The overall number of sales in July throughout the Oahu Real Estate market is down slightly from the previous month of June and the average days on the market are considerably up compared to this time last year. The median sales price for residential homes continues to climb while the Condo median sales price dipped only slightly in comparison to last month. Read more below!
According to the numbers released by the Honolulu Board of REALTORS® single-family home sales and condo sales both dropped compared to this same time last year. HBR also reported that the number of new listings for single-family homes and condos both fell during the month of July. When compared to this same time last year, active inventory for both single-family homes and condos remains relatively unchanged. Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS® attributes this trend to, “rising borrowing costs that 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.”
Sales for single-family homes are down by 28.2% when compared to this time last year, with 224 sales in July 2023. Homes were on the market for an average of 16 days in July, unchanged from the previous month. The median sales price for single-family homes was $1,090,000 in July 2023, representing a decrease of 1.6% compared to this time last year.
There were 422 condos sold last month, which is down by 18.5% when compared to July 2022. The average days on the market for condos was 16 days last month. Down just two days from the month prior. The median sales price for condos in July 2023 was $500,000, representing no change when compared to last July.