Price

224Closed Sales

16Days on the Market

Condo / Townhome Market

$500,000Median Condo Price

422Closed Sales

16Days on the Market

Honolulu Board of Realtors

YOY percentage change: Compares data from July 2023 to July 2022

This report reflects information about re sales of existing proverties only and does not include new home sales.
All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the sioning or a sales contract and the closing of escrow is usually between one and three months. This report is provided as a service to HBR members.

O‘ahu Home Sales Dip Amid Rising Borrowing Costs

Active inventory and days on market increase as sales volume continues to decline

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.

“While the market is different compared to last year, we’re seeing similar trends month to month. Rising borrowing costs have buyers taking a more cautious approach, so homes remain on the market for longer periods, but demand and median sales prices are holding steady due to low inventory,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®.

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.